3 Things to Learn About a Credit Line in India

Consumer inflation in India is projected at 5% in 2023. As the purchasing power of people goes down, they increasingly reach out to credit products to help maintain the quality of their lifestyle. A credit line is one product that acts like a personal cash reserve at your disposal. It is offered by new-age digital lenders like a reputed fintech company in India and can finance any need. Here are 3 things to know about a personal credit line in India. 

What Does It Offer?

A credit line allows you to borrow funds up to ₹2,00,000. It offers a mix of personal (or retail) loans and various Buy Now Pay Later (BNPL) loans. Thus, the credit product facilitates one approval for multiple loans. The retail loan allows you to finance personal needs like a medical emergency, a 2/4-wheeler purchase, relocation, holiday expenses, and more. The BNPL loans let you shop on popular online shopping sites or apps like Flipkart, Amazon, and more. With one credit facility, you can fund various goals with end-use freedom. 

How Does It Work? 

The highest limit of a personal credit line is ₹2,00,000. You will be assigned a credit limit based on your eligibility when you apply for one. You can withdraw money as and when needed at any time within your assigned limit. The best part is that interest will be charged only on the money you spend, not the approved limit. Thus, you can save money on interest payments. The credit product allows you to borrow funds and repay them, usually in a revolving manner, without having to apply for a new loan. The repayment tenure is one year, over which you can pay off the borrowed amount in easy EMIs.

How to Apply for It?

Here are the simple and quick steps to apply for a personal credit line in India:

• Download the lender's app on your iOS or Android device.

• Create your profile by uploading the required documents and verifying them on the app. Documentation happens in a few minutes since it is digitized. 

• On the product screen, look for "Credit Line" and click on it.

• Set your credit limit.

• If your request is approved, the money will be instantly credited to your linked bank account, ready for use! 

This way, you can enjoy a simplified application procedure and instant approval and disbursal to finance even the most urgent goals.

Conclusion

The salary eligibility for a fintech credit line is quite a borrower friendly. You only need to earn a minimum of ₹15,000 to qualify for this product. So, apply for it whenever you have urgent financial needs and repay the EMIs regularly and on time.