If you’re holding out on giving a much-needed makeover to your home appliances because of a budgeting problem – we’ve got a solution for you.<\/p>\n\n\n\n
You can replace the rusty old refrigerator with a new one that keeps your ice cream cold and buy a brand-new microwave that chimes after it’s done heating your food with a personal line of credit<\/a>.<\/p>\n\n\n\n A personal line of credit is a loan that lets you borrow money up to a given limit till a given time (known as ‘the draw period’) from the lender.<\/p>\n\n\n\n These open-ended loans let the borrower withdraw funds within a given limit for the draw period. These funds can be accessed at any time through a bank transfer or a line-of-credit check.<\/p>\n\n\n\n The interest begins accruing as soon as the funds are withdrawn. Still, the interest is only charged on the amount withdrawn, instead of receiving a personal loan on which a lump sum interest is charged on the whole amount.<\/p>\n\n\n\n The borrower can make a minimum monthly payment on the loan amount like one might do with credit cards. But since a personal line of credit loans don’t have collateral, the interest rate might be a bit higher. The borrower generally has to pay an annual or monthly maintenance fee to take this type of loan.<\/p>\n\n\n\n The borrower might also be charged a late fee if the borrower can’t pay the monthly amount due on time. To qualify for a higher personal line of credit, you need to have a good credit score.<\/p>\n\n\n\n The advantages of a personal line of credit are:<\/p>\n\n\n\n A personal line of credit can be used to buy more expensive home appliances, which you might not be able to buy in one go, like a refrigerator, home theatre or cooking range. Buying an expensive home appliance on a personal line of credit will help you build the home of your dreams in a short period, and while you can pay off the loan in easy EMIs with a low rate of interest.<\/p>\n\n\n\n Applying for a personal line of credit is really easy with these documents:<\/p>\n\n\n\n MoneyTap offers a personal line of credit with an application process that is swift with competitive interest rates. Apply for a personal line of credit at MoneyTap now!<\/p>\n\n\n\n Author Bio<\/strong><\/p>\n\n\n\n Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" If you’re holding out on giving a much-needed makeover to your home appliances because of a budgeting problem – we’ve got a solution for you. You can replace the rusty old refrigerator with a new one that keeps your ice cream cold and buy a brand-new microwave that chimes after it’s done heating your food with a personal line of credit.<\/p>\n","protected":false},"author":1,"featured_media":4505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,1,191,192,193],"tags":[],"class_list":["post-4503","post","type-post","status-publish","format-standard","has-post-thumbnail","category-buying","category-featured","category-gadgets","category-home-appliances","category-kitchen-appliances"],"_links":{"self":[{"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/posts\/4503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/comments?post=4503"}],"version-history":[{"count":2,"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/posts\/4503\/revisions"}],"predecessor-version":[{"id":4506,"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/posts\/4503\/revisions\/4506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/media\/4505"}],"wp:attachment":[{"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/media?parent=4503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/categories?post=4503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gowarranty.in\/blog\/wp-json\/wp\/v2\/tags?post=4503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What is a personal line of credit?<\/strong><\/h3>\n\n\n\n
How can you use a personal line of credit?<\/strong><\/h3>\n\n\n\n
Why should you opt for a personal line of credit?<\/strong><\/h3>\n\n\n\n
How you can opt for a personal line of credit for home appliances<\/strong><\/h3>\n\n\n\n