Credit card or personal loan, where is the right way to arrange money when you need money? Know here

In an emergency situation, many people take a personal loan from the bank, while many people also arrange money through their credit card. Today we will tell you where it is better to arrange money from, credit card or personal loan. Let us know.

Money can be needed by anyone at any time. In such a situation, every person should keep an emergency fund ready, but some people do not do this and are unable to arrange money in an emergency situation. In such a situation, many people take a personal loan from the bank, while many people also arrange money through their credit card. Today we will tell you where it is better to arrange money from, credit card or personal loan. Let's know.

How important is it to be a customer of the bank

If you are taking a loan from a credit card, then it is not necessary for you to be a customer of the bank. On the other hand, if you take a personal loan from a bank, then it is necessary for you to have an account in that bank, that is, it is necessary for you to be a customer of the bank.

How many times can you take a loan

After taking a loan from a credit card, you can easily take a loan again after repaying it, but this does not happen in personal loans. After taking a personal loan, you will have to apply again to take a personal loan again. All the processes will be repeated in this.

Grace period in loan

On taking a loan from a credit card, you get a grace period to repay the loan. If you repay the loan in this period, then you do not have to pay interest. On the other hand, if you are unable to repay the loan in the grace period, then you have to repay the loan with heavy interest. You do not get a grace period in personal loans. You have to pay EMI as soon as you take the loan. Apart from this, on taking a loan from a credit card, you can convert it into EMI. On the other hand, if you repay the personal loan on time, then you have to pay a penalty.

Which is better?

Where is it better to arrange money, it depends on your need. If you want to take a small loan for a short period, then a credit card is the best. On the other hand, if you want to take a bigger loan, then you can take a personal loan because in this you will get more time to repay the loan.