Branch
I have about 2L of credit card of which i pay 8000 INR as Monthly payment for may be over 2 years, do you suggest to close this using personal loan with EMI of about 8K for 3 years
Yes indeed, the rate of personal loans with equated monthly installments are usually substantially lower. A credit card carries very high interest and the amount that is rolled over compounds rapidly. You should convert to a personal loan and EMIs at the earliest. Please negotiate for a good rate and try borrowing from a nationalised bank and not a finance company — finance companies charge significantly higher rates.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

Your question will be published directly on the site. Please do not enter any personal details like name, mobile number, email id etc.

To ask a question

Please
Sign Up or Sign In
with
than you