It is a common fact that sending money from the USA to the UAE can be tedious and overwhelming, especially when several options are available. However, this doesn't mean that a transfer is impossible. On the contrary, it requires some research and a bit of patience on your end. This article will explain all you need to know about sending money from the USA to UAE using different methods.
Research before sending money from the US to UAE When you are planning to send money from the US to the UAE, you need to research the various options available and make sure you choose the best one fitting your requirements and convenience. In fact, it's always better to select a few options rather than following just one method blindly. Therefore, your research should primarily focus on the following three fundamental questions: How much money do you want to send? Which type of currency do you own that you wish to transfer? How much time should the money transfer take? Methods of money transfer from the USA to the UAE There are a few ways you can transfer money from the US to the UAE. Some of them may seem a bit surprising, given that they work cross-border, but they are restricted to the Gulf countries.
Always check fees and charges. It doesn't matter which channel you choose, but one of the essential factors that you need to confirm is the fees and charges that come with it. For instance, some ways are quick, easy, and safe, but it also comes with a hefty fee that differs from one service provider to another. Online money transfer services have lower transfer fees than wire transfer services, but they usually have higher exchange rates, so it is advisable that you need always check both before finalizing a medium. Things to Remember When Sending Money From US to UAE Before you send money to a loved one in the UAE, you need to consider the following things.
Wrapping up Considering all of the facts, you'll be better off sending money to the UAE from the USA through an online money transfer service or an exchange platform. This is because these methods are faster, easier, and safer than a bank or a bank-to-bank transfer. And also costs less compared to other services. These types of companies offer more protection as government bodies regulate them.
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Banking is no longer synonymous with long, hectic bureaucratic procedures that consume your day. With increasing digitization and growing demand for consumer-oriented services, completing your banking transactions is now a matter of pure convenience. Moreover, users are not only being greeted by exceptional services but are also on the receiving end of a wide variety of offers and packages that make their shopping experience altogether pleasurable. All you have to do is find the right banking institution that not only caters to your financial requirements but also has collaborations with your favorite brands so that you can avail yourself of exciting discounts and rewards options. Feel at home with your bank With the introduction of the Shabab Package in Kuwait, convenient banking has become more of a lifestyle. With options aplenty, users can now reach the world with the push of a few buttons. Once you begin your journey with one of the most acclaimed banks in Kuwait, you can be privy to a seamless user experience wherein your needs are prioritized and anticipated well in advance. A surge in demand for online facilities has even led to the introduction of a user-friendly digital interface, wherein you can complete all of your banking-related activities swiftly from the comfort of your own home. A plethora of offers to choose from! You can start planning a weekend full of fun activities once you activate the Shabab Package in Kuwait since it promptly provides you with access to a worldview of offers and discounts that are sure to cater to the whims of everyone in your family. Some of the top offers that you can avail of once you sign up for this scheme include:
Sow your seeds now to reap exciting rewards With the Shabab Package in Kuwait, there is room for everyone. Regardless of where your interests lie, you are sure to find an offer that will enliven your spirits. If you wish to plan a terrific vacation after months of being cooped up at your work desk, then using the discounts on hotels and airfare is the best way to get started. With plenty of leisure activities, such as resorts and play arenas, your kids are sure to remember these experiences for days to come. For all the foodies who wish to venture out on their next eating adventure, the Shabab package brings about a ton of exclusive dining offers, through which you can eat to your heart's content. Even shopping aficionados are sure to flash a smile at the offers presented by this scheme because you can avail of discounts on your top brands. Double the benefits, double the fun! Whoever said, 'the more, the merrier clearly knew what they were talking about because with the best banks in Kuwait. You can experience the exciting world of double benefits. Convenient and user-friendly customer services, coupled with the numerous offers you can avail of from their banking services, pose an exciting package that you simply cannot refuse. Moreover, with the addition of a prepaid card, you can purchase all of your favorite products without batting an eyelid. All you should do is sign up for the Shabab Package in Kuwait and get started on your new and immersive banking journey. Every so often, it becomes necessary to evaluate your banking needs and analyze whether they are being met. If not, it might be time to seek refuge under the lucrative schemes that the various eminent banks offer to their users in Kuwait. Right from a hassle-free banking experience to rewards and offers that seem too good to be true, you are sure to feel completely at ease. With offers like never before and prepaid cards that make shopping enjoyable, you can invest in making some core memories without having to worry about your bank balance. You no longer need to be robbed of the numerous luxuries that life has to offer, and with renewed banking facilities, you can experience the finest services at your fingertips. Constant renovation in the tech domain has introduced the world to some of the most innovative solutions when it comes to making financial payments. Today, credit cards have morphed into a versatile payment mechanism rather than the taxing contraption that it used to be eons ago. With seamless user services, easy navigability and lucrative reward systems, credit card users are slowly waking up to this rectangular piece of plastic's plethora of advantages. With the introduction of contactless payments, finding the best credit card in the UAE is no longer a daunting process since most of them offer competitive services backed with a sound technical paradigm.
Changing the world, one tap at a time The invention of contactless payments revolutionized an ever changing domain such as fintech, prompting users to adapt accordingly and enjoy the fruit of its conveniences. Such a system came as a welcome relief, especially during trying times such as the covid-19 pandemic. With growing acceptance from users during the course of this global health crisis, contactless payments have proven that they are here to stay. Suppose you are unfamiliar with the contactless payment system. In that case, it simply entails following a transaction through to completion with the single tap of the credit card. During this time, the card is recognized through cryptographic computation, and the amount is debited accordingly. Today, a vast majority of credit card providers in the UAE market are waiting to enhance the payment experience of new users, by providing them with the contactless payment mechanism. So, if you have been considering opting for a better payment experience, then the time to start with the credit card apply in the UAE. Perks of contactless payments Needless to say, contactless payments offer users a redefined way of thinking about online payments. They provide us with a plethora of advantages, making the hunt for the best credit card in UAE quite seamless. Here are some of the major perks that you, too, can derive by beginning your credit card journey:
What can you purchase with contactless payments? With the increasing acceptance by retailers in all domains, you can use contactless payments to purchase products from almost any market. Today, you can walk into any service provider, such as grocery stores, gas stations, shopping marts, cafes, dining areas, movie theaters, spas and more. Moreover, you can even make payments in airports and receive access to some of the most luxurious travel lounges with the usage of your credit card in the UAE. How do you pay? Much like the name suggests, contactless payments are touch-free and incorporate a few hassle-free steps to complete any transaction. Below are the steps to follow to get started on the same:
How are safe contactless payments? One of the major sources of contention regarding contactless payments by credit card payments is the security of such transactions. Since it uses a touchless paradigm, the lack of transparency in the system's functionality has often been a source of numerous myths surrounding such payment gateways. However, to put any of your concerns to rest, contactless payments are quite secure, and you can rest assured that the odds of being hacked are pretty negligible. Unlike the mechanism used by older credit cards, companies today have shifted to EMV cards that use a smart microchip to complete the transaction. Not only does this chip protect the user's financial credentials, but it also performs the function of encrypting any communication with the POS (point-of-sale) terminal to prevent malpractices. With fairly foolproof cryptography encoded into the mechanism, there is no reason for you to be concerned about the scaremongering prevalent in this market. With the best credit cards in UAE, you can transfer yourself to a world of secure transactions that can be completed with a simple tap of the card against the terminal. Moreover, with growing exploration in this domain, various payment gateways and platforms have propped up, which are allowing users to make payments online simply by connecting their savings accounts and paying through credit cards in a touchless manner. With increasing competitiveness in this market, we can expect to reach a new golden era, wherein boundaries in the fintech domain are constantly expanded, and users are provided with inconceivable definitions of convenience and speed. Several essential factors will directly impact your financial well-being when searching for the perfect bank account in Kuwait. Whether you are new to Kuwait or just changing banks, it is essential to understand precisely what you want from an account and find one that best meets those needs.
With so many options available, it can be tricky to navigate through all of the different banking services on offer. To make things easier, here are some key points you need to consider before choosing a bank account or bank in Kuwait. What is your overall banking objective? Before you decide which bank to open a new account with, you must first understand your financial needs and objectives. This will help guide you when comparing accounts and will help you find an account that best meets your needs. You can research different bank accounts online. Whether you are looking for an avenue to keep your savings or a way to transfer money to family members easily, you need to make sure you find an account that best fits your needs. Research the various types of accounts available Once you understand your banking needs, you can start researching the different types of bank accounts available. Kuwait offers a wide range of banking services, and it is important to understand what each one can offer you. For example, you can choose a savings account to safely keep your money, a current account to easily transfer funds, or a checking account if you want to pay bills online. What are the current interest rates for savings accounts? While many people assume that a savings account will earn them a good rate of return, this is not always the case. It is important to check the current interest rates for savings accounts before choosing one. Some banks offer high-interest rates while others offer low rates. The interest rate you earn on your savings account can greatly impact your overall finances. By choosing a savings account with a high-interest rate, you have the opportunity to increase your savings over time significantly. Along with interest rates, make sure to check any monthly account fees and minimum balance requirements. One can choose a bank account online to save a lot of hassle. Which services does the bank provide? The type of account you choose should also be based on the banking services it provides. You want to make sure the bank you choose provides all of the banking services you need. Banking services vary greatly from bank to bank, with some offering more services than others. Some of the most common banking services include ATM withdrawals, bill payments, and online banking. By finding a bank account online that provides all the services you need, you can make managing your money much easier. If you are only looking for an account that provides basic services, then you can probably choose a bank with lower fees. However, if you want a variety of services, you probably want to choose a bank that charges higher account fees. ATM Availability Although the banking industry is changing rapidly and economies are moving towards a cashless landscape, cash is still useful, and that is where ATMs come in. Therefore, they are still relevant to the average consumer, and you should consider ATM coverage while deciding on a bank account. ATM availability can make a big difference in the overall usability of your bank account. It is important to choose an account that provides ATM access to make managing and accessing your money much easier. Online Banking Features When choosing a bank account, you should also consider its online banking features. Bank accounts online can make managing your money much easier. For example, you can quickly transfer funds between accounts or pay bills by logging in to your account. The more features the bank provides, the easier it is to manage your money. Finding a bank that provides a wide range of online banking features can make managing your money much simpler. Some of the most common features include bill pay, mobile banking, and account alerts. Mobile App of the Bank Not only do you want to consider the bank account’s online banking features, but you also want to look at the bank's mobile app. With a mobile app, you can access your account on the go and easily transfer funds or check your account balance. Some banks even provide the option to send money to another person using the app. Therefore, choosing a bank with a good mobile app can make managing your account even easier. One of the most important benefits of online banking is access to other products that the bank offers. Once you are the bank’s customer, you can access other services like loans and credit cards either online or through the app. Conclusion Choosing the right bank account online is essential to your financial well-being. By understanding your banking needs and finding an account that best meets those needs, you have a better chance of successfully managing your money. Along with interest rates, ATM availability, online banking features, and a mobile app, the bank's reputation is also important. By choosing a reputable bank with a good track record, you can better protect your money in the event of a bank failure. Most people can't imagine living their day-to-day life without a credit card. That's because they're an essential tool for paying for goods and services you need but might not want to spend money on immediately. But, if you're thinking about applying for a credit card in Dubai for the first time, then read on.
In this article, we will cover the entirety of what you need to know about getting your first Credit card as well as how to get the most out of your new card. However, before getting into the specifics, let's take a quick look at what a credit card is and why it could be beneficial for you if you apply for a credit card in Dubai. What is a Credit Card? When you apply for a credit card in Dubai, you are actually applying for the ability to take an instant loan up to a specific limit. That company then becomes your creditor and is granted the right to give you a line of credit, also known as a credit limit. You are then responsible for repaying the amount that is borrowed with interest charged on loan. Depending on the card, the interest rate will vary. Credit cards are used for making purchases that you might not want to pay for right away. For example, you might want to buy a TV or a laptop, but you don't have enough money in your bank account to do so. One way to solve this problem is to get a credit card. With a credit card, you are able to charge the amount you need to purchase the items. Your credit card company will then charge the amount to your account each month. Once the item is paid off, you will then have the money to make the purchase. How Do Credit Cards Work? Credit cards are a variety of revolving credit. This means you don't have to pay the full amount you owe when you charge something. Instead, you "revolve" (that's the term) the amount that you owe. This system lets you pay off only the amount that you actually have to pay. This system is called "from-from", meaning "from what you owe and from your own credit limit." Apply for a Credit Card in Dubai Most credit card companies require you to apply for a new account in order to receive a credit card. As a result, you'll have to provide basic information about yourself and your financial situation. This could include your name, address, financial details such as your salary and your source of income, and your social security number. Another thing that you'll have to provide is proof of your identity and proof of your address. This could include your passport and driver's license. Your credit card company will likely ask you to provide an answer to a few questions about your spending habits and your financial situation before they approve your application. This will help them decide if you're a good risk for a new customer. Once you successfully apply for a credit card in Dubai, your new card will be in your hands in no time. The Benefits of Having a Credit Card - Less expensive shopping than ever before. Credit cards make it possible to buy items in bulk, resulting in huge discounts. - Security: Some credit cards are insured; if anything happens to them and they're lost or stolen, you're covered. - Flexibility: With a credit card, there are no restrictions on how you can use your money. You can make monthly payments or put the entire amount towards an item and have the card company charge it to your account. - Control: With a credit card, you have control over how much you spend each month and when you pay off the entire bill. That means you have more power over your finances and are less likely to get into a financial rut. The Disadvantages of Having a Credit Card - Higher interest: Credit cards generally have higher interest rates if you don't pay off the balance due. - Maximum spending limit: Most credit cards have a maximum spending limit. It is important to note that you cannot go beyond this amount in the case of most cards. If your card has no limit to borrowing, you might be charged interest on the excess amount you borrow. - New responsibilities: With a credit card comes an increased sense of responsibility when it comes to making payments on time and paying off the entire bill each month. - Higher chance of fraud: Credit card users are subject to higher fraud risks than regular bank account users. - Higher chance of debt: Because credit cards can charge you interest if you go beyond your spending limit, you run the risk of accumulating more debt than you are able to pay off. - Higher chance of future credit problems: Credit cards can pose a severe threat to your future credit score. With time, this will result in higher interest rates when you apply for a new loan. Summing up Credit cards are an easy way to get access to more money than you have in your bank account. However, because of the risk of credit card fraud and the importance of paying off the full amount, credit cards require you to be responsible for your financial future. The benefits of credit cards include the ability to shop for less expensive items and the flexibility to use the credit as you see fit. The disadvantages include paying higher interest rates and having a spending limit that you have to stay under. Once you have carefully figured these things out, you can go ahead and apply for a credit card in Dubai. A total of 11 local banks, including 5 Islamic banks, operate in Kuwait; they are all controlled by the Kuwait Central Bank to ensure the stability of Kuwaiti Dinars. The Kuwait Central Bank also serves as the government's financial advisor and banker. Kuwait's banking sector is also home to MNCs such as HSBC, Citigroup, etc.
The Industrial Bank provides financing for agricultural and industrial projects. The government of Kuwait owns two specialized banks that offer medium to long-term financing primarily through savings banks and credit facilities to clients and customers, ensuring a steady flow of money in the economy. An international mortgage is any loan taken out over a property in a country other than your own. You may require an international mortgage in the following circumstances: This checklist for International Mortgage Loans in Kuwait will teach you everything that you need to know. Where can you obtain an international mortgage? Most regular Kuwaiti banks provide international mortgages, and some specific international operations do as well. Most people can also use a mortgage broker to connect them with a suitable lender. Let's go over some key points about each International Mortgage Loan alternative and some options to consider. From a financial institution or Bank: While it is definitely worth verifying to see if your existing Bank offers international mortgages, expect the answer to be no. This does not rule out the possibility of arranging an international mortgage through a bank. Several more global banking brands offer international services tailored to international visitors and individuals who invest abroad. When going to look for an international mortgage directly from a bank, these are usually a better place to start. From Cash Proceeds: When it comes to purchasing estate abroad, they say money is power, which is true. You would not only be allowed to close the deal more quickly, but you will also most likely have the lowest deal via discount coupons or improvements - or both. Paying cash is normally advised only if the estate has already been built but not in the which was before the stage. If you pay with cash upfront while anything that hasn't yet been built, there is always the possibility that the development company will run out of cash or encounter some other issue that will either slow or stop the entire project. In these cases, getting your cash back may be time- and cost-consuming. From Special Considerations: When purchasing land in another country, keep in mind that transaction costs can add significantly to the overall cost of the property. A transfer fee, also known as stamp duty, is a tax levied by many countries that can add more than 10% to the sales price. You may also be required to pay the lawyer, registrar, and property taxes and start sharing the property investment agent's commission. Before purchasing any property abroad, it is critical to check the municipal laws to ensure that you are even permitted to do so. Even if you really can buy property in a particular country, there may be restrictions on the type(s) of property that foreigners can purchase. Can you get a mortgage while living in another country? When purchasing a property abroad, one option is to apply for a Home Loan in Kuwait. In the destination country, this is feasible, but they are frequently subject to foreign buyers, especially when you're not a resident. Individual banks and mortgage lenders have the ultimate word on who they might lend. What are the benefits of obtaining a mortgage on an overseas property from a bank? 1. International banking Expertise in helping people secure housing abroad for their children while studying abroad; assist with overseas investment property and holiday property purchases; and arrange for the financing of their overseas property. 2. Get all of your mortgage needs handled by one global bank The bank's global presence allows you to finance overseas properties and meet your banking needs under one roof while maintaining a presence around the world. 3. Transfer money between accounts anywhere in the world Money can be transferred between Premier customers' international bank accounts instantly and for free. 4. Insights on the real estate market and exclusive analysis You can access insights about the property markets throughout the world in the bank's global research reports. What are some tips for Mortgaging a Home in Another Country?
These elements significantly impact whether your property value will increase as expected. So, if at all possible, introduce yourself to the neighbors next door and ask them a few questions. They might have some useful information. Summer is here and you want to beat the heat with cool plans with your family and friends. Whether you are one arranging for it or just tagging along, credit card offers can come in handy to help you save while still having fun. There are so many ways that people can use their credit cards for things like entertainment, travel, shopping and more.
Here we will be listing out the various uses and the best credit card offers by the most popular credit card provider in Dubai. But before we do so, let’s look at some of the basics of credit cards and also understand the best practices to follow when it comes to credit card offers and purchases. What is a Credit Card A credit card is a type of revolving loan that allows you to borrow money against the value of your credit line. It is called a revolving loan because it is a revolving line of credit — you can keep borrowing and repaying the amount, and the terms are always the same. In order to get a credit card, you will have to apply for one and be approved by the issuing bank whether it is a bank card or a card from a credit card company. You will then be given a credit limit based on your creditworthiness, along with interest rates and other associated costs. You can charge up to the amount of credit on your card. This amount is known as your credit card balance. In addition to the loan amount, credit card offers are also one of the attractive reasons to get a credit card in Dubai. How to Use Credit Card Offers Credit card offers are great and plentiful with a wide variety of merchants. You should definitely make the most of them! The best way to use the credit card offers is by signing up for a cash back credit card. There are many credit cards that give you cash back or redeemable points for every expense that you make. You can use your credit card to pay for things like groceries, gas, dining etc and as per your bill a corresponding point or cashback will be credited in your account. Now with the basics of credit card clear, let’s explore what are the credit card offers that can help have a fun summer outing! Using your Credit Card for Travel If you travel a lot, you should definitely use your credit card to pay for travel. You can use the miles on your credit card to book flights, hotels, and rental cars. The best credit cards in Dubai offer deals with travel merchants of the likes of British Airways, Discover Jordan, and Ghorayeb travels. You can get a discount on your billings anywhere between 10 to 20 per cent with them. As you fly or take a road trip to your destination, why not go to destinations within your credit card offers: Razn Retreats, Safari Village Hotel, Dolphin Village Club, Avani Muscat Hotel, Fifty One East, etc. Using your Credit Card for Shopping If you want to shop and get cash back at the same time, look out for credit card offers. You can use your credit card to shop at online or brick-and-mortar stores where for every purchase you not only get points but also discounts like no other. For example, if you shop for accessories, you can get deals with L’Optique Specialiste, Oud Elite, Clarks Store, etc. If the summer has you in the mood of redoing your house interiors, then you’re in luck with credit card offers. You can get up to 15 per cent off with furniture and art pieces stores like Danube Home, The Luxx Art, IDDESIGN, Kare and more. Using your credit card for dining Out in the hot summer of Dubai shopping will definitely leave you hungry. Avail your credit card offers to pay for your meals when you dine out. It will not only give you discounts and cashback but will also add to your depository of points which can be redeemed in future purchases. With the best credit card in UAE, you will get exclusive and delicious deals with popular restaurants and fast food chains like Streat Restaurant, Gelato Divino, Ruby Passion For Meat Restaurant, Noor Lounge etc. You can also get rebates up to 15 per cent with luxury eateries like La Pergola, Al Waha, Royal Thai, Burlington Club, etc. With all these offers to avail in a summer outing, you may be tempted to splurge with your credit card, however, you need to keep in mind that all the money that you spend (minus all the credit card offers and discounts) need to repaid within the stipulated time to avoid any interests on the loaned amount. Best Practices When Using Credit Cards Pay off your Credit Card Balance: When you use your credit card, you must pay off your balance every month. If you don't, you will be charged high interest, and it can be very expensive. Use Credit Cards for Big Purchases: Credit cards are best for big purchases like a home appliances and car if possible. You can use a credit card for these purchases because it will help you build your credit score. Keep an eye on credit history: Keep checking credit bills every month to check for any discrepancies. If left unaddressed, these can bring down your credit score. Final words Credit cards are an asset, not a liability, so it is important to use them wisely. Similarly treat credit cards offers as a gift that comes with the expectation of return gift which in this case is repayment of whatever you loaned using your credit card. With all these in mind, hope you make the most of your credit cards offers this summer! Covid 19 has changed many things. It has changed the economic approaches and policies of the entire world, and Kuwait is no different. As the country eases restrictions and life goes back to normal, you might require a loan to restart your life. It is a very urgent issue, especially for the Expats living in the country, which make up more than half of the population. Most commercial banks offer Expat loans in Kuwait.
Traditionally, Expats have relied very little on loans. But now, they must take financial help to get their lives back on track. According to a recent report by Kuwait Times, cash-strapped Expats are being exploited by loan sharks all over the country. In such a scenario, it is wise to go with one of the commercial banks for the loan to protect yourself. However, we understand that not everyone is familiar with the process, which can seem daunting at first. We are here to take you through everything there is to know about Expat loans in Kuwait. Let's begin. What is an Expat Loan? An Expat loan is a type of financial loan that allows international workers to borrow money from a bank or other lender in their home country and then purchase an asset, such as real estate, in another country. Types of Loans Available to Expats in Kuwait First, let us discuss what kind of financial help is available to Expats in Kuwait. Two kinds of loans are available to Expats in Kuwait:
Factors that determine eligibility for an Expat loan in Kuwait A lot of expatriates are misinformed about this aspect. The eligibility criteria set by the commercial banks of Kuwait are easy to meet, and thus financial help is effortless and straightforward to come by. Usually, you need to:
The last thing that determines whether or not you can borrow money is your credit score. It will depend on where you live now, but it may be difficult for you to get approved for a loan if your credit score is low in Kuwait. How to Apply for an Expat Loan in Kuwait? So now you have met the eligibility criteria for the Expat loan in Kuwait. What to do next? The first thing would be to connect with the bank, either offline or online. Connecting offline would have you going to the nearest branch and then filling out the application form. Online would require you to fill in your details online and then wait for the bank support staff to contact you. Once the process starts, you need the following documents:
And that's it! If you are approved for an Expat loan in Kuwait, here are some things that may affect your loan terms and interest rate:
Important things to remember while getting a loan in Kuwait Here are a few things you should keep in mind when getting an Expat loan in Kuwait:
Finally Hopefully, you are better equipped to apply for a loan at one of the commercial banks in Kuwait. Expat loans are essential, especially now that the global economy is recovering from the damage done by Covid-19. If you are looking for financial help, an Expat loan in Kuwait is the answer. Do not go for private moneylenders. Visit the nearest branch, or the website of your trusted bank today! What is a credit line? In simple words, it acts as a personal cash reserve. If you apply for a credit line from a top fintech company, you can avail a personal loan, multiple BNPL loans or both under the facility.
The personal loan comes with end-use freedom to finance various goals. These include medical costs, holiday expenses, mobile phone bill payments, debt consolidation, relocation, a 2/4-wheeler purchase, rental deposit payments, etc. In addition, a Buy Now Pay Later (BNPL) loan allows you to shop at popular online retail stores without upfront payments. On the other hand, credit cards provide access to a line of credit issued by the lender. Although these credit products sound similar, they are pretty different. Here are the major benefits of a credit line over a credit card. Easy Access to Cash and Virtual Payments Based on your eligibility, you can get up to ₹1 lakhs as a credit line from a leading fintech company. The personal loan under this facility is disbursed straight to your bank account. You can withdraw it free of cost to finance your cash requirements. The BNPL loans can be used virtually at respective online merchant sites. If you use a credit card to draw cash from an ATM, you're usually charged a cash advance fee. On the other hand, not all lenders offer virtual credit cards. So, you need to ensure to carry your card for any payment. Convenient Repayment in EMIs The funds availed under a credit line can be repaid wholly in easy EMIs. For instance, you can repay a personal loan under this credit product in 90, 180, 270, 365 and 540 days. Likewise, you can repay a BNPL loan in 90 or 180 days. However, not all credit card issuers allow you to pay the card bills in EMIs. Even if allowed, you usually need to spend beyond a specific limit to avail of this repayment facility. No Limit to Credit Utilisation There's no limit to using the funds offered under a credit line. However, you need to maintain a certain credit utilisation ratio when you use a credit card. Interest Charged Only on the Money Spent The interest is charged only on the funds used and not the overall credit limit in a credit line. However, the interest is levied on the entire credit limit of a credit card. More Comprehensive Credit Assessment When you apply for a credit line, your creditworthiness is determined by your credit score and your social loan quotient (SLQ). The SLQ score is calculated based on modern factors like your social media footprint and smartphone metadata. However, your credit score plays a crucial role in your eligibility and limit when you apply for a credit card. Conclusion Now that you know what a credit line is and its benefits over credit cards, opt for this advanced credit product for any cash requirement. Just apply on a reputed fintech company's loan app on your Android or iOS device. Personal loans from a fintech company can fulfil a diverse range of needs. You can borrow as little as ₹1,000 as a microloan for small needs like tuition fees and utility bills. Getting a loan for salaried individuals is a breeze. A smart analytics-based scoring mechanism drives the credit decision. It assures financial inclusion to all those who do not have an impressive credit profile yet and helps get the funds. The instant loan is disbursed within a few minutes from the loan app.
You must also know how to pay off the EMIs smoothly. It can then ensure a seamless borrowing experience. You can also avoid paying the penalty to reduce the overall loan cost. Here’s a look at how to boost the repayment capacity. Know Your Financial Obligations Make a practical monthly budget. It will help save a significant amount every month. Start by analysing your cash outflow. Try to cut down on unnecessary spending like extra subscriptions, frequent movies and binge-ordering food. Then, you can contribute the saved money towards debt clearance. This is an easy and effective way to increase your repayment capacity. You can also make some added payments to clear the personal loan early. Side Hustle Work on earning more money on weekends. You can consider a second job like part-time teaching, virtual assistance, baking or creating artwork. The income can be a great fall-back option and clear different expenses like the debt if needed. It helps in timely repayment as well. You are less likely to default or get flagged as a negative profile on the loan platform. Simply download the loan app from Android or iOS stores to get started. Increase the Tenure A personal loan offers flexible tenure. So, choose a longer repayment term of 270, 365 or 540 days. It will help you spread the payment in small EMIs. Lower monthly payment is easy to clear slowly and steadily without compromising your lifestyle. But know that it can impact the overall interest rate. So, it is good to consult a financial expert who can help you make an informed choice. Choose the Right Product Try not to opt for an instant loan beyond your repayment capabilities. This makes it difficult to pay off, and you end up with penalties after the 5-day-interest-free grace period. So, work up your finances and see how much you would require. Try not to take a more significant amount even if you qualify for the same. For example, get a quote for your home repair project from professionals before applying for the loan. Conclusion These are a few smart ways to clear the instant loan without worries. Now you can borrow and repay funds whenever you require without piling up debts. |
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August 2022
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