First of all, a personal loan is an unsecured loan offered by the banks to you. Basically, in personal loan, you borrow money from the bank to fulfill your personal requirements. In this type of loan, you don’t have to pledge anything as a security in the bank against the loan amount. Besides this, if you want to get a personal loan to close other loans then it is possible. Because the bank is not concerned about the usage of the amount disbursed. But whether it is a good idea or not depends on the reason you want to avail the loan. Generally, you are not advised to do so because rate of interest is quite higher in case of the personal loan as compared to other loans.
But still, you can use the amount disbursed for repaying the following debts:
Credit Card Bills
You can use your personal loan to pay the bills of your credit cards. The interest rates of credit cards are very high that is around 24%-32%, so paying your credit card bills through personal loan can help to manage these payments.
If you are having a home loan and you have been paying this loan for many years. Then, it is possible to get a top-up from the bank. Besides this, if now you want to close your home loan with the help of a personal loan then you can do so. But compare the interest rates before doing so.
More Than One Loan
If you are having more than one loan running on your name like home loan, car loan or education loan. And you want to close all these loans, then, it is possible to avail a short-term loan and repay all the debts. In addition, it is a better option to repay all your loans through a personal loan, because, it is easier to pay one EMI instead of 3-4 EMI’s at a time. Therefore, if you are facing such an issue, then you can consider this as an option.
To Avoid Higher Rates of Interest
If you are having any other kind of loan where you are paying interest rate more than you will pay in personal loan. Then it is better to avail a personal loan in order to repay the amount at affordable interest rates.
Precautions Before Taking a Loan
To begin, it is always better to research the best option as per your need in the market before availing any loan. So that, we do not have to take any other loan to repay the amount of the previous loan. Taking too many loans can be very stressful as a person always is under the pressure of repaying the debts.
Nowadays, a lot of products are available in the market. So, the customers are likely to get confused in the process of choosing a loan. Due to this confusion, they generally avail a loan which is not suitable for them. In order to get rid off this confusion, you can get assistance from Dialabank and avail the best-suited option for yourself.
How to Apply?
- To begin with, you can easily Apply Online through our website.
- Next, the loan seeker has to fill an Online Form with current information.
- After this, you will get a call from our Relationship Manager to clear all doubts and to assist you in the entire process of the loan.
- After this, you can check your eligibility for further clarification of the approval of a loan.
- Furthermore, submit all the documents required as proofs in the banks.
- Finally, the loan is approved in some minutes and disbursed within a day.
- Beside this, you can also give a call on 9878981166 in order to avail a personal loan.