![]() ![]() No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. ICICI Bank does not undertake any liability or responsibility to update any data. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. The use of any information set out is entirely at the User's own risk. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank. These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ![]() It’s better to use your credit card as the credit is available immediately, and you don’t have to plan for these expenses well in advance.Ĭredit cards and personal loans are specific tools with specific powers, that should be used intelligently depending on the situation.The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). If you have small to medium or recurring expenses like booking flight tickets, repairing your car after an accident, purchasing appliances or electronics, etc. If the expense is large and can be planned for – a personal loan should be applied for after the planning process and the amount should be treated as a one-time spend. ![]() With credit cards, you may end up paying more one month and less the next month – making the eventual “tenure” longer and thus paying more as interest. Even while paying back, personal loans are better because you know exactly how much to pay back – and for how many months. It’s better to take out a personal loan – as the interest rate will be lower than the equivalent amount spent by credit card. If you have a large one-time expense such as a wedding, medical expenses, college tuition payments, home renovation, etc. If you use the card to its limit and then you need additional funds, the card will be useless until you pay off the balance. Take personal loans if you have a large expense for which you can plan ahead.Ĭredit cards have spending limits and can only be used up to that limit. The amount of money extended by personal loans can be greater than with credit cards. Best for large expenses.Ĭredit cards give you purchasing power immediately. It is a relatively long process that gives you time to think about your spending needs. Personal loans must be applied for in advance, then approved, then disbursed. You can pay as much as you want, or as little as the minimum amount. Personal loans have structured repayment plans – a pre decided amount is fixed and must be paid for a set tenureĬredit cards are repaid on a monthly basis, with no fixed amount to repay each month. Personal loans are better for larger expenses for which you can plan in advance like weddings, college tuition, home renovations, etc.Ĭredit cards are best used for immediate payments and spot purchases like booking air tickets, buying books for college, emergency expenses, purchasing electronics or appliances, etc. Personal loans have a lower interest rate than credit cards.Ĭredit card interest rates are generally higher than personal loans and among the highest in the market. ![]()
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