Credit card loans are easily available whereas getting personal finance loan is not that simple. One needs to present his payslips, Form 16, bank statements and KYC documents for getting the loan application processed.
The process for getting a personal loan may take 48-72 hours and in some cases, it may take few weeks. However, credit card loans can be processed in 24-48 hours after making an application.
Both personal loans and credit card loans come with 0.5-1% processing fee. Generally, credit card loans can have lower tenures while banks offer personal loans with a minimum tenure of 12-24 months.
One can get small loans through Credit cards on the other hand, to get a large amount of loan, personal finance loan may be a better option since credit card limits are usually limited.
Personal loans are usually available at an interest rate of 13-22%, while credit card loans are offered at 10-18%. Credit card loans are usually offered at flat interest rates, while personal loans are offered at reducing balance rates.