Products such as personal loans and personal lines of credit cards are becoming increasingly popular among large scale wage earners. The only reason for this is that these loans are unsecured. At the moment, there are some basic differences between a personal loan and a line of credit. The most important difference between the two is that the repayment period starts on the personal loan immediately after receiving the amount from the lender, although the line of credit is a fixed credit limit that is allotted to a person and is fixed for a fixed period of time. I can withdraw money equal to his limit on the lines of a credit card.

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For example, if a person is allocated a number of one lakh rupees for a period of one year, he can withdraw the entire amount directly in his bank account. Right now, this is in contrast to credit cards, which have to pay significantly higher annual interest rates. The interest rate earned on the personal line of credit is comparatively low. Thus when it is necessary to choose between a personal loan and a personal line of credit, it is important to weigh the benefits and drawbacks of all options and make a careful decision. But all this cannot happen with a personal loan or line of credit. Here are the top 5 ways in which access to additional funds can aid your professional development.

Investment in skill development- If you are a professional in the early stages of your career, a professional skilling course can increase your qualifications and increase your career prospects. With this, more attractive options that lead to higher income and better status may be possible.

Loan repayment or consolidation- You can take the help of a personal loan or personal line of credit to consolidate or reduce your loan by consolidating your loans. Managing a loan is easier than managing multiple loan accounts. Neither do you have to remember the dates of payment of different installments nor need to track multiple payments.

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Access to the means to increase productivity- Even if you have the right qualifications and skills for professional development, lack of access to the right tools or technology needed to ensure better productivity or efficiency can prevent you from achieving your true potential. A personal loan or flexible credit line can help you improve the technology you use, such as buying a better computer or new software that helps you perform tasks that make your job more efficient. Can help you do

Financial backup- Sometimes, the only thing stopping you from achieving your dream job is backup. The current job meets your needs and pays the bills. A credit line gives you adequate financial support, working towards capitalizing on professional and other career development opportunities.

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Access to start-up capital to start an enterprise- If you do not have an office job and your dream of owning your own business, then personal loan or personal line of credit can be used to start your business venture. It can be the best source of capital. With a personal loan or line of credit, you can move forward towards setting up your business, building a team and investing in technology to gain access to funds up to Rs 5 lakh.