Credit Card Takeover Loan:
A tailor made loan that helps swap high interest rate credit card debt for a lower interest rate personal loan. Credit card takeover loans are like personal loans and are available at around 1.5% monthly interest versus 3-4% monthly interest applicable on outstanding credit card payments. They allow you to get over the vicious minimum payment due cycle and ensure you maintain good credit history.
It is an unsecured loan and doesn’t require collateral as security except under special circumstances. LoanTap disburses loans from its in-house RBI registered NBFC.
Loan Amount & Tenure:
LoanTap offers Credit Card Takeover Loans ranging between Rs 50,000 to Rs 2 Lakh. However, the final loan amount is decided basis one’s eligibility and credit checks.
The loan tenure is from 3 - 9 months. Also, one should aim for debt consolidation at one go. It immediately builds in financial discipline and helps in reducing monthly outflow.
Interest Rates & Other Features:
Avail Credit Card Takeover Loan at as low an interest rate as 1.5% per month, which translates to 18% APR.
Our loan’s other features:
- Fast disbursal
- Low instalment
- No prepayment or foreclosure charges after 6 months
- Builds financial discipline