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October 8, 2025
Retail lending in India has emerged as the new-age mantra, with the availability of credit for building assets or lifestyle expenses. The concept of buy now, pay later is gaining widespread popularity, with Banks and NBFCs offering secured and unsecured credit to salaried and self-employed individuals.
Credit cards and personal loans have become essential parts of daily life, and they are being used more frequently due to their convenience and quick processing. Merchant navy officers also appreciate the benefits of using credit cards and personal loans.
A credit card is easy to carry and fits into your wallet, making it ideal for seafarers who are always on the go. There’s no need to carry large amounts of bulky cash that can attract unwanted attention. Feel free to go on a shopping spree or enjoy an exclusive dinner and cover your expenses with a simple swipe of your credit card.
Multiple usages: A Credit card, such as the ICICI Bank Coral credit card, can be used at all merchant outlets, such as department stores, retail outlets, and restaurants, as well as for travel purposes, including airline bookings and hotel stays. It is helpful in emergencies for medical treatment, paying hospital bills, and purchasing medicines. You can pay your utility bills with your credit card and also draw cash.
Rewards and Bonus Points: Banks issuing credit cards add special features to attract customers, such as reward points for spending that can be redeemed at partner outlets and cash back offers. Discounts are applicable for using your credit card for dining, and Banks also tie up with department stores to encourage spending on credit cards, offering interest-free EMI and discounts on purchases.
Domestic and International Usage: Merchant navy officers travel worldwide, and when the ship docks, they are allowed ashore to take a break. This gives them the chance to visit exotic locations that might not be easily accessible otherwise, allowing them to shop, sightsee, and enjoy local cuisine. Most credit cards, including the ICICI Bank Rubyx credit card, support international use, enabling Merchant Navy officers to use their cards and avoid the hassle of dealing with foreign currencies.
Carrying a credit card as a backup is a valuable asset that offers financial security in situations where cash might not be accessible, such as during travel. Merchant navy personnel can use their credit cards to cover unexpected expenses that may occur when funds are hard to access. An additional card can also be issued and given to the spouse or parents for emergencies.
A personal loan is available without security or guarantees. Personal loan requests are processed efficiently, allowing applicants to receive funds quickly. Merchant navy officers can apply for an ICICI Bank personal loan or an HDFC Bank personal loan, both of which are among the top providers of personal loans. Applicants can apply for a personal loan online if they have the required documents for a merchant navy personal loan.
Can be used as needed: The funds approved for a personal loan are released once by the Bank, allowing the applicant to utilise the funds according to their requirements. A personal loan is intended for individual needs, such as home renovation, purchasing the latest gadgets and appliances, travel, children’s education expenses, family celebrations, or emergency requirements.
Secure the necessary funds: A merchant navy employee can borrow a personal loan of up to ₹35 lakhs. The salary received during employment is spread over 12 months, so the monthly income must meet the minimum requirement of ₹80,000 per month. If the applicant is paid in a foreign currency, their total annual earnings must exceed ₹96 lakhs.
Repay via an affordable EMI: A personal loan can be repaid over affordable instalments over a tenure best suited to the customer. The tenure for repaying a personal loan is determined based on the loan amount and other existing obligations. An applicant can use the personal loan EMI calculator to check the applicable instalment for the required loan amount.
Reasonable rate of interest: The interest rate charged for a Personal loan begins at 10.5% with a reducing balance. The personal loan interest rate remains fixed and does not change for the entire tenure. The interest rate varies from lender to lender, depending on the loan amount required and the CIBIL score.
What would work better, a personal loan or a credit card? Both have their advantage and drawbacks. Listed below is a comparison:
Convenient to use
Interest-free period
Prepayment penalty
Interest Rate
A credit card is issued based on an account with the Bank, offering greater freedom of use, but payments must be made on or before the due date to avoid an escalation of debt. Funds secured as a personal loan require documentary proof, and the merchant navy applicant must meet the bank’s personal loan eligibility criteria. Merchant navy applicants require a CIBIL score of 750 or higher to secure a credit card and a personal loan. Both of which are unsecured funds provided for personal use.
Both a credit card and a personal loan share similar basic functions and can help build a healthy credit score quickly. With online banking facilities available via Wi-Fi on most merchant navy ships, account holders can monitor their credit card bills and ensure their personal loan EMI payments are made on time.
Should a merchant navy employee apply for a personal loan, a credit card, or maybe both, the decision depends upon the individual’s financial requirements.
