Credit card comes with certain amount of credit limit granted to card holder who in turn uses the credit limit in making monthly purchases. However, in situations which require the seizure of the liquid funds, several banks offer the option of getting a personal loan secured by the credit card. This one refers to the use of a particular loan up to the credit limit, whereby, the cash amount is credited to the account instantly after availing the loan.
This is the rate by which the financial institutions add up on a particular loan amount and to pay the borrowed sum, it can be done through EMIs over a specific period of time. This flexibility gives the ability for the consumers to get cash when it is needed and at the same time consumer are getting a proper structure and highly manageable way of paying back the money depending on their ways of handling money.
Thirdly, in the course of repaying this loan applicant credit limit is cut to a proportionate scale of the borrowed amount.
