While getting a credit card, one can think if they should get it or try something else, Maybe you cancelled a card in the past but now realise it was perfect for you. So, can you apply for the same credit card twice?
The good news is – you can definitely apply again for the same credit card! Your odds of a yes are high if you do it right. Credit card companies understand that applicants’ financial situations change. Just because you didn’t qualify before doesn’t mean you won’t now. In fact, reapplying demonstrates you’re still interested in their product.
Tips to get Approved for the Credit Card You Want
1. Build Your Credit in the Meantime
Use the time between applications to improve your credit profile. Pay all bills on time, pay down balances and correct any errors on your credit reports. The better your score and financial health, the higher your approval odds.
2. Know the Optimal Reapplication Timelines
Don’t reapply too soon. Give yourself at least 6 months or 1 year, before submitting a new application. This shows the credit card company that time has passed and your finances have improved.
3. Leverage Your Relationship
If you already have a card with the issuer, highlight this in your application. Companies prefer to expand relationships with existing customers over opening accounts with strangers.
4. Mention Any Positive Changes
Emphasise if your income has increased or you have new assets or employment. This demonstrates your creditworthiness has improved since your last application.
5. Try Alternate Cards First
If denied again for your top choice, accept if you’re approved for a different card with the company first. Down the road, you can request an upgrade or product change for the specific card you ultimately want.
Why Would You Want To Apply for Same Credit Card?
There are a few reasons why you may want to apply again for a credit card you previously had or were rejected for:
Your credit score has improved since you last applied. Credit card companies regularly check credit reports when reviewing applications. If your score has gone up significantly, you may now qualify when you didn’t before.
You want to take advantage of a new sign-up bonus or promotion. Banks often give cash or miles to new customers. Existing customers usually don’t qualify for these special offers.
You need access to a specific benefit or feature again. If you cancel a card with useful benefits you now want again, reapplying can help regain them.
The card matches your life and spending better now than before.
Can I Apply for the Same Credit Card Again?
When you reapply after some time has passed, either to the same card or issuer, here are key factors that can determine if you’ll get approved:
How long has it been since your last application? Issuers generally want to see 6 months to a year or more between applications. Anything sooner may get automatically rejected.
Your current credit scores and profile. Improved creditworthiness can override a prior denial. But if your profile is relatively unchanged, chances of approval are slim.
Any change in income or assets. Higher income or new assets tend to boost eligibility. Provide updated details on your application.
The card’s own application rules. Some issuers allow reapplications in as little as 30 days, while others make you wait much longer.
Whether you’re an existing or past customer. Active cardholders often get preference over those reapplying after cancelling their card.
You can checkout the benefits of Fibe Axis Bank Credit Card. It is a Rupay card which can be linked with UPI for quick and convenient transactions. It also offers up to 3% cashback across various categories, such as entertainment, food delivery and more.
With this card, you can also enjoy 4 complimentary airport lounge access in a year at select airports. What’s more? You get a 1% fuel surcharge waiver on your fuel purchases, among other benefits. It’s also easy on your pockets as it comes with zero joining and annual renewal fees.
To get your hands on the card, install the Fibe App or apply through the website.
FAQs
What happens if I apply for a credit card twice?
The card company will look closer at your second try. They check your credit scores, the money you make and current credit limits. This helps them see if you qualify now when you didn’t before. Applying a lot in a short time can also hurt your credit.
How long until you can reapply for the same credit card?
It’s best to wait at least six months before trying for the same card again. Some banks may want you to wait a year or more. This wait gives you time to improve your financial situation. If you apply too soon, they may say no right away.
Experts say it’s best to wait 6 months between new credit applications. This helps you avoid too much debt. But sometimes, it might make sense to apply for both together. So, what do you need to know about applying for a credit card and loan at the same time?
Let’s find out!
Applying for credit means the lender looks at your credit report. They perform a ‘credit check.’ Now many credit checks in a short time can hurt your credit score. It is a sign that you need money on an urgent basis. Moreover, new credit accounts can lower your account age. Too much debt at once is not good, as it can be hard to pay the new bills.
So, wait 6 months before you apply for credit card. This is better for your credit score and helps you avoid too much debt.
When Can You Apply For Both Simultaneously?
So, can we apply for credit card and loan at the same time? Applying for a new credit card and loan together is not completely forbidden. Here are some scenarios where doing both simultaneously may make sense:
1. Large Immediate Purchase Planned
Want to buy a sofa or fridge? Going on a trip? A credit card and loan can help pay for it. The loan gives you a chunk of money. The card helps with extra costs. Make sure your monthly loan and card payments are less than 30% of your monthly pay. Don’t get more credit than you can pay back.
2. Building Credit History
Young people often get a credit card and loan together. This builds credit fast. Do this when you have a steady job. It helps your credit grow sooner. Keep the loan short, like 1 to 1.5 years. This way, it ends fast and doesn’t hurt your credit mix too long. After 6 months, lower your card limit. This helps your credit usage.
3. Availing Promotional Offers
Banks sometimes offer deals for combining a card and a loan. For example, they may remove the loan fee or lower the card’s yearly cost for two years. These deals let you save money by signing up for both. But first, check if you qualify for the special offer. This helps avoid letdowns.
4. Debt Consolidation
Do you have a lot of credit card debt? You can use a loan with lower interest to pay it off. This makes repayment easier. You pay the loan each month instead of many card bills. After you pay off your cards, get a new one for daily buys. But pay it off each month. This plan helps you pay less interest over time.
How To Apply For Both Successfully?
When applying for both a credit card and loan together, follow these tips to get approval and make the process smoother:
Check your credit score across bureaus like CIBIL and resolve any errors to attain a good score.
Maintain credit utilisation under 30% in months before applying for new credit. Keep balances low on existing cards.
Avoid applying for more credit cards in 6 months before applying for the loan and card together.
Opt for the loan amount and card limit that keeps total EMI+minimum due within 30% of monthly income.
Provide complete documentation for income proof, job stability, residence proof, etc., as lenders need.
If instant approval is not received, follow up with lenders patiently to understand any concerns and rectify them if possible.
After taking out both a loan and a card, make timely repayments to ensure your credit score does not drop. Keep utilisation moderate.
With proper planning and diligent follow-up, you can apply credit card and loan at the same time. Evaluate your financial situation and credit habits and then decide after comparing options from different lenders. One reputable lending platform to consider is Fibe, which offers competitive rates and terms on both credit cards and personal loans.
Fibe Axis Bank Credit Card is India’s first numberless credit card, adding an extra layer of security. You can earn cashback of up to 3%, make seamless UPI payments and enjoy numerous benefits. It has zero annual fee, joining fee or renewal fee, making it easy on your pocket. Download the Fibe Loan App or apply on our website to get your card!
FAQs
Can I apply for a credit card if I have a loan?
Yes, you can apply for a credit card even if you have an existing loan. The key is to make sure you have a good credit score, manageable debt-to-income ratio, and sufficient income to take on the additional debt. As long as you are in good financial standing, having a loan should not prevent approval for a new credit card.
How does having a credit card affect my ability to get a loan?
Having a credit card can help or hurt your ability to get approved for a loan. Lenders view open credit cards positively if you keep balances low and make timely payments. However, high credit card debt relative to your income could negatively impact your debt-to-income ratio and make it harder to qualify for a loan.
Overall, using credit cards responsibly helps demonstrate you can manage diverse credit lines.
If I’m denied a credit card, when can I reapply?
If you are denied a credit card, it’s best to wait at least 6 months before applying again with the same lender. This gives you time to improve your credit, avoid new credit inquiries, and correct any errors on your credit report. Check your credit score for free and continue responsible money management. Once your profile strengthens, reapplying has a better chance of success.
A CIBIL Score of -1 generally indicates that there is no sufficient credit history available to generate a standard CIBIL Score. It does not mean that you have a poor credit score.
You may see terms such as NH (No History) or NA (Not Available/Not Applicable) when there is insufficient credit information to generate a regular score. CIBIL’s current guidance groups NA and NH together and says they can appear when you have no or insufficient credit history, have had no recent credit activity, or have only add-on credit cards without independent credit exposure.
So, if you are searching for “CIBIL score 1 means”, make sure you distinguish between minus 1 (-1) and the 1–5 risk index used in certain CIBIL scoring models for new-to-credit consumers. They do not mean the same thing.
A -1 status can occur when:
You have never taken a loan or used a credit card
There is not enough reported credit history to calculate a standard score
Your earlier credit accounts were closed and there has been no recent reported activity
Your credit facilities have not been reported recently
This means you may be new to credit or have an insufficient recent credit footprint, rather than having a bad repayment record.
Read on to understand what a CIBIL -1 score means, how it differs from other non-standard score indicators and how you can begin building a healthy credit profile.
What Does a -1 CIBIL Score Indicate?
A CIBIL Score of -1 generally means that there is not enough eligible credit information available to calculate the standard numeric CIBIL Score.
Under TransUnion CIBIL’s Score 2.0 framework, a -1 could apply in situations such as:
You have no reported loans or credit facilities
You have only had credit enquiries but no reported credit facility
Your earlier loans or credit facilities were closed more than 24 months before the enquiry
Your credit facilities exist but have not been reported during the previous 24 months
A -1 status therefore does not automatically indicate poor credit behaviour. It primarily reflects the absence of sufficient recent information for a standard 300–900 score.
CIBIL also uses the term No Hit where there is not enough credit activity based on the information submitted to generate a CIBIL Score and Report.
What Is the Difference Between CIBIL Score 0 and -1?
The treatment of new-to-credit consumers has evolved over different generations of CIBIL’s scoring models.
Older consumer explanations often describe:
CIBIL Score -1 / NH: No sufficient credit history is available
CIBIL Score 0 / NA: There is some credit activity, but not enough history to calculate a conventional score
However, CIBIL’s current consumer guidance does not maintain a strict public “-1 = NH and 0 = NA” distinction. Instead, it groups NA/NH together for consumers who do not have enough eligible credit information for a standard CIBIL Score.
Under CIBIL TransUnion Score 2.0, consumers with less than six months of eligible performance history can instead receive a risk index between 1 and 5:
Indicator
Broad Meaning
-1 / NA / NH
No or insufficient eligible/recent credit information for a regular score
1–5 Risk Index
Used in the Score 2.0 framework for consumers with limited credit history
300–900
Standard CIBIL Score for consumers with sufficient credit history
For the 1–5 risk index:
1 indicates relatively higher risk
5 indicates relatively lower risk
This risk index is different from the standard 300–900 CIBIL Score.
Is a -1 CIBIL Score Good or Bad?
A -1 CIBIL Score is not automatically good or bad.
It means the lender has limited historical credit information with which to assess your borrowing behaviour.
This can be positive in the sense that you may not have previous defaults or missed payments. However, it also means lenders have less evidence showing how you manage credit and repayments.
CIBIL itself states that NA/NH scores are not necessarily viewed negatively. However, some lenders’ credit policies may restrict lending to applicants without an established credit track record.
So, a -1 status should be viewed as limited credit information, rather than a poor score.
Benefits of Starting with No Credit History
Starting without an established credit history gives you an opportunity to build your credit profile responsibly from the beginning.
Build Good Credit Habits Early
You can establish healthy habits such as:
Paying EMIs and card dues on time
Keeping credit utilisation under control
Avoiding excessive borrowing
Applying for new credit only when necessary
Start with Suitable Credit Products
Depending on eligibility, options such as a secured credit card backed by a fixed deposit or a low-limit credit card can help establish credit activity.
CIBIL itself suggests secured and low-limit credit cards as possible ways for new-to-credit consumers to start building their profiles.
Build a Repayment Track Record
Using manageable amounts of credit and repaying them consistently gives lenders more information about your credit behaviour over time.
Avoid Previous Negative Credit History
If you are genuinely new to credit, you do not begin with an existing history of missed EMIs or unpaid credit-card bills.
However, maintaining this clean profile requires responsible borrowing going forward.
Impact of a -1 CIBIL Score on Loans & Credit Cards
A -1 CIBIL Score can affect credit applications because lenders generally use credit history as one of the inputs when assessing risk.
Personal Loans
Since personal loans are generally unsecured, lenders may give significant importance to your repayment capacity and credit profile.
Without an established score, some lenders may:
Ask for additional income or employment information
Offer a lower approved amount
Apply stricter internal eligibility criteria
Decline the application under their new-to-credit policy
Other lenders may use additional information beyond the conventional credit score to assess the applicant.
Credit Cards
Premium or high-limit credit cards may be harder to obtain without an established credit history.
A bank with which you already have a salary or savings-account relationship may be able to assess you using its internal eligibility criteria.
A secured credit card backed by an FD can also be an option for eligible first-time credit users.
Secured Loans
Secured products may be easier for some new-to-credit borrowers to access because an asset provides security against the credit facility.
Approval still depends on the lender’s eligibility and risk-assessment criteria.
How Is a CIBIL Score Calculated?
A standard CIBIL Score ranges from 300 to 900 and is calculated using information in your credit report.
CIBIL publicly identifies major factors such as:
Payment history
Credit utilisation
Age of credit
Credit enquiries
Types and mix of credit
CIBIL does not publicly disclose the exact weighting used in its proprietary scoring algorithm. However, an approximate industry breakdown commonly used by Indian financial institutions is:
Factor
Approximate Weightage
Payment History
35%
Credit Utilisation / Amount Owed
30%
Length of Credit History
15%
Credit Mix
10%
New Credit Applications / Enquiries
10%
Union Bank of India, for example, describes these figures as an approximate breakdown, while CIBIL’s own consumer material confirms these factors influence the score without publishing fixed percentages.
Payment History
Timely payment of loan EMIs and credit-card dues supports a healthy credit profile, while late or missed payments may negatively affect your score.
Credit Utilisation
Credit utilisation reflects how much of your available revolving credit you are using.
High utilisation may suggest greater repayment burden and can negatively affect your score.
Length of Credit History
A longer history gives lenders more information about how consistently you have managed credit over time.
Credit Mix
Managing an appropriate mix of secured and unsecured credit responsibly can contribute to the overall assessment of your credit profile.
New Credit Applications
Frequent loan or credit-card applications can result in multiple hard enquiries, which may have a negative impact on your score.
If you have a -1 CIBIL status because there is insufficient credit history, there may not yet be enough information across these factors to generate a standard 300–900 score.
How Do Lenders Assess You Without a CIBIL Score?
A CIBIL Score is an important lending input, but it is not necessarily the only factor lenders consider.
When there is limited or no conventional credit history, a lender may look at other indicators such as:
Income
Stable and sufficient income can help demonstrate your ability to repay the proposed EMI.
Employment Stability
Your employer, work experience and continuity of income may form part of the lender’s assessment.
Existing Financial Obligations
Lenders may review your existing EMIs and other repayment obligations to assess whether you can comfortably manage additional debt.
Bank Account Behaviour
Regular salary credits, account balances and other banking patterns may form part of the lender’s internal underwriting process.
Repayment Capacity
Lenders may compare your proposed and existing EMI obligations with your income.
CIBIL itself notes that stable employment, steady monthly income and an applicant’s EMI-to-income ratio can influence lending decisions in addition to the CIBIL Score.
Internal and Alternative Risk Models
Some lenders and fintech platforms use internal policy checks, income models and other risk indicators along with available bureau information.
Fibe’s current application process, for example, states that it evaluates applications using internal policy checks, credit bureau information, income models and other risk indicators.
How to Improve a -1 CIBIL Score?
You do not technically “improve” a -1 in the same way you improve a low 300–900 score. Instead, you need to establish sufficient responsible credit history for a numeric score to be generated.
Here are some practical ways to do this:
Get a Secured Credit Card
A secured credit card is typically backed by a fixed deposit.
Use only a manageable portion of the available limit and pay the bill on time.
Consider a Low-Limit Credit Card
If your bank or another lender offers you a small credit limit based on your income or existing relationship, using it responsibly can help establish repayment history.
Take Credit Only When You Need It
A small loan or other eligible credit facility can create reportable credit activity, but do not borrow merely for the purpose of increasing your score.
If you do take a loan, ensure that the EMI fits comfortably within your budget.
Pay Every Due on Time
Payment history is one of the most important factors affecting your eventual credit score.
Set reminders or auto-debit instructions where appropriate so that you do not miss repayment dates.
Keep Credit Utilisation Controlled
Avoid using most or all of your available credit limit.
Lower utilisation generally indicates that you are not heavily dependent on revolving credit.
Avoid Multiple Applications
Do not apply for several loans or credit cards simultaneously just to build your credit history.
Each lender enquiry may appear on your credit report, and frequent applications can have a negative impact.
Be Careful with Joint Credit
Becoming a joint applicant should only be considered when you genuinely need the credit facility.
CIBIL notes that joint borrowers and guarantors can be affected when repayments on the associated loan are missed.
Monitor Your CIBIL Report
Once you start using credit, check your CIBIL Report periodically to:
Confirm that accounts are being reported correctly
Review payment history
Identify unfamiliar enquiries or accounts
Raise a dispute if information is inaccurate
CIBIL says lender-reported updates generally take around 15–30 days to reflect in the report.
Building Credit from a -1 CIBIL Status
A -1 CIBIL status indicates that you need to build an adequate credit history before a conventional score can be generated.
The goal should not be to chase a particular number quickly. Instead:
Use credit responsibly
Keep borrowing manageable
Pay every EMI and bill on time
Avoid frequent applications
Monitor your report for inaccuracies
Give your credit history time to develop
CIBIL notes that a consumer generally needs more than six months of sufficient credit information to be eligible for a conventional CIBIL Score, although specific scoring models may provide a 1–5 risk index for consumers with shorter credit histories.
If you need funds while you are still new to credit, some lenders may consider factors beyond a conventional CIBIL Score.
Fibe currently assesses applications using factors including credit bureau information, income models and internal risk indicators. Eligible customers can apply for a Personal Loan of up to ₹10 lakh, subject to eligibility, verification and approval.
Download the Fibe Personal Loan App or visit the website to check your eligibility.
FAQs On CIBIL Score -1
1.How Do I Improve My CIBIL Score from -1 to 800+ in Six Months?
There is no reliable way to guarantee an 800+ CIBIL Score within six months.
A -1 status means you first need enough eligible credit history for a standard score to be generated.
Instead of taking multiple credit products at once, focus on:
Using one suitable credit product responsibly
Paying every due on time
Maintaining low credit utilisation
Avoiding frequent applications
Keeping borrowing within your repayment capacity
Allowing sufficient credit history to develop
Avoid opening 2–3 secured cards or taking unnecessary loans solely to increase your score, as multiple applications and excessive new credit can work against your credit profile.
2.Can I Get a Loan or Credit Card with a -1 CIBIL Score?
It is possible, but approval depends on the lender.
CIBIL states that NA/NH is not necessarily viewed negatively, although some lenders’ policies may prevent them from lending to applicants without an established credit track record.
Lenders willing to serve new-to-credit customers may assess factors such as income, employment stability, existing obligations, bank behaviour or internal risk models.
For credit cards, an FD-backed secured card may also be an option, subject to the issuer’s eligibility criteria.
3.What Does CIBIL No-Hit (NH) Mean?
A No Hit means there is not enough eligible credit activity associated with the information submitted to generate a CIBIL Score and Report.
CIBIL states that the report and score become available after a financial institution submits sufficient relevant credit information.
NH does not mean that you have defaulted on a loan or have a poor score.
4.How Long Does It Take to Build a CIBIL Score from -1 to a Good Score?
There is no fixed timeline for reaching a particular CIBIL Score.
CIBIL says an individual generally needs more than six months of sufficient credit information to become eligible for a conventional score. Your eventual score will then depend on factors such as payment history, utilisation, age of credit and credit applications.
Building a good score can therefore take longer than six months, depending on your credit activity and how lenders report your accounts.
The best approach is to build a consistent repayment history rather than targeting a specific score within a fixed period.
Taking out a personal loan is a big financial decision for anyone. As a doctor, you may consider a personal loan to help cover major purchases or investments. A personal loan for doctor can provide access to lump sums of cash. These loans usually have lower interest rates than credit cards. But, they also come with responsibilities like making monthly payments and added debt.
This blog will explore the unique pros and cons doctors should weigh when considering a personal loan. Understanding the full picture lets you decide if a personal loan for doctor is the right financial move for your situation.
Pros of Personal Loan for Doctor
Flexible Use of Funds
One major advantage of a personal loan for doctor is that it provides access to a lump sum of cash that you can flexibly use. As opposed to home or auto loans, personal loan funds are not restricted to a specific purchase. This gives doctors the freedom to use the money however fits their needs. This includes investing in a new medical practice, paying for major investments like medical instruments, tools, kits, etc., funding higher education, or consolidating existing debt.
Potential for Lower Interest Rates
Personal loans for doctors often offer lower rates than credit cards or lines of credit. For instance, Personal Loans from Fibe start at 16% per annum on a reducing balance basis. Depending on your credit history, this rate can be even lower, given that you can bargain with the lender.
Predictable Payments
The lender fixes the repayment terms at the outset of a personal loan. This includes the interest rate, monthly payment, and loan length. This prevents payment shock and simplifies budgeting. As long as the required monthly payments are made, the loan will be repaid within a set timeline.
Cons of Personal Loan for Doctor
Added Debt Burden and Obligation
Personal loans lock doctors into fixed payments, often for years. Missing or delaying payments can damage CIBIL. Doctors with existing debt should think carefully before taking on a personal loan.
Loan Approval May Require Strong Credit
A strong credit history is often required to qualify for the most favourable loan terms. Doctors with substantial debt or limited credit history may not qualify for the best rates. Applying with poor credit can also further impact loan eligibility. It is wise to check your creditworthiness beforehand.
Note: Fibe offers personal loan for doctor even to those new to credit. Fibe does its own credit checks, looking at each applicant holistically beyond just credit scores. This allows doctors early in their careers or credit journeys to still benefit from Fibe’s loans for important needs.
When Does a Personal Loan Make Sense for Doctors?
Personal loans may help doctors in some cases, but not all.
Funding a New Medical Practice: Personal loans can help pay for equipment, hiring staff, marketing, and other startup costs. The flexibility and predictable payments help manage cash flow.
Debt Consolidation: Combining debts into one loan can lower costs. It can make debt easier to handle.
Major Life Events: Loans let doctors pay for major life events, such as weddings, higher education, and vacations.
Should You Take Out a Personal Loan? The Doctor’s Checklist
The key for doctors considering a personal loan is to approach the decision as an empowered borrower. A personal loan for doctor offers access to funds that can enrich your life – if used wisely.
Ask yourself: Is this purchase a true priority for me right now? Do I have a plan to manage payments within my budget? Am I getting the most favourable loan terms based on my finances?
While loans are not risk-free, they are a tool that allows you to thoughtfully invest in yourself and your practice when the timing is right. A loan can fit responsibly into your financial picture by proactively optimising your rate and payments.
See a personal loan as an opportunity to fund important goals, not a burden of debt. Be an educated and intentional borrower. The most prudent doctors use loans strategically to maximise benefits while minimising any downsides through financial diligence.
With an abundant mindset and focus on planning, personal loans can be good vehicles for doctors to drive themselves in exciting new directions.
Doctors must know what loans mean for them. Loans can be good when used carefully, but they also mean more debt to pay. Doctors should plan for this added debt and look at loans closely before deciding.
Conclusion
A personal loan for doctor gives doctors money for high costs or goals. But they also mean more debt to pay back over time. While weighing the pros and cons unique to your situation is crucial, Fibe makes the process smooth and customised.
Fibe’s new DocSupport offers exclusive personal loan benefits tailored specifically for medical professionals. With DocSupport, doctors can get instant financing of up to ₹5 lacs through a 100% digital application. Funds can be disbursed in just 2 minutes with flexible repayment terms and no foreclosure charges.
Doctors deserve financial solutions designed for their needs. With offerings like DocSupport’s unmatched features, easy eligibility, and understanding of doctors’ careers, Fibe delivers personal loans that empower medical professionals.
Look into Fibe’s DocSupport today to take advantage of personal loans built just for you.
FAQs
Can a doctor get a Personal Loan?
Yes, they can. Doctors make good money and have steady jobs. This makes them good borrowers. Loans let doctors pay for big things. They can use the money in many ways. Lenders like giving loans to doctors. They often let doctors borrow more at lower costs.
What is the rate of interest for Personal Loan for doctors?
Rates are usually 10% to 18% per year. This depends on the doctor’s credit. But, Fibe has lower rates. They start at just 16% p`er year. This rate goes down as you pay back the loan. Doctors with good credit can get low rates from Fibe. Even Fibe’s higher rates are less than credit card rates. Fibe loans are easy to get. They are processed quickly. Doctors can get a loan from Fibe at rates as low as 2% per month.
What is the best loan app for doctors?
When it comes to finding the right personal loan app tailored for doctors, Fibe stands out as the top choice. Other lending platforms aren’t made just for doctors. Fibe is. It understands what doctors need. Doctors are busy. Fibe lets them apply for loans online. It only takes minutes. Fibe can approve loans fast. Doctors can get instant financing of up to ₹5 lacs seamlessly in as little as 2 minutes. The money goes right into their bank account. This lets doctors get funds quickly. They can use the money for important things when they need it.
What is the CIBIL score for doctor’s loan?
Most lenders will approve personal loans for doctors with a minimum CIBIL credit score of 650-700. Checking scores ahead of time and maintaining good credit is key for doctors to secure favourable loan terms.
If you’re a student or a parent, you may be aware of the rising cost of education. Thankfully, there’s an easy solution to finance these costs — education loans or personal loans. While both help solve the problem, it’s essential to get an overview of a personal loan vs an education loan.
With this information, you can choose an option that best fits your budget and specific requirements, such as:
Amount
Repayment duration
Guarantor or co-signer
Moratorium
Collateral
Read on to learn more about these loans, their benefits and their differences.
Introduction to Personal and Education Loans
Personal loans are among the most popular credit options as they come with no restrictions on end use. You can use the funding for various needs, like:
Covering education costs
Paying your utility bills
Making a down payment for a car
Renovating your house
Taking a vacation
An education loan is a type of loan that’s specially curated to address education costs. You can finance the costs of education in India or abroad. Depending on the term, you can use the funds to pay for
Tuition
Books
Accommodation
Meals
Personal Loan vs Education Loan
While both are popular options, some key distinctions can help you decide which is the best option. Here is an overview of these differences:
Basis of Difference
Education Loan
Personal Loan
Utilisation of Funds
You can utilise the funds only for education
Since these loans have no end-use restrictions, you can use them for any needs, including education
Rate of Interest
The interest rates associated are generally on the higher side
You can get these loans at more competitive interest rates
Repayment Duration
These come with a more extended repayment period
You can choose from various tenures, ranging from months to years
Tax Exemptions
You can claim a deduction u/s 80E for interest payments towards the loan
There are no provisions for tax exemptions
Moratorium Period
You enjoy a moratorium period of up to a year, allowing you to start the repayment once you get a job
You need to start repaying the loan as per the pre-determined schedule, generally from the month after receiving the funds
Guarantor and Collateral
If you are a student, you need a guarantor, who will be responsible for repayment in case you default
They are unsecured loans, so you don’t need any guarantor or collateral but have stringent criteria, such as a credit score and stable income
Benefits of a Personal and an Education Loan
If you are still unsure of which is the right option, consider the perks associated with both of them to make a decision.
Here are the advantages of personal loans:
You can use the funds from these loans for any purpose without any restriction, whether it’s college tuition, credit card bills, etc.
After application, funds are processed and disbursed quickly, allowing you to pay for your education without any delay.
They generally come with easy-to-meet eligibility criteria and minimal paperwork requirements, allowing seamless access to funds.
You can select a repayment plan that aligns with your finances, facilitating easier money management.
These loans are generally unsecured, meaning you don’t need to pledge valuable assets, such as property, jewellery and more, to get the funds.
An education loan comes with these features and benefits:
These typically come with lower interest rates, allowing you to finance your education cost-effectively.
They generally have longer tenures, making the repayment process easier as the instalment would be lower.
You can claim tax deductions u/s 80E on the interest paid during the financial year.
You get a grace period during which you don’t need to make repayments, enabling you to concentrate on your studies and get a stable job.
These loans cater to several types of expenses related to education, ensuring that you have all the necessary resources.
Along with the above-mentioned differences between a personal loan and an education loan, consider your finances, income stability and loan requirements while deciding.
If you choose personal loans, you can get up to ₹5 lakhs with an Instant Loan from Fibe. You also get competitive rates starting at 2% per month with zero pre-closure charges, ensuring your borrowing is cost-effective. Download the Instant Loan App or apply via the website to get the funds quickly and affordably.
FAQs on Personal Loan Vs Education Loan
Can I use a personal loan for education?
Yes. Since these loans don’t have any restrictions on end usage, you can use them to cover your education costs.
What is the best way to get an education loan?
You can check the eligibility and other requirements of various financial institutions and apply with one where you qualify. This boosts your chances of approval and enables you to access funds easily.
Is taking an education loan risky?
No. Getting an education loan is generally safe. However, research your options and check the lender’s credibility before applying.
Why is a personal loan better than an education loan?
One of the reasons for this is that there are no limitations on how to use the funds. Also, the processing is quicker, allowing you to access funds instantly.
Once you’ve aced your entrance exams and secured a coveted seat in a prestigious engineering program comes the crucial part: financing your education. An education loan for B. Tech. students can help you fill the gap between your resources and the tuition fee of your engineering degree.
Knowing the eligibility requirements, the loan application process and the documents you’ll need to gather will help you navigate the entire process with ease. To know every important aspect of how to apply for an education loan for engineering courses, read on.
Understanding Education Loans for Engineering Students
These financial products are a type of personal loan that you can take to fund the costs associated with pursuing an engineering degree. You can get these loans from various entities, including banks, non-banking financial companies (NBFCs) and government agencies. Many financial institutions also provide a moratorium period, during which you are not required to make any repayments.
An education loan for B.Tech. students in India generally cover the following expenses:
Tuition Fee: It is the primary cost of your course and includes other charges levied by the institution.
Semester Exam Fee: This covers the cost of conducting examinations during a particular semester and can be a recurring fee.
Library Fee or Project Costs: Many institutions levy this fee to allow you to access library resources and other materials for projects.
Donation Fund: Some institutions may also require you to submit a donation fee as part of the admission process.
Annual Fee: Some universities may even charge this fee for providing certain administrative services.
Boarding Charges: They cover the cost of on-campus residence if you choose to live in a hostel.
Other Education-Related Costs: While it depends on the lender’s discretion, your loan may also cover expenses like lab fees or other educational expenses
How to Get an Education Loan for Engineering Courses
Before applying for a personal loan for higher education, evaluate the available offers and the interest rates charged by them. Here is how you can get an education loan for engineering students:
Visit the official website of the financial institution, which you have zeroed in after comparing interest rates, flexibility and other features
Select the category for a personal loan for higher education or a loan facility specifically crafted for B. Tech. students
Click on the new application option and fill up the form with relevant information
Attach all the required documents and submit the application after checking the completed details
The bank will process your application and approve your request if you meet the eligibility requirements
Eligibility Criteria and Documents Required for an Education Loan for Higher Studies
Banks and financial institutions usually have pre-specified requirements that you need to fulfil to get an education loan for B. Tech. students. While the eligibility criteria can vary depending on the lender’s discretion, here is a general overview of the requirements to get this loan:
You must be an Indian resident aged between 18 and 60 years
You or your ward must have secured admission to an eligible course through an entrance exam or merit-based selection
Here are a few basic documents you may be required to furnish during the application process:
PAN card
KYC documents like passport, Aadhaar card, driving licence or voter ID card
Bank statements for the last 3 months
An education in engineering can open doors to a world of opportunities. Hence, when getting an education loan for engineering courses, you are not just funding your degree but investing in a brighter future.
If you need funds for your higher education, Fibe has got you covered with its EdTech Financing facility. Get a cash loan of up to ₹5 lakhs at competitive rates to pay for the tuition fee for an online engineering course. You can repay the borrowed funds within your chosen tenure, ranging between 3 months and 36 months, in no-cost or low-cost EMIs.
Download our Personal Loan App or log in to our website to get an education loan with minimal paperwork and secure your future.
FAQs on Personal Loans for Engineering
Is an education loan available for engineering students?
Yes, most banks offer loans to fund higher studies of engineering students, provided that you meet the requirements set by them.
Can I get a loan worth ₹5 lakhs for engineering?
The amount you can get with a student loan for engineering courses depends on serval factors. These include monthly income, creditworthiness and the lender’s preferred policies. However, with Fibe, you can fund fees of up to ₹5 lakhs for any online engineering course.
With the advancement of technology, In Vitro Fertilisation (IVF) comes as a solution to help couples conceive and realise the dream of having a child. However, this treatment can be expensive, and not many can afford it easily.
Thankfully, you can get a loan for IVF treatment nowadays from various financial institutions. By opting for this form of credit, you can cover all the expenses associated with this treatment, such as:
Medication
Treatment costs
Diagnostic tests
Consultation fees
Hospitalisation charges
A personal loan is the perfect solution to help address this need as they come with no restriction on the end usage. Therefore, you can pay for such expenses easily and repay the borrowed amount in affordable instalments without any worries. Understand how this treatment works and the essential points to remember while opting for it.
Features and Benefits of Opting for a Personal Loan for IVF Treatment
Getting aloan for this treatment is a smart decision to finance the costs of the treatment and realise your dream of having a child. Here are some features and benefits of this option:
You can obtain ample funding effortlessly to cover expensive treatment costs without any hassle.
You get to enjoy competitive interest rates, which allow you to cover treatment costs affordably.
You don’t need to pledge any collateral to get the funds, as personal loans are generally unsecured forms of credit.
You can get the required amount with easy-to-meet eligibility criteria and minimal paperwork.
You can expect swift approval and disbursement of the loan if you have a high credit score.
You can use the loan amount to cover various expenses, such as medical tests, hospitalisation charges and other treatment facilities, as there are no restrictions on usage.
You can select a suitable repayment duration and repay the loan amount with budget-friendly EMIs.
Factors to Consider When Getting a Personal Loan for IVF Treatment
Financing this treatment is an essential decision which demands adequate consideration. Here are some factors to keep in mind:
Loan Amount
Consult a specialist and decide on the amount you need to borrow. By knowing this beforehand, you’ll borrow exactly what you need. This will make the repayment easier and avoid unnecessary rejections, which can harm your credit score.
Interest Rate
The rate of interest at which you get the loan influences the overall borrowing cost. So, research and compare rates offered by various lenders and choose one that offers the best deal. In addition to the interest rates, check the fees and charges associated with the loan as well.
Loan Duration
Most lenders offer you the flexibility of selecting the repayment duration. Assess your financial situation thoroughly, considering your budget, income, monthly expenses, etc. This will help you make the right decision and allow for seamless repayments.
Repayment Options
Getting funds also comes with the responsibility of making timely repayments. Delayed EMIs can lead to late repayment charges, high-interest costs and other severe consequences. Talk to the lender beforehand regarding the repayment options they allow.
Eligibility and Documentation
Before applying for a personal loan, check the eligibility criteria and documentation requirements. This will help you understand if you qualify for a loan and plan your application better.
Loan Disbursal
Contact the lender to check the average time they take to process the application and disburse the amount to your bank accounts. This will help you assess if you’ll receive the funds on time and continue with the IVF treatment as per the scheduled timeline.
Application Process
As you get busy preparing for the treatment, applying for a loan offline and submitting hefty paperwork at the branch can be difficult. Check if the lender allows you to apply online. This will help you get the required funding without any hassles.
When getting a loan for IVF treatment in India or abroad, choosing the right lender can make the process much easier. Consider getting an Instant Cash Loan from Fibe and handle these expenses conveniently! You can get up to ₹5 lakhs with easy-to-meet eligibility criteria and minimal documentation.
Download the Instant Loan App here to get the funds and start the treatment, or apply via our website.
FAQs on How to Finance IVF Treatment Costs with a Personal Loan in India
How do I get IVF funding?
You can get personal loans for IVF treatments from various institutions, like Fibe. You can also finance your treatment with these alternatives:
You can use a credit card
You can use your existing savings
You can get a loan by pledging assets like property, gold, etc.
How much money is required for IVF in India?
The treatment cost depends on various factors:
Your age and location
Fertility clinic that you choose
Cause of infertility
Number of cycles required
Can I get a loan for IVF?
Yes, you can easily get the required funds from various lenders, such as NBFCs, banks or even IVF financing companies.
Since medical expenses often catch you off guard in today’s complex healthcare landscape, medical loans come to your rescue. These have emerged as a viable option for those seeking to deal with hefty medical bills. But before diving in, understand the medical loan interest rates, as they significantly impact your overall repayment amount.
To know more about interest rates on medical loans, read on.
What are Medical Loans?
These are a type of personal loan that you can avail yourself of to cover costs arising due to medical emergencies. You can access these funds to pay for hospitalisation bills, surgery costs, prescription bills and chemotherapy costs. Here’s a brief overview of this financial product:
Most lenders usually offer an online application process and ensure quick approval, which comes in handy during emergencies.
You can use these funds for all types of ailments, ranging from minor dental surgery to chemotherapy sessions.
These loans allow you to choose a repayment tenure best suited to your financial capabilities.
Unlike some other types of loans, these don’t require you to pledge collateral, saving you from the stress of managing it in trying times.
Understanding Interest Rates on Medical Loans
Financial institutions generally charge between 11% and 24% p.a. on healthcare loans. However, medical loan interest rates can also vary depending on the following factors:
Lender’s Preferred Policy: Every financial institution has its risk-assessment criteria, based on which they decide the interest rates to be offered.
Credit Score: Credit score is a major factor that influences medical loan interest rates, as you can get funds at lower rates with a higher score.
Monthly Income: Lenders also decide the interest rate based on your income because it directly impacts your repayment capacity.
Work Experience: A stable employment history also strengthens your loan application and ensures that you can get lower rates.
How to Get Low Interest Rates on Medical Loans
During medical emergencies, healthcare loans can be a lifesaver. However, their interest rates can significantly impact your overall cost of borrowing. Here are a couple of strategies to get medical loans at low interest rates:
Fulfil the Eligibility Criteria
Before applying for a healthcare finance facility, check the eligibility requirements set by the lender. Consider the following before filling in the application form:
Ensure that you meet the specific requirements of the lender by checking on the financial institution’s website.
Having a higher income and stable employment improves your chances of securing more competitive rates.
Lenders provide lower rates to borrowers with higher incomes because they generally have lesser chances of defaulting on monthly payments.
As mentioned earlier, this three-digit score indicates your credit repayment behaviour. Generally, financial institutions provide lower interest rates if you have a credit score over 750. With a high credit score, you can also negotiate better terms with the lender.
As you navigate through various medical loans when choosing one, you can opt for a product with the lowest rates armed with this knowledge. By staying informed and proactive, you can make empowered decisions that prioritise both your health and financial well-being.
With Fibe, you can get a Healthcare Financing of up to ₹10 lakhs for all your healthcare needs. You can repay it with no-cost and low-cost EMIs over the period that you desire. Download our Personal Loan App or log in to our website to get a medical loan at low interest rates with minimal paperwork.
FAQs on Medical Loan Interest Rate
What is the interest rate for a medical loan?
The average interest rate for healthcare loans ranges between 11% and 24% p.a. Note that medical loan rates depend on several factors, such as the lender’s policies, your creditworthiness, income and more.
What is the medical loan policy?
A medical loan is a financial product that you can get to fund your medical expenses. Among other things, you can use the available funds to cover the following bills:
Hospital bills
Surgery costs
Prescription bills
Chemotherapy costs
Who is eligible for a medical loan?
While the eligibility requirements may vary depending on the lender you choose, here are the criteria you need to fulfil to get a Healthcare Finance facility from Fibe:
You need to be between 21 and 60 years.
You must be a self-employed or salaried individual with a steady source of income.
Your minimum monthly income needs to be ₹15,000 and ₹20,000 if you are a salaried or a self-employed individual, respectively.
You must reside in a city where Fibe’s services are available.
Can I take a loan for medical treatment?
Yes, many banks and financial institutions offer personal financing facilities to help you cover the bills for medical treatment.
Using a RuPay credit card on a UPI app is a straightforward method of making online card payments. Most credit cards are useful for making an online purchase or swiping your card at the store.
These methods are useful, but with the invention of QR-based payment, these are no longer the most convenient option. To overcome this payment restriction, the Unified Payments Interface or UPI allows you to link your RuPay credit card to any payment app.
Benefits of Using RuPay Credit Cards on UPI
Here are all the benefits of a RuPay credit card that you can enjoy by linking it with a UPI payment app.
Convenient Payment Option
The best feature of linking UPI and your RuPay credit card is the added convenience of making payments via a single app. Instead of switching between different apps for your different cards, you can link all your bank accounts and credit cards on a single app.
This way, when you need to borrow funds, you can easily switch to your RuPay credit card and make payment. In addition, you can earn reward points and other offers on your credit card. This makes your overall payment experience streamlined and rewarding.
Linking UPI with a RuPay Credit Card improves the security of your card with additional layers of protection. This is because making a UPI payment requires entering a PIN to unlock the app and another to confirm the payment.
This minimises the risk of unauthorised payments, keeping your credit card more secure. If your payment fails despite a fund deduction, you can use the UPI reference number to claim a refund, similar to regular transactions.
UPI payments are a well-known method to make instant funds transfers, be it to a merchant or a personal account. This is why it’s a preferred option when making time-sensitive payments/fund transfers.
Easy Bill Payment
UPI apps have a unique feature that alerts you on your upcoming bill payments. Linking your RuPay card with such apps makes it easy to stay up to date and avoid penalties for delayed or missed payments.
Knowing how to use a RuPay credit card for UPI helps you streamline all your payments as they help you record all your transactions. This helps monitor your spending pattern and keep track of your expenses. You can also use this to verify your transaction history on your credit card statement and check for unauthorized payments of multiple deductions.
Enhanced Payment Acceptance
With this option, you don’t need to present your physical card to make a payment. Since UPI is a widely accepted method of payment, you can easily pay with your RuPay Credit Card by simply scanning the QR code.
An important part of knowing how to use a Rupay credit card on UPI is to know how to link it with your payment app. Here is a step-by-step process on how to do it:
Step 1: Download and launch the payment app
Step 2: Create an account with the required personal details
Step 3: Go to the ‘Profile’ section
Step 4: Select the ‘Payment’ or ‘Account’ option
Step 5: Click on the ‘Add Account’ option and then on ‘Credit Card’
Step 6: Select your issuer and confirm your card details
Step 7: Go to the accounts section and select your RuPay credit card
Step 8: Set UPI PIN for secure payments
Once done, you can choose your credit card as the payment option while transferring funds through the app. If you are looking to get a UPI-enabled RuPay Credit Card, consider opting for the Fibe Axis Bank Credit Card.
As India’s first numberless metal credit card, it gives you high security and reduces the risk of misuse of your card details. It is also a great card for savings, as you can enjoy up to 3% cashback on all your online and offline transactions. Download the Fibe App from the Google Play Store or Apple App Store to apply now!
FAQs on Ways to Link a RuPay Credit Card to UPI
What is the reason behind linking UPI with credit cards?
With the rising popularity of UPI, most shops and online merchants rely on QR-based payments. Linking RuPay credit card to UPI allows you to redirect your credit limit for making online payments for daily transactions.
What is the MDR of RuPay credit card on UPI?
UPI-linked RuPay credit card transactions have an MDR of 2%. The credit card issuer collects 1.5% of the amount, and the rest goes to the payment network and merchant issuer.
How to pay using a RuPay credit card in Gpay?
To make a Google Pay payment via UPI with a RuPay credit card, you need to add the card as your payment option. After scanning the QR code, you will get the option to choose your card on a bank account. Choose the RuPay card and enter the UPI PIN to complete the transaction.
How to add a RuPay credit card to UPI PhonePe?
Launch the app and go to your profile to add a RuPay credit card on PhonePe. Under the ‘Payment Method’ section, select the ‘RuPay Credit on UPI’ option.
Credit cards give you access to instant funds for all planned and unplanned expenses. So, you may wonder, ‘Can I pay a credit card bill with another credit card?’. While you can use the card without any questions, there are some transactions that you cannot carry out with a credit card. One of these is paying a credit card bill.
Though it is not possible to pay for one card directly with another, there are some alternative ways to make it possible.
Here are different ways to pay a credit card bill using another credit card.
Credit Card Balance Transfer
This strategy involves transferring your existing credit card’s outstanding dues to another credit card with a lower interest rate. This is a wise option when your credit card debt is high.
Using this, you can leverage the no-interest period offered by the new issuer to pay bills comfortably without attracting interest. You can transfer a percentage or the full due amount, allowing you to pay a credit card bill using another credit card.
Pros
It is helpful when you have multiple ongoing debts
You can avoid interest during the initial periods, helping you keep your dues low
You can switch to an issuer with a lower interest rate to enjoy savings
Cons
You may have to pay a balance transfer fee ranging from 3% to 5% of the due amount
It can temporarily affect your credit score
Using a Digital Wallet
Another way you can pay a credit card bill with a credit card is via the e-wallet fund transfer. Digital wallets or e-wallets are a convenient option that allows you to make swift online payments.
By loading money into your wallet, you can easily pay your bills or make online payments at the store. Simply transfer the billing amount from your secondary credit card, and use these funds to pay the primary credit card bill.
Pros
You do not have to pay any fees or charges to transfer money into your wallet
This is a fast option, allowing you to pay your credit card bills without any delay
You can use more than one credit card to pay your bill
Cons
If you are not using a reputable digital wallet app, there is a risk of credit card fraud
If your issuer does not allow you to pay a credit card bill using another credit card, a cash advance facility can help. The majority of credit card issuing companies give you this option for emergencies. However, it attracts high charges from the day of the transaction. Hence, it is wise to use this method as a last resort.
Simply go to your nearest ATM and use your credit card to withdraw cash equal to your credit card billing amount. After depositing the cash into your savings account, you can pay your bill with the same.
Pros
You can easily withdraw cash from your nearest ATM
You can get cash without an application process or stating any reason
Cons
The interest rate on cash advances is higher than regular rates
Withdrawing cash and then depositing it into your savings account can be time-consuming
By comparing its pros and cons, you can decide how you want to pay a credit card bill with a credit card. This way, you can pay all your bills on time to avoid additional interest and penalties. This option is excellent, especially when you don’t have savings and are waiting for salary credit.
If you want to apply for a new credit card, consider opting for the Fibe Axis Bank Credit Card. This is India’s first numberless metal credit card that offers a plethora of unique benefits. One of those benefits is up to 3% cashback on all your online and offline purchases.
It is also a UPI-enabled RuPay credit card, which helps ensure better security without high fees and charges. With this card, you also get four complimentary domestic airport lounge access, a 1% fuel surcharge waiver, and exclusive discounts and offers. Download the Fibe App to apply for your Fibe Axis Bank Credit Card now!
FAQs on Credit Card Bill Payment with Credit Card
Can you use two credit cards for one payment?
You need to transfer funds into an account or mobile wallet to pay a credit card bill using another credit card. Furthermore, you can use two or more credit cards to arrange the billing amount. However, you cannot directly pay your credit card bill using two credit cards.
Can you pay off someone else’s credit card bill with a balance transfer?
Yes, but this depends on the issuer. It further depends on your creditworthiness, your credit limit, and other factors.
