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Credit Card EMI: We often get credit cards to improve our financial situation, but the bill can become a hassle. Here, we'll tell you an easy way to pay your card bill.

Banking Tips: Credit cards have become a means of balancing our finances. But if not used wisely, they can prove to be very costly. Credit cards are a trap that, once entangled in them, quickly becomes entangled in the quagmire of interest and EMIs. If you, too, are using multiple credit cards and paying substantial interest along with EMIs, we're here to share some simple ways to free yourself from this burden.

A personal loan can help.

If you're trapped in the web of multiple credit cards and their EMIs, a personal loan can help you out. Let's explain how:

Let's say you took out a large personal loan. You can now use it to close all your credit card EMIs. You'll be left with just one EMI, and the interest will be significantly lower.

Plan like this:

Here you can understand step by step how you can take a personal loan and how to pay your bills.

• First, add up your credit card balances and take out a personal loan for the exact amount. Add the EMIs for all cards, the interest rate, and the remaining tenure.
• After this, check the personal loan offers, also check the interest rate, processing fees, and prepayment charges.
• Choose the loan tenure wisely, don't get caught in any tricks. Avoid choosing a loan tenure that's too long; a tenure of 3 to 5 years is sufficient to repay the loan.
• After receiving the loan, immediately stop EMI payments on all cards, whether 2, 3, 4, or 5. Don't be in any doubt.
• Then, lock all your credit cards. If you prefer, you can keep just one active to maintain your credit score.

Benefits of Paying Credit Card EMIs with a Personal Loan

Let us explain how a personal loan can benefit your fragmented life.

• Earlier, you were paying EMI for 5 cards, but now there will be only 1 EMI that you will be paying.
• 5. Your interest on the card EMI was also being charged separately. This will save you money.
• Suppose you were paying a total EMI of Rs 70,000 on 5 cards, now only 1 EMI i.e., Rs 50,000 (let's say), is left.
• You can benefit by at least Rs 20,000.

However, you must also take some precautions, such as not taking out a loan at an interest rate exceeding 14%. Furthermore, after paying off the full card bill with a loan, you should not use the card again, especially not for large amounts.