Credit Card Loan

What is a Loan on Credit Card

Loan on credit card is offered on specific credit cards and is linked to the card limit. There are certain terms and conditions for getting a credit card loan. Credit cards that come with a loan feature prove extremely convenient when you are in urgent need of funds.

How to Apply for a Loan Against Credit Card

You can apply online for a credit card loan only if your card is registered for net banking.
To register your card, log into net banking and follow the steps given below

• Click on the cards tab

• Select the ‘Transact’ menu on the left

• Select ‘Register New Card’

• Fill in the details and click ‘Submit’.

If you want to apply offline for a loan against a credit card, visit your nearest bank branch.

Features of a Credit Card Loan

• Only basic documentation is required

• Easy-to-fulfil eligibility criteria

• Emergency access to cash
  

Eligibility Parameters for Getting a Credit Card Loan

A credit card loan is offered to select cardholders only. To be eligible for the credit card loan facility, you would need to have a stellar credit history, a good credit score, and a consistent, reliable spending and repayment pattern. If you are regular with your credit card bill payments and do not carry over any outstanding dues, the chances of you securing a loan against your credit card will be higher.

Documents Required for a Credit Card Loan

Identity Proof: (any one of the below)

• Aadhaar Card

• PAN Card

• Driving Licence

• Voter ID Card

• Passport

Address Proof: (any one of the below)

• Electricity bill

• Ration card

• Passport

• Driving Licence

• Telephone bill

• Last two months’ bank statement

• Voter ID

Income Proof: (any one of the below)

• Latest payslip

• Form 16

• Income Tax Return statement

Age Proof: (any one of the below)

• Tenth standard school certificate

• Birth Certificate

• Passport

• Voter ID card

Other Documents

• PAN card photocopy

• Form 60 (in case you do not hold a PAN)

Personal Loan on Credit Card

If you want to get a personal loan on a credit card, then you should have a good payment history, transaction pattern and also, a good track record with respect to your credit card spending.

To Apply:

• Log in to your internet banking account or mobile app and make your application in the credit card section.

• Call customer care

The fund transfer to the customer's account usually takes place within 3-4 working days. In case a customer opts for a demand draft mode of transfer, the demand draft delivery can be expected within 7 working days.