What is a line of credit and how can it help you achieve your dreams?

You know, loans can be lifesavers when trying to turn our dreams into reality sooner. Imagine all the things we could do sooner if we could just access some funds without hassle? Amidst all the loan-talk, ever heard of a line of credit? It's like a magic wand for financial flexibility. But, how exactly does one snag a line of credit? And what makes it different from the regular old loans we're used to? Let's break it down.

What's a line of credit and how does it help?
 

A line of credit is basically an arrangement between you and the bank. They set a borrowing cap for you, which you can dip into multiple times. It's kind of like having a financial safety net that you can access whenever you need it. Unlike a traditional personal loan where you get a lump sum upfront, with a line of credit, you can borrow as much or as little as you need, up to your limit, and you only pay interest on what you use.

Now, how does this help? A line of credit loan can be beneficial in various situations. For starters, it's there for you during emergencies like unexpected medical bills or sudden home repairs. But it's not just for emergencies – it can also be your ticket to fulfilling your aspirations. Whether you're itching to check off that travel goal from your bucket list or longing to own a swanky gadget, having quick access to funds can make it happen without relying on high-interest credit cards. Plus, if a sweet investment opportunity pops up, you can jump on it hassle-free with funds from your line of credit.

FIRSTmoney – A smart line of credit by IDFC FIRST Bank
 

IDFC FIRST Bank's line of credit, FIRSTmoney, is a flexible option that stands out from regular personal loans. With this, you can tap into funds whenever you need, up to a set limit. Plus, you only pay interest on what you use. It's easy and convenient for managing expenses and getting financial backup when you need it.

Getting this line of credit is a breeze. You can set it up in just minutes online by following these steps,

• Visit the application page and scan the QR code with your smartphone
• Register with your mobile number
• Confirm basic details to check your eligibility
• Select your preferred loan details
• Link your bank account
• Complete the video KYC verification process

The criteria is straightforward:

• age between 21 and 60
• CIBIL score of 750 or above
• salaried

You can access FIRSTmoney line of credit ranging between ₹ 5,000 and ₹ 10 lakhs almost instantly. The interest rate starts at 10.99% per year (calculated monthly), and you can repay it over 2 to 60 months.

Let's break it down with an example: If you borrow ₹ 2 lakhs and choose a 3-year repayment plan (36 months), your monthly installment, or EMI, at 10.99% interest would be around ₹ 6,547.

If you want to get into more detail or plan your repayments, click here to access the personal loan EMI calculator on the FIRSTmoney Smart Personal Loan page. It helps you tailor your repayment schedule to suit your needs.

Flexibility of repayment – And pay interest only on withdrawn funds
 

FIRSTmoney Smart Personal Loan offers a number of benefits. It isn’t just an online personal loan; it is a line of credit. That means it -

• Allows you to withdraw only as much as you need...
• ...when you need it
• You pay interest only on what you withdraw
• You can withdraw from the corpus multiple times
• The EMIs have flexible dates
• Oh, and there are zero foreclosure charges

With FIRSTmoney Smart Personal Loan, you've got a flexible line of credit that's like having your own financial dream catcher. It's there to help you make those future dreams happen right now - whether it's that dream honeymoon, epic adventure, or the latest gadget that'll supercharge your life. And here's the kicker: you get all the benefits without the typical loan hassles. So, the possibilities? Endless! Just remember, use it wisely and watch your life level up with none of the usual loan worries.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.