New to loans and EMI, few questions

[CyberPsych]

I am going to need 2-3 Lakhs in the upcoming weeks as personal loan.

1. What is the difference between getting personal loan from banks and money apps like CRED (CRED cash)?
   • Which method is recommended and why?
2. Since the amount I needed is covered within a credit card limit, can I transfer money from credit card to bank account and then convert the credit card outstanding into EMI and pay? Does this make me pay too much at the end compared to direct personal loan from bank?
   • If it is okay to transfer from CC to bank, which app is recommended to do it?
3. If it is recommended to buy from banks only, please recommend me 1 or 2 banks to buy personal loan from.

Please pour your additional thoughts as I am looking to pay back as EMI only within12 to 24 months period.

 

[Deleted member 11974]

What is the difference between getting personal loan from banks and money apps like CRED (CRED cash)?

paperwork required vs not required

• Which method is recommended and why?

whichever suits your needs
ie people go to apps like cred for instant disbursal
or for loan on ccs for disbursal without documents

1. Since the amount I needed is covered within a credit card limit, can I transfer money from credit card to bank account and then convert the credit card outstanding into EMI and pay? Does this make me pay too much at the end compared to direct personal loan from bank?

yes
a personal loan might cost you 16% pa while emi conversion on card spends would go as high as 53% pa depending on card type

1. • If it is okay to transfer from CC to bank, which app is recommended to do it?

if you can pay by due date yes
branch x
paytm
mobikwik
payzpp

1. If it is recommended to buy from banks only, please recommend me 1 or 2 banks to buy personal loan from.

banks will make you go through paperwork
so not recommended

 

[CyberPsych]

Thanks for answering one by one!

while emi conversion on card spends would go as high as 53% pa

the whaaaat

 

[CyberPsych]

for loan on ccs for disbursal without documents

Does loans on cc means, transferring money from cc to bank?

 

[Deleted member 11974]

yes
they will disburse amount in bank

 

[D₹V]

paperwork required vs not required

whichever suits your needs
ie people go to apps like cred for instant disbursal
or for loan on ccs for disbursal without documents

yes
a personal loan might cost you 16% pa while emi conversion on card spends would go as high as 53% pa depending on card type

if you can pay by due date yes
branch x
paytm
mobikwik
payzpp

banks will make you go through paperwork
so not recommended

@ashwink should be marked as solution

 

[CyberPsych]

@ashwink should be marked as solution

I will do it

 

[shrewdoc]

If you can take loan against a collateral (secured), that would be the best. Eg: Gold Loan, Loan against Property, etc.

Or else, you can go for Personal Loan from Banks, which will be unsecured, ie. without collateral.

Don't take loans against credit cards, the interest itself will be a huge burden.

 

[D₹V]

I will do it

Great 👍 😃

 

[ashwinkashwink is verified member.]

@ashwink should be marked as solution

D o n e.

 

[CyberPsych]

If you can take loan against a collateral (secured), that would be the best. Eg: Gold Loan, Loan against Property, etc.

Or else, you can go for Personal Loan from Banks, which will be unsecured, ie. without collateral.

Don't take loans against credit cards, the interest itself will be a huge burden.

How about from apps like CRED instead of personal loan from banks?

 

[shrewdoc]

How about from apps like CRED instead of personal loan from banks?

No experience.
But taking from banks gets you favourable rates if you have good relationship with them.

 

[CyberPsych]

No experience.
But taking from banks gets you favourable rates if you have good relationship with them.

Okay I will try

 

[CyberPsych]

Using Mobikwik for a long time. First time receiving this SMS from them that too after I have created this thread 🤨 This better be coincidence 🤣

 

[Vasuki]

I am going to need 2-3 Lakhs in the upcoming weeks as personal loan.

1. What is the difference between getting personal loan from banks and money apps like CRED (CRED cash)?
   • Which method is recommended and why?
2. Since the amount I needed is covered within a credit card limit, can I transfer money from credit card to bank account and then convert the credit card outstanding into EMI and pay? Does this make me pay too much at the end compared to direct personal loan from bank?
   • If it is okay to transfer from CC to bank, which app is recommended to do it?
3. If it is recommended to buy from banks only, please recommend me 1 or 2 banks to buy personal loan from.

Please pour your additional thoughts as I am looking to pay back as EMI only within12 to 24 months period.

Did u got the loan 👀

 

[CyberPsych]

Did u got the loan 👀

No, the plan was dropped

 

[Vasuki]

I am going to need 2-3 Lakhs in the upcoming weeks as personal loan.

1. What is the difference between getting personal loan from banks and money apps like CRED (CRED cash)?
   • Which method is recommended and why?
2. Since the amount I needed is covered within a credit card limit, can I transfer money from credit card to bank account and then convert the credit card outstanding into EMI and pay? Does this make me pay too much at the end compared to direct personal loan from bank?
   • If it is okay to transfer from CC to bank, which app is recommended to do it?
3. If it is recommended to buy from banks only, please recommend me 1 or 2 banks to buy personal loan from.

Please pour your additional thoughts as I am looking to pay back as EMI only within12 to 24 months period.

Idk your total limit .
But if u Take it from cc .
If u take 1 lakh from a cc .
2.5% cc - bank ( paytm , mowobik, find ways )
Conversation to emi -150+gst -500+ gst varies
14-16 % intrest
Total 120k approx for a year .

In this case if u have high cc limit across .only credit utilisation will be affected no new loan added to cibil .

If u take loan range from 16-24% . New loan account will be added .

If u have salary coming in bank .go get loan with them talk to them . Without asking u get nothing


Update - idea dropped .


My update - remeber for future 🤣🤣

 

[emmavegg]

It’s great you're seeking information! Understanding loans and EMIs is crucial for financial planning. For specific details about Kotak Mahindra Bank loan options and EMI plans, visit their official website or contact their customer service.