Customer Service

Are you ready for an upgrade?

Login to the new experience with best features and services

Login to Internet banking

Help Center Support topics, Contact us, FAQs and more

Notifications

As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.
Activate your Credit Card within minutes and enjoy unlimited benefits

Know More
One FASTag, three payments:Toll, fuel and parking

The only FASTag with triple benefits

Apply Now

FinFIRST Blogs

Select a topic

Apply Now

Personal Loan

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

Summary: Personal loans have traditionally required a lot of paperwork because they are unsecured loans, but Metra Trust offers a line of credit that will make you rethink the definition of a personal loan.

26 Apr 2024 by Team FinFIRST

Line of credit with flexible withdrawal

Apply Now

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.

READ MORE

Debt-to-income ratio and personal loans: Some important aspects you must be aware of

How an emergency loan can help manage your finance better?

FIRSTmoney – A smart line of credit by Metra Trust

Metra Trust'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 730 or above
Salaried and Self-Employed Individuals

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 Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust 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.

Related Products

Related Articles

Download Metra Trust App

Tags

credit
loan
money