{"id":5226,"date":"2019-03-18T11:52:00","date_gmt":"2019-03-18T11:52:00","guid":{"rendered":"\/blog\/?p=5226"},"modified":"2025-01-29T18:45:42","modified_gmt":"2025-01-29T13:15:42","slug":"credit-card-or-personal-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/credit-card-or-personal-loan\/","title":{"rendered":"Credit Card or Personal Loan?"},"content":{"rendered":"\n<p>Suppose\nyou need to make an urgent repair in your house, which will cost you about Rs\n1.5 lac.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">Know More About Personal Loan<\/a><\/div>\n\n\n\n<p>Now\nyou don\u2019t have any rainy-day fund saved up and are no exploring your options.\nAt present, you can either use your credit card to purchase the material for\nrepair (which cost about Rs 1.3 lac) or you can take a personal loan. So what\nshould you do?<\/p>\n\n\n\n<p>First\nthing to note here is that your need is urgent. So you need to spend money\nquickly.<\/p>\n\n\n\n<p>The best option is to first make the purchase using your <a href=\"https:\/\/tata-blog.osian.dev\/tata-cards.html\">credit card<\/a>. Now the outstanding amount of Rs 1.3 lac has to be cleared off before interest-free period of credit card is over. Post that, the interest rate charged will be about 40%. And you don\u2019t want to pay that.<\/p>\n\n\n\n<p>So\nwhat you can do is that as soon as you make the purchase using credit card, you\nshould hunt for a personal loan.<\/p>\n\n\n\n<p>If\nthis seems odd to you then bear with us for a moment.<\/p>\n\n\n\n<p>A personal loan costs about 15-20%, which is much lower than credit card\u2019s rate. So the urgency of cash requirement is dealt using the card. But to ensure that you don\u2019t have to pay a very high interest on the card, you can take a personal loan to clear off the credit card dues. In return, you have a personal loan where you are paying much lower interest rate. This will save you several thousands in interest alone. <\/p>\n\n\n\n<p>This is how you can make use of both options to deal with your situation in particular. But what if your requirement is not urgent? In such cases, its better to straightaway opt for a <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\" title=\"Tata Capital Personal Loan\">personal loan<\/a> as they have lower interest rate. But that is assuming that your loan is approved. Credit cards are pre-approved about a certain limit. This should be kept in mind before deciding. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\">Apply for Personal Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Suppose you need to make an urgent repair in your house, which will cost you about Rs 1.5 lac.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/credit-card-or-personal-loan\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":5227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-5226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit Card or Personal Loan? - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Want to know how to manage urgent expenses? 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