CC Loan

Credit Card Loan

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Loan on Credit Card

A credit card loan facility is offered by banks against specific credit cards whereby you can avail a loan against your available credit card limit. It serves as an instant funding option and can be used to address your urgent financial needs.

Top Banks Offering Loan On Credit Card

State Bank of India

  • SBI’s ‘Encash’ facility offers loan facility on your SBI Credit Cards over and above your credit limit

  • The amount is instantly credited directly in your bank account within 48 working hours via NEFT

  • Flexible tenor options ranging between 12-48 months can be availed for loan against credit card

Axis Bank

  • Cardholders can avail instant loan on Axis Bank credit cards for a flexible tenor

  • No extra documentation required for loan against credit card

  • The is immediately disbursed in your Axis Bank Savings account

Citibank

  • You can avail instant personal loan on CitiBank credit card

  • Citibank cardholders can avail CC Loan in excess of available limit (subject to approval)

  • No extra paperwork required for credit card loan with Citibank

  • The amount is credited instantly in your account via Citi Mobile App or Citibank Online

HDFC Bank

  • Avail instant loan against your HDFC credit cards at attractive interest rates

  • No extra paperwork is required as HDFC Bank offers pre-approved loans against credit cards to select customers

  • Quick disbursement of the amount in your HDFC Bank savings account

  • Flexible tenor offered between 12-60 months for loan repayment

RBL Bank

  • With the RBL Bank ‘ET Money Loan Pass’, avail instant loan on RBL credit cards

  • Cardholders can apply for multiple loans against credit card while paying interest on the borrowed sum

  • The bank offers easy repayment options including flexible tenors

Advantages of Loan on Credit Card

There are several advantages of getting a loan on your credit card. These include:

  • A credit card loan can be easily applied online

  • The approval is quick and hassle-free as there is no paperwork involved

  • Most banks offer an interest-free period on loan against credit card

  • No collateral is required against the CC loan as it is a part of the credit card limit

  • The applicable processing fee is only a very small percentage of the loan amount

Eligibility Parameters for Getting a Credit Card Loan

A credit card loan is offered to select cardholders only. To be eligible for the CC loan facility, you would need to have a stellar credit history, good credit score, and a dependable 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 credit card will be higher.

Comparison of Loan on Credit Card Options Offered by Different Banks

Bank

Loan Amount

Interest Rate

Tenor

Disbursal Time & Mode

Processing Fee

SBI Credit Card Loan

Over and above credit limit

As per existing offer

12-48 months

Credited within 48 hours via NEFT

A one-time processing fee of 2%, minimum of ₹499 and maximum of ₹3,000

Axis Bank Credit Card Loan

Within or above credit card limit

11.40%-22.2%

12-48 months

Via NEFT or other mode of transfer as communicated by bank

1.5% of loan amount or ₹500, whichever is higher

Citibank Credit Card Loan

Within or above credit card limit

11%-24%

6-48 months

Instant disbursal in CitiBank account. For other bank accounts can take upto 1 business day

2.5% of loan amount

HDFC Bank Credit Card Loan

Pre-approved loan type on credit card

Personalised interest rate option available

12-60 months

Quick disbursal as the loan is pre-approved

₹599 onwards

RBL Bank Credit Card Loan

Within credit card limit

13% per annum onwards

Flexible tenors available

Quick disbursal

Annual fee of ₹499/- + GST on RBL ETMoney Loan Pass

Personal Loan on Credit Card

As the name suggests, a personal loan can be availed on a credit card to cater to urgent financial needs. Lenders consider several factors when approving your request for a personal credit card loan. These include your usual spends, repayment pattern, credit history, etc. These factors also determine the total amount you can get as a loan on your credit card. However, there exists the advantage of instant approval as well as quick disbursal which can be very useful during emergencies.

Credit Card Loan Payments

You can apply for a credit card loan by visiting the bank’s official website and filling in the credit card loan application. You would need to select a tenor based on your repayment capacity. Once the online credit card loan application has been approved by the bank, your account would reflect the new credit limit. The bank would also notify you about the interest on the credit card loan and other related charges. You can then pay the credit card loan in instalments each month.

Features of Credit Card Loan

While the loan scheme can vary from one bank to another, there are some common features of credit card loan:

  • No extra documentation required to apply for a credit card loan

  • Loan to address an emergency can be availed instantly against the unutilised credit card limit

  • In some cases, banks can even offer a loan against your credit card which is higher than the credit limit

  • The loan on the credit card can be easily repaid in EMIs

  • There is a significantly long interest-free period on the loan, sometimes up to 90 days, which makes it affordable for you to repay the borrowed sum

  • If your card supports balance transfer, you can avail a credit card loan to clear the outstanding balance of another card and repay it in EMIs

FAQs on Credit Card Loan

  • ✔️Can I get a credit card instant loan?

    Yes, many banks offer instant loans on credit cards, and immediately transfer the funds to your bank account. The total amount transferred as loan against your credit card can be above or within your credit limit.

  • ✔️Will interest be charged on my credit card loan?

    Yes, interest will be charged on your credit card loan.

  • ✔️What factors might affect my loan on credit card eligibility?

    The loan on credit card can only be availed if you are eligible. For this, you need to have a stellar credit history and a dependable repayment pattern.

  • ✔️Is loan on credit card different from cash withdrawal using a credit card?

    Yes, a CC loan is different from credit card cash withdrawal. The cash withdrawal limit on credit cards is lower than the amount that can be borrowed as a loan. Also, the interest rate on CC loans is lower than in the case of a cash withdrawal on credit card.

  • ✔️What are the disadvantages of applying for a loan on a credit card?

    The disadvantage of getting a credit card loan is that the interest on cc loans is quite high, which can attract significant penalties and drain your savings if not paid in time.

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