You will be punished if you fail to pay even one EMI after taking out a credit card loan.

Every day, people keep getting calls and messages from the bank. People who take loans from credit cards in times of difficulty keep on calling and massaging every day. Let me tell you, interest is lower when taking a loan from a credit card. But if the credit card loan EMI is not paid on time, then you may have to face heavy losses. If you do not pay your EMI on time, then you may have to pay a lot of interest.

Credit Card

For your information, let us tell you that loans are easily available through credit cards. For this, you can apply online only on Netbanking and get a loan from a credit card. Usually, the amount is credited to your bank account within 24-48 hours of applying for the loan.

Credit Card Loan

Along with this, let us tell you that when you take a loan from a credit card, the interest is less; you get an interest rate of 14–20%. For this reason, people prefer to take loans from credit cards. But the thing to keep in mind is that the credit card has to pay more interest than the flat rate. If you take a loan for less time than a credit card, then it is much better for you.

A Custor applied for a credit card loan from HDFC Bank, and in 24-48 hours the amount was credited to his account. The next month his first bill was generated, and he defaulted in paying the first EMI. The next day he had to pay a fine of Rs. 400.

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