Credit Line Card, credit card, personal loan, withdrawing cash, repayment, EMI, Stashfin Credit Line Card
Smarter than a credit card, easier than a loan!  This is how the line of credit card works

One can avail financial benefits with lower interest rate and interest payments only for the amount used.

Are you short on funds or not sure how much money you need to meet an expense in a few days? How about opening a line of credit rather than opting for a personal loan or withdrawing money with a credit card? In a line of credit, you can spend or use money up to the limit allowed to you and interest is only charged on the amount used. Shruti Aggarwal, co-founder, Stashfin, in an email interview with FE Online, talks about the various benefits of line of credit type loans, the fees involved, and how they differ from a credit card or personal loan. Excerpts:

How is your Stashfin line of credit card different from a credit card and a personal loan?

The Stashfin line of credit card is ‘all-in-one’, making it smarter than a credit card and easier than a loan. The reason we call it ‘all-in-one’ is that it offers all the benefits a customer has come to expect from a card. There are exclusive offers, attractive rewards programs, free ATM withdrawals, cash back on every spend, no fees or hidden charges, instant funds and repayment flexibility. The Stashfin card is also on VISA, allowing it to be used anywhere from ecom websites to point of sale. Our brand goal “no one in India should be deprived of credit” helps us in every decision we make. With the Stashfin Credit Line card, it takes less than four hours from the time of application to the disbursement of funds to the user for use.

In a personal loan, one has to repay through EMI, while in a credit card, there is nearly 45 days of interest-free period. How and what are the repayment options in Stashfin Credit Line Card?

Stashfin uses a unique declining balance feature, where customers are rewarded for making timely EMI payments with reduced interest on the unpaid amount. In this way, we aim to serve the underbanked and facilitate financial inclusion. Additionally, with regular offers on significant days, users can not only earn accelerated rewards, but also reserve, which can then be redeemed for EMI payouts. We want to educate people on good financial habits that help ease the financial burden.

How is the credit limit or maximum loan amount set for the borrower?

Stashfin uses a smart review process to sign up for customers with a limited credit footprint. We work closely with our customers to improve their financial health is at the heart of our business. The all-in-one Stashfin card comes loaded with security features, allowing customers to control spending limits across all categories.

How transparent are the fees and what is the cost a borrower has to incur to use your card? What is the interest rate applied and how?

Stashfin’s ‘all-in-one’ line of credit card is completely free. Customers can enjoy financial benefits with a lower interest rate and interest payments only for the amount used. This gives them the freedom to choose their payment terms on the amount they currently need.

Are there processing fees and prepayment fees for the borrower?

Our card is completely free with no hidden fees, making us one of the most transparent and reliable partners for customers.

Any other unique features you want to talk about the Stashfin line of credit card

Customers who register with Stashfin receive a welcome offer of Rs 1,500 in secret and perks worth up to Rs 3,450. On every spend, customers get 1% cashback; by referring family and friends, customers earn money. The all-in-one Stashfin line of credit card also offers free ATM withdrawals and works as a virtual and physical card for shopping, traveling and dining. We regularly hold sales such as Republic Day, International Women’s Day, Cricket Season, etc. – where customers can earn accelerated rewards and earn money. Our mission is also to serve the armed forces – the protectors of our nation, who can take advantage of “Stashfin Sentinel – Credit Card Line” which offers exclusive privileges and benefits allowing them financial freedom.

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