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Summary: A credit line lets you access funds, as and when required. It is ideal for managing expenses or bridging income gaps, allowing you to withdraw from the approved sum, and pay interest on the withdrawn funds only. Know how you can use this flexible loan solution, in this article.
It is a digital world today where people lead a fast-paced life. Today, every person demands convenience and flexibility at their fingertips, particularly when obtaining financial assistance. And that means zero hassles, zero paperwork, and zero delay. IDFC FIRST Bank’s FIRSTmoney smart personal loan is precisely designed to meet these expectations.
FIRSTmoney is a credit line that offers you the funds you need instantly. It offers an easy, quick, and convenient borrowing experience, as you can withdraw multiple times from your sanctioned amount. The best part? You only have to pay interest on what you use and not the entire credit limit. This makes a credit line better than any other regular or instant personal loan.
While this borrowing option can empower you financially, it is crucial to use it wisely and not as a mere crutch. Let’s find out more.
Look into the different scenarios where IDFC FIRST Bank’s FIRSTmoney credit line can be your financial friend.
1. Emergency buffer
Emergencies can come at any time in the form of hospital bills, sudden car repairs, urgent house repairs, or last-minute travel. All these emergency expenses can disrupt your budget. A credit line can handle the situation without the delay of loan approvals or the need to liquidate your investments.
Moreover, you pay interest only on the amount you borrow, unlike a regular loan, where interest accrues on the entire amount, no matter if you use it or not. This makes a credit line a more cost-effective way to handle immediate financial needs.
2. Capitalising on timely opportunities
Opportunities don't always come with advance notice. It might be a chance to acquire a smaller competitor, upgrade your skills with an educational course, or invest in marketing during a peak season.
Personal lines of credit allow businesses and individuals to grab these opportunities by offering 24/7 access to funds. This access to instant, ongoing funds can be the difference between growth and stagnation.
3. Funding incremental home improvements
Home improvement projects can boost the value of your property and improve your living conditions. However, these are often costly if done all at once.
A credit line offers a solution by letting you undertake incremental improvements. Instead of taking out a large regular loan, you can withdraw as needed to fund each phase of the project. This way, you don’t overborrow and pay interest only on the amount used.
4. Bridging gaps in income
There are moments when people might experience temporary gaps in their income. It can be due to job changes, contract completions, or delays in receivables. During such difficult times, a credit line can be a safety net.
This borrowing option prevents disruptions in your regular financial obligations like rent, utility bills, and other recurring payments. It offers a crucial buffer until your income stabilises.
5. Preparing for seasonal business peaks
Many businesses experience seasonal peaks when the demand for their products or services increases significantly. For example, retailers during Holi, Eid, or Diwali, caterers during the wedding season, or agricultural businesses during the harvest period all require additional capital.
Personal lines of credit prepare you for these peak seasons. You have all-time access to the funds needed to increase inventory, hire seasonal staff, or expand operations temporarily.
The FIRSTmoney credit line offers a range of useful benefits to meet your dynamic financial requirements.
FIRSTmoney smart personal loans start at a competitive 10.99% per annum. You can even use the FIRSTmoney smart personal loan EMI calculator to find out your monthly EMIs and plan your budget with precision.
To apply for a FIRSTmoney credit line, follow these simple steps:
A FIRSTmoney loan offers you the flexibility and convenience that a regular loan can hardly match. From managing emergency expenses to income gaps, it can provide financial support when you most need it. However, responsible use is important to make sure that it remains a benefit, not a burden. After all, borrowed funds must be repaid with interest.
Choose IDFC FIRST Bank's FIRSTmoney credit line to enjoy a 100% digital application process, higher loan amounts, quick approvals, and no foreclosure charges. Moreover, enjoy an affordable credit line interest rate that makes your entire borrowing journey budget-friendly and stress free. Both Salaried and Self-Employed Individuals can apply. Apply today!
Disclaimer
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.