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Summary: A credit line offers financial flexibility. It provides quick access to funds, and lets you to borrow as many times as required, till you reach the approved limit. You can repay the loan conveniently, over a period of time, in EMIs. Read on for some quick tips on using a credit line wisely, and about smart personal loan that can help manage expenses better.
Credit lines serve as invaluable financial tools, offering you the flexibility to access funds up to a predetermined limit. Whether it's covering unexpected expenses, funding an urgent trip, or undergoing a home renovation, credit lines provide a financial cushion and liquidity when needed. This borrowing alternative is particularly beneficial in cases where your upfront expenses are unknown, providing you easy fund access without the need of applying for a loan each time. Moreover, you pay EMIs only on the funds consumed which makes it an affordable loan option.
When it comes to choosing a suitable line of credit, IDFC FIRST Bank’s FIRSTmoney comes with a smart solution that offers you a high loan amount, flexible repayment plan, and zero foreclosure charges along with the flexibility to draw funds anytime as when needed. Go through this blog to understand how you can use your credit line effectively, along with learning about FIRSTmoney smart personal loans in detail.
1. Establish a clear purpose: Before accessing your credit line, have a clear understanding of why you need the funds. Whether it's for emergencies, large purchases, or any other reason, defining your purpose will guide your borrowing decision. With higher approved limits of up to ₹10 lakhs, FIRSTmoney can be a reliable partner for your varying monetary needs.
2. Borrow responsibly: Only borrow what you need and can comfortably repay. Avoid maxing out your credit line unnecessarily, as it can lead to financial strain and higher interest costs. FIRSTmoney offers you the flexibility to withdraw amounts as low as ₹5,000 to fulfil your financial liabilities and avoid any burden later.
3. Budget and plan repayments: Incorporate credit line repayments into your budget to ensure timely payments. Planning will help you avoid missed payments and potential penalties, maintaining a positive credit history. With FIRSTmoney, you get flexible repayment tenures starting from 2 months ranging up to 60 months and zero prepayment charges to end your loan anytime
4. Use it as a safety net: Reserve your credit line for emergencies or unexpected expenses rather than routine spending. Having a financial cushion can provide peace of mind and prevent you from relying on higher-cost borrowing options during times of need. With low interest rates, and no constraints of fund uses, you can use your FIRSTmoney credit line for emergencies as well as other requirements such as funding marriage expenses, home renovations, medical expenses, and more.
5. Maintain good credit scores: Regularly monitor your credit score and financial health. Responsible credit usage, timely payments, and keeping your credit utilisation low will not only help you manage your credit line effectively but also strengthen your overall financial position.
With zero foreclosure charges, extended tenures, and flexibility of unlimited withdrawals, FIRSTmoney empowers you to manage your credit line efficiently.
Here are the 5 easy steps to apply for FIRSTmoney smart personal loans online:
Once you get approved of your credit limit, start using the funds right away as per your needs and withdraw money in parts or at once.
Choosing FIRSTmoney – a smart personal loan that empowers you with a flexible credit line
A credit line, when used wisely, can be one of the most convenient means of arranging quick funds for your expenses, eliminating the need for submitting multiple loan applications. With a credit line from FIRSTmoney, you can benefit from competitive interest rates, flexible repayment tenures, super-fast approval and disbursal processes to enjoy the flexibility of withdrawing funds from your sanctioned credit line anytime you need to. Both Salaried and Self-Employed Individuals can apply.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.