{"id":5445,"date":"2019-03-23T08:28:00","date_gmt":"2019-03-23T08:28:00","guid":{"rendered":"\/blog\/?p=5445"},"modified":"2023-12-21T15:25:41","modified_gmt":"2023-12-21T09:55:41","slug":"should-you-use-your-credit-card-or-pre-approved-personal-loans","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/should-you-use-your-credit-card-or-pre-approved-personal-loans\/","title":{"rendered":"Should you use your Credit Card or Pre-approved Personal Loans?"},"content":{"rendered":"\n<p>You\nhave a credit card that has a credit limit of Rs 1.5 lac. Now you need to make\na purchase of one item that is needed for household repair. This item costs you\nRs 1.3 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>You\nare weighing your options when you find that your bank is offering you a\npre-approved personal loan of Rs 1.5 lac.<\/p>\n\n\n\n<p>You now have two options. You can either use your <a href=\"https:\/\/tata-blog.osian.dev\/tata-cards.html\">credit card<\/a> to make the purchase or you can take the pre-approved personal loan. What will you do?<\/p>\n\n\n\n<p>First\nthing to understand here is that credit card interest rates are very high. At\ntimes, these rates can be more than 40%. Pre-Approved Personal loans on other\nhand are variants of regular personal loans offered to low-risk customers. The\nperception of low risk is due to their high credit score, good repayment\nhistory and income stability. The rates for loans can be between 13 and 20%.<\/p>\n\n\n\n<p>So\nat least mathematically speaking, it makes sense to go for personal loans.<\/p>\n\n\n\n<p>But there are several other advantages of Pre-Approved Loans too. Since it\u2019s the lender that is approaching you to give a loan, you have a sort of upper hand. In many cases, its also possible to renegotiate the offered interest rates downwards. Then there is another benefit of faster processing of your application. Since the lender already considers you a good borrower and the loan is pre-approved, not much time is required for complete processing of application (it might take just a couple of days). <\/p>\n\n\n\n<p>Now if your requirement is really urgent (like money is needed today itself), then you have no option but to take the <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\" title=\"Personal Loan\">personal loan<\/a>. But if you can wait for few days then going for per-approved personal loans will be a lot cheaper.<\/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>You have a credit card that has a credit limit of Rs 1.5 lac. Now you need to make a purchase of one item that is needed for household repair.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/should-you-use-your-credit-card-or-pre-approved-personal-loans\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":5446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-5445","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>Should you use your Credit Card or Pre-approved Personal Loans? - TATA Capital Blog<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should you use your Credit Card or Pre-approved Personal Loans? - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"You have a credit card that has a credit limit of Rs 1.5 lac. Now you need to make a purchase of one item that is needed for household repair. Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/should-you-use-your-credit-card-or-pre-approved-personal-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-23T08:28:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-21T09:55:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/01\/should-you-use-your-credit-card.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"348\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/should-you-use-your-credit-card-or-pre-approved-personal-loans\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/should-you-use-your-credit-card-or-pre-approved-personal-loans\/\",\"name\":\"Should you use your Credit Card or Pre-approved Personal Loans? - TATA Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2019-03-23T08:28:00+00:00\",\"dateModified\":\"2023-12-21T09:55:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/should-you-use-your-credit-card-or-pre-approved-personal-loans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/should-you-use-your-credit-card-or-pre-approved-personal-loans\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/should-you-use-your-credit-card-or-pre-approved-personal-loans\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.tatacapital.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Should you use your Credit Card or Pre-approved Personal Loans?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/\",\"name\":\"TATA Capital Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.tatacapital.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\",\"name\":\"Tata Capital\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"caption\":\"Tata Capital\"},\"sameAs\":[\"https:\/\/tata-blog.osian.dev\/blog\"],\"url\":\"https:\/\/tata-blog.osian.dev\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Should you use your Credit Card or Pre-approved Personal Loans? - TATA Capital Blog","robots":{"index":"noindex","follow":"nofollow"},"og_locale":"en_US","og_type":"article","og_title":"Should you use your Credit Card or Pre-approved Personal Loans? - TATA Capital Blog","og_description":"You have a credit card that has a credit limit of Rs 1.5 lac. 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