Both credit cards and personal loans have their own pros and cons. But overall if you taking a reasonable amount of loan then a personal loan is the best choice as the rate of interest is lower and the tenure is extended and also you can take a bigger amount of loan.
This is a comparison between credit cards and personal loans with their pros and cons:
- PERSONAL LOANS HAVE LOWER RATE OF INTEREST
Personal loans are available at cheaper interest rates than credit cards and if you are taking credit for a longer period of time then personal loans make sense but if you are taking credit for some months then credit card makes sense. Both these financial tools have their own utility and pros and cons.
- BOTH HAVE DIFFERENT USAGES
While a credit card is good for short term credit a personal loan is better for long term loans as the rate of interest is lower and the tenure is extended. If you want to take personal loan in Delhi NCR or home loan in Delhi NCR or loan against property in Delhi NCR or also a business loan in Delhi NCR then loan kumar is the place to go and they will provide you with the best loans at the most reasonable rates of interest.
- DOCUMENTATION
While a personal loan needs some basic documentation every time you avail it, a credit card needs no such documentation. The documentation for credit cards happen only once and thus a personal loan has an advantage of lower interest while a credit card has the advantage of less or no documentation.
- TENURE
Credit card can be used for a shorter duration ranging in months while a personal loan can be taken for a longer period of time which can be 2 to 5 years and thus if you want money which you can pay back quick then you can go for credit cards or else you can go for a personal loan in Delhi NCR from loan kumar.
- LOAN AMOUNT
Another important factor to consider is the loan amount. If you are taking small credit in thousands then the credit card is more handy but if you are taking credit of a larger amount in lakhs then you should go for a personal loan.
Loan kumar is your answer for all your finance and loan needs and whether you want to take a home loan in Delhi NCR or a personal loan in Delhi NCR or a business loan in Delhi NCR, loan kumar will provide you the best loans with the most competitive interest rates.
