ICICI Credit Card Loan

Loan Against ICICI Credit Card

Credit card loans rescue an individual during financial emergencies. ICICI Bank offers personal loans on ICICI Credit Cards to cardholders. You can request for an ICICI Instant Loan on a credit card for urgent funding. With minimal formalities and basic documentation, you will get approval for an ICICI Card Loan. Once the loan is approved, the money will be instantly transferred into your savings account.

ON THIS PAGE: Types | Eligibility | How to Apply? | Features | Repay Loan | Advantages | FAQs

Types of ICICI Credit Card Loans

There are different types of ICICI Credit Card Loans available to cardholders. Here is a closer look at these options and their key features.

1. Personal Loan on Credit Card

• Attractive interest rates ranging from 14.99% to 15.99%

• Flexible repayment tenures up to 60 months

• Minimal documentation 

• High loan amounts up to ₹20 Lakhs

• No guarantor required 

• No Post Dated Cheques (PDCs) required 

• Funds disbursed in 3 to 4 days 

• Available to cardholders with good payment history and track record

2. EMI on Call

• EMI on call facility available for transactions not older than 30 days

• Flexible repayment tenures of 3,6,9,12,18, and 24 months

• EMI on call available for transactions of ₹1,500 or more via the iMobile Pay app, internet banking, and ICICI Bank customer care helpline 

• EMI on call available for transactions of ₹3,000 or more via the 3D Secure page or OTP page under the ‘EMI on Call’ facility 

• Nominal interest rate of 1.33% per month on EMIs

• One-time processing fee of 2% of the transaction value

3. Instant EMI

• Option to shop in full from over 250 brands and pay in parts with instant EMIs 

• No documentation required 

• Repayment tenure options of 3, 6, 9, 12, 18 & 24 months

• Competitive interest rate of 12.99% on reducing basis for the 3-month EMI option

• Interest at 13.99% on reducing basis for EMIs across 6,9 and 12 months 

• Interest at 14.99% on reducing basis for EMIs across 18 and 24 months

• Transaction limits range from ₹1,500 to ₹10 Lakhs

4. Balance Transfer

• Available to ICICI Credit Cards customers who have good repayment track record

• Minimum outstanding balance of ₹15,000 on other bank credit cards required to apply for a fund balance transfer

• Balance transfers available for balances up to ₹3 Lakhs

• Repayment tenures include 3 and 6 months 

• No documentation required 

ICICI Bank Credit Card Loan Highlights 2023

The table below contains the key highlights of a personal loan on your ICICI Bank Credit Card. 

Advantages of Taking a Loan on an ICICI Credit Card

Any ICICI Credit Cardholder who opts for the ICICI Credit Card Loan feature can enjoy the below-mentioned benefits:

 

• Saving money by paying interest at comparatively lower rates.

• A flexible tenure of up to 60 months is available to choose from.

• Fast and simple processing

• No collateral or guarantor required.

• Basic documentation required

• Instant EMI feature available for popular brand shopping

• No hidden charges or processing fees

You can learn more about the ICICI bank credit card loans, interest rates, etc., by visiting %$$BrandNameSS%. 

Features of Loans on ICICI Credit Cards

• Purchases above ₹1,500 can be turned into EMI through the banking app, online banking, etc. By using the ‘EMI on Call’ facility, transactions above ₹3000 can be converted into EMIs as well.

• Around 14,000 + ATMs are available in the country for your convenience.

• There is an instant EMI feature available for online transactions. ICICI bank has collaborated with more than 250 leading brands to deliver the best deals on EMIs.

• The outstanding amount on other credit cards of up to ₹3 Lakhs can be paid in instalments of 3 and 6. You can save a lot of money on an ICICI bank personal loan on the credit card as the personal loan balance transfer is offered at lower interest rates.

• A personal loan of ₹20 Lakhs or below can be paid in instalments with a period of 60 months.

• For 3 month, the interest rate on EMIs is 12.99%. However, for 6,9 and 12 month EMI options, it is 13.99%. For 18 and 24 month instant EMIs, the rate is 14.99%.

• There is no need for collateral security, guarantor and the documentation required is also very basic.

• Fast processing and instant disbursal for personal loans. The loan money is directly transferred to your savings account.

• The funds are transferred within 3-4 working days after the application procedure is completed. In the case of demand draft, the fund disbursal takes around 6-7 working days.

Eligibility Requirements for an ICICI Credit Card Loan

To get an ICICI bank credit card instant loan, you must fit in the below-mentioned eligibility criteria:

 

• You must be the holder of an ICICI credit card.

• Your track record regarding past credit card payments must be good.

• The expenses, payment pattern and transaction history will also influence the credit card loan.

ICICI Credit Card Loan Interest Rate

The interest rates for personal loans on ICICI Credit Cards can range from 14.99% per annum to 15.99% per annum. The exact rate of interest will depend on your individual credit score, repayment history and repayment capacity, among other things.

How to Apply for an ICICI Credit Card Loan

There are various methods to apply for an ICICI credit card loan. Follow these quick and simple steps to enjoy a hassle-free experience.

ICICI EMI on Call Loan

You can choose from any of these methods mentioned below, to apply for ICICI EMI on Call loan.

 

1. Avail Credit Card loan Via Net Banking

 

• Use your ID and password to log in to your ICICI Net banking account.

• Navigate to the credit cards section and tap on ‘Convert to EMI’ displayed under the ‘My Accounts’ bar.

• Select the card, EMI tenure, Transaction and then ‘Submit’

• Your application for ICICI insta loan on a credit card is submitted.

2. Avail Credit Card loan Via iMobile App

 

• Use your ID and password to log in to your ICICI iMobile App account.

• In the ‘cards’ section, choose ‘Credit Card’

• Under the ‘Recent Transaction’ section, tap on ‘Convert to EMI.’

• Select the tenure of EMIs and then ‘Submit’

• Your application for ICICI insta loan on a credit card is submitted.

3. Avail Credit Card loan Via Customer Care

 

Contact the ICICI credit card customer care for a personal loan on the credit card. Leave a missed call on their customer care number and the customer care executive of ICICI will contact you within 2 working days.

ICICI Instant EMI Loan

You will have to submit the request form in the bank to convert your respective transaction into EMI mode. The request will be approved only if you hold a sufficient balance in your ICICI credit card. Once the request is approved, the EMI will be added in the next billing cycle of the credit card.

ICICI Personal Loan

• Sign in to your credit card net banking account via ICICI web portal or mobile application

• Select ‘ICICI bank loan against credit card’ under credit card option

 

• If you have a good track record, you will be given a pre-approval. In case, a pre-approval is not granted, you can send a request to the bank via SMS or call the customer care centre from your registered mobile number.

Repaying an ICICI Credit Card Loan

After the ICICI credit card loan application is accepted by the bank, the sanctioned loan amount is directly transferred to your savings account. In case you do not have a savings account with ICICI bank, the sanctioned loan funds will be sent via NEFT or a DD will be issued. If you will be receiving money via NEFT, you will have to share a scanned copy of any document which mentions the IFSC code for the hassle-free procedure. A cancelled cheque or bank account statement can be used.

 

The bank statements of the immediate payment cycle will include GST charges along with the EMI amount. It will be written with the minimum due amount in the card statement. You will either have to pay the outstanding balance as mentioned on the credit card statement or the minimum due amount. The minimum due amount should be paid on or before the mentioned due date.