Credit Card Refinancing Loan

What is a Credit Card Refinancing Loan?

To answer this question, let us first understand the meaning of ‘Refinancing’. ‘Refinancing’ is basically the process of clearing your debt dues using another loan. It is a smarter way of saving yourself from a huge debt if you know 2 things properly - your budget and the capability to pay back the loan. Now what is Credit Card Refinancing? Having exhausted the credit limit on your credit card and then you are over burdened with the repayment amount that never comes to an end – that is when credit card refinancing comes into picture. To make it simpler, credit card refinancing improves the condition of your pre-existing loan by simplifying the overall interest rates. Now, before you jump to saving yourself from debts by this method, let us throw some light on the benefits and risks that are involved in credit card refinancing.

Who, actually needs Credit Card Refinancing?

Young professionals these days hold multiple credit cards as they believe them to be the quick solutions to their shopping needs. It is their regular practice of swiping those plastic cards at various outlets and keep repaying on a monthly basis. Highly overwhelmed by the amazing offers availed by the credit card companies, these individuals cross the bars of credit limit and land themselves into neck-deep debt load that comes back to get them. In an attempt to pull themselves out of the debt well, they go for a credit card refinancing loan which they find as a justified alternative to improve the condition of their current loan.

Benefits of Credit Card Refinancing Loan

  1. Better interest rates
    Taking a Personal Loan to repay a credit card debt is opted only because it offers better interest rates compared to your pre-existing loan. Otherwise, you have landed yourself into another debt trap! Better be careful.
  2. No collateral
    Credit card refinancing loan is nothing but a personal loan which does not require any collaterals to be put up against the loan amount.
  3. Boost your credit score
    You can always boost your credit score by choosing this loan over your pre-existing loan and be fairly eligible for another loan in future.
  4. Single payment
    Despite having multiple credit cards, you end up repaying only for a personal loan (or a credit card refinancing loan) instead for different credit cards.
  5. Quick escape
    The time required to pay back and complete a credit card refinancing loan would be much lesser compared to repaying different credit cards separately.

Risks involved in Credit Card Refinancing Loan

  1. Check the benefits thoroughly
    You must apply for a credit card refinancing loan only if the new interest rates are fairly less than the ones you paid for the current credit card debts. Also check the repayment period, as it is always fixed.
  2. Compare the rates
    Be serious enough about comparing the rates of various refinancing loan suppliers in market. Not all of them offer a lower interest rate, you might be asked to pay a higher interest rate compared to the one you are already paying. There is no point going for it if that is the case; better stick to the current loan.
  3. Calculate your repayment amount adequately
    Depending on your net monthly income, see how you can pay off with the new interest rates. Take a look at at least 6 bills to get an idea of monthly expenses. Try to pay off the highest amount each month so as to determine the loan tenure very accurately.
  4. Prepayment penalties and fees
    You may forget the penalty amount you need to pay for paying off the credit card dues before time. Make sure you clarify that number with your current lender and include that in the new refinancing loan amount.

Why take Credit Card Refinancing Loan from Qbera?

  1. Qbera avails instant personal loans starting from Rs. 50,000 to Rs. 7,50,000 to salaried and self-employed individuals in a very quick and hassle-free manner.
  2. Unlike Qbera not all the lenders cover a wide variety of companies to provide loan. Best part is you don’t have to worry even if you are a start-up!
  3. Qbera sends regular reminders for the single pay out you have opted by taking a personal loan over paying off for multiple credit cards.
  4. Interest rates charged by us are always on par with the current market rates.
  5. Qbera’s documentation process is so easy making your life simple by just uploading few bank statements online and after the approval their customer care executive will be at your doorstep to collect the documents.

Apply for a Credit Card Refinancing Loan from Qbera?

  1. Just log on to Qbera.com and fill in the application form (it barely takes 5 minutes).
  2. Upload your bank statement on the website.
  3. Qbera gives you an offer within 4 hours.
  4. Our representative will come and collect the documents.
  5. Money will be transferred to your account in less than 24 hours.

You are eligible for a Credit Card Refinancing Loan if:

  1. Your age is between 23 and 55 years.
  2. You have a net take home salary of Rs. 20,000 per month.
  3. Your CIBIL score is atleast 625.
  4. You have a proof of your current residence. (Be it a valid passport, a Driving License, Voter’s ID, aadhar card, registered rental agreement or 2 month’s utility bill)

Documents Required

  1. PAN Card
  2. Aadhaar Card
  3. Latest 6 months PDF Bank Statements (Optional). We would require you to upload these if you choose to not have your bank release statements directly to your Qbera account via a secure NetBanking bridge. This information should be of your salary bank account.
  4. Form 26AS (Optional). We would require you to upload this if you are unable to verify your employment using your official email ID.

FAQs for Credit Card Refinancing

 
  1. What is credit card refinancing loan?
    It is a personal loan you can avail to pay off your credit dues in a go.
  2. What is the interest rate charged for a credit card refinancing loan?
    The interest rate charged for a credit card refinancing loan is much less compared to the ones charged on your credit card. And it ranges between 14-24% at Qbera.com.
  3. How to apply for a credit card refinancing loan from Qbera?
    Logon to their online platform Qbera.com, fill up the form with necessary details, upload the bank statements and get an approval within next 4 hours.
  4. What is the loan amount that I can avail in a credit card refinancing loan?
    You can avail a loan amount starting from Rs. 50,000 to Rs. 7,50,000 in a credit card refinancing loan.
  5. What is the processing fee for the best credit card refinancing loan at Qbera?
    The processing fee for a personal loan is as minimal as 2-3%.

QBERA

We are a Bangalore-based company offering digital, quick, hassle-free personal loans to people when they need them.

Loan amounts range from Rs.50,000 to Rs.7,50,000. APR ranges from 14% to 24%. Loan lengths range from 12 to 48 months. Administration fee ranges from 2% to 4%.

* Subject to Risk Profile

E-mail: contact@qbera.com
Phone: 1800 4198 121
Whatsapp:+91 89719 28484
Address:
1st Floor, Wolfpack Workspaces,
#39, 8th Main Road,
Vasanth Nagar.
Bangalore 560 052

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