What is the best use of a personal line of credit?

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  1. Anamika Verma

    Anamika Verma New Member

    What is the best use of a personal line of credit?
     
  2. Arwind Sharma

    Arwind Sharma New Member

    Line of Credit loans operate on a more flexible mechanism whereby you get a credit line assigned to you for a particular time period which is the tenor of the loan. You pay interest only on the amount that you use from time to time and the principal amount can be repaid when the tenor ends. Your monthly EMIs will comprise of only the interest portion. You can easily pre-pay your loan as per your convenience along with switching the line of credit facility to a regular term loan as per your requirements.

    The line of credit facility gives you the flexibility and leverage to take care of recurring expenses over a specific duration. You can manage expenses and funds better and personal line of credit does not require any collateral or security provided you meet all other eligibility criteria.
     
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