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Credit Card Ka Smart Use Kaise Karein? Benefits, Hidden Charges Aur Meri Personal Learning

Part 1 – Credit Card Kya Hai Aur Kaise Kaam Karta Hai?  How does a credit card work? A credit card can be an easier way to pay for everyday items, but it’s worth understanding the basics before you start using one. A credit card allows you to borrow money to spend, up to a pre-set limit, as opposed to a debit card which takes money directly from your account. You may avail of this facility for shopping, online transactions, booking tickets/travel and other purchase available for this facility. The bank will then generate your bill after the billing cycle. The key is that credit card money is borrowed money – not additional income. You are still required to pay back the sum on time, at the card’s terms and with the due date.  Let’s say you buy groceries, fuel and shopping online for ₹8,000 in a billing cycle. Even if you don’t pay for these today, they don’t go away. They are also added to your accumulated credit card bill. If you pay the full statement balance b...
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Personal Loan Lene Se Pehle Ye 5 Galtiyan Mat Karna, Nahi Toh Debt Trap Me Fas Jaoge



1. High Interest Rate Aur Hidden Charges Ko Ignore Karna

The personal loan interest rate (byaj dar) can vary from 10.5% to 24% or much higher. The biggest mistake in this regard is that people only look at the interest rate and ignore hidden charges like processing fee, documentation charges, pre-closure penalties and GST. Processing fee is often from 1% to 3% of the loan amount. To avoid paying such high charges compare the Annual Percentage Rate (APR) of different banks. APR encompasses all the hidden charges along with the interest rate and helps you to understand the true cost of the loan.


2. Apni Kamai Se Zyada EMI (Over-Leveraging) Chunna

Usage of more than 30% to 40% of your total monthly income should not go into payments of all loans EMI’s. People take a personal loan without actually estimating there repayment capacity correctly and opt for higher EMI. As a result customers are only left with lesser money to spend on permanent household expenses like ration, rent, child fees towards end of the month. To come out of such emergency situations, people tend to take a credit card/ another loan.

Faltu Aur Non-Essential Kharchon Ke Liye Loan Lena

You should avail a personal loan only in emergency/any financial emergency. Entertainment, expensive mobile, a luxurious marriage, trading in stock market should be the biggest MISTAKE in availing a personal loan. Because the things you are spendng money on, their value depreciate in time (depreciating asset) but for the loan you‘re paying huge interest. Availing high interest debt for any depreciating asset is in effect putting load of financial crisis. Tenor Aur Prepayment Conditions Ko Na Samjhna

AKs often opt for a longer tenure (longer term say 5–7 years) to reduce the EMI. Though the monthly EMI appears to be lower, in the long run you end up paying far higher than the actual loan amount as interest. Also, if you have additional funds in between and want to preclose the loan early, many banks charge between 2% to 5% foreclosure penalty. Choose your tenure as per your comfort level and always opt for flexi-pay or zero prepayment penalty options.

Ek Sath Multiple Bank Mein Apply Karna Aur Insurance Na Lena.2. Bank of Baroda ATM Card: Bank of Baroda ATM card has many advantages. This ATM card can be used multiple times in a day and at multiple ATMs.


When you need funds, it is a common mistake to try applying for loan from 4-5 banks at the same time. On each application the bank checks your CIBIL score (hard enquiry), which results in lowering your score very fast and as you are somehow credit hungry banks throw away your loan application. Also, a big mistake is not taking loan insurance cover for the personal loan. If you don‘t get the loan due to someone‘s default, it is your family that bears the brunt of it. It is always better to apply from one bank and if required take loan insurance cover.

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