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Loan on SBI Credit Card

The SBI Credit Card Loan facility is offered by the bank to all eligible SBI Credit Cardholders. It is possible for you to get a loan on your SBI Credit Card to meet any emergency funding needs or cash requirements. You can opt for various types of loans against SBI Credit Cards through a very quick and hassle-free process.

Types of SBI Credit Card Loan

You can get different types of loans and credit facilities with your SBI Credit Card. Check out the details of these loans below:

1. SBI Flexipay:

  • Conversion of transactions into Flexipay instalments within 30 days of purchase

  • Valid on any transaction above ₹500

  • Minimum booking amount of ₹2,500

  • One-time processing fee of 1%, up to a maximum of ₹2,000

  • Repayment tenure options are 3, 6, 9, 12, 18 and 24 months

2. SBI Encash:

  • Access to instant cash, credited to your account within 48 hours 

  • Low interest rates on the amount borrowed 

  • One-time processing fee of 2%, subject to a minimum of ₹499 and a maximum of ₹3,000

  • Repayment tenure options are 12, 24, 36 and 48 months

  • No documentation or paperwork needed 

3. SBI Balance Transfer on EMI:

  • Option to transfer outstanding balances on other credit cards to your SBI Credit Card

  • Repayment tenure options are 3 or 6 months 

  • Interest plans include 0.75% per month for 3 months or 1.27% per month for 6 months 

  • One-time processing fee of 1.5%, subject to a minimum of ₹199

Benefits of SBI Credit Card Loan

Apart from nominal processing fees and other general applicable charges, here are some benefits which cardholders can get with a loan against SBI Credit Card.

 

  • As an SBI Credit Card Holder, you can get an additional loan with ease.

  • Loan tenure for cardholders is flexible, i.e., ranging between 3 months to 4 years.

  • Enjoy a quick cash facility on your SBI credit card.

  • Easy option to convert SBI Credit Card dues into flexible EMI amounts.

  • Quick, easy, and hassle-free loan approval process.

  • Digital process with no documentation or collateral needed.

Eligibility of SBI Credit Card Loan

Applying for an SBI Credit Card Instant Loan is fairly easy, and cardholders can choose from various types of credit or loan facilities with their SBI Card. You are eligible for a loan on SBI Card if you meet the following criteria:

 

  • Loan applicants must be existing SBI Credit Card customers/holders.

  • The SBI Credit Card payment history of the customer should be good.

  • The approval limit for the SBI Credit Card loan depends on the profile of the customer, their payment history, and past spending history.

The loan against the SBI Credit Card facility is not available for cardholders who have delinquent accounts.

SBI Credit Card Loan Interest Rates 

The rate of interest on SBI Credit Card loans varies from one cardholder to another. If you own an SBI Credit Card and take a loan on that card, the interest rate depends on your credit score and repayment history, among other things. So, ensure that you read the terms and conditions of the SBI Credit Card and the loan offered before you submit your application and borrow the money.

How to Apply for a Loan against SBI Credit Card

You can apply for an SBI credit card loan in many different ways. Check out these details below.

1. Through the Official SBI Card Website:

  • Log into the sbicard.com website using your user ID and password

  • Navigate to the ‘Benefits’ section

  • Check for any pre-approved offers

  • If you have any pre-approved offer, choose to avail of the loan

  • Provide the details required on the website 

  • Confirm the details you’ve entered in the application for an SBI credit card loan and submit it online

2. Through the SBI Mobile Application:

  • Download YONO, the SBI mobile app, from the Android or iOS store

  • Register on the app and log into it with your credentials

  • Select the ‘Benefits’ option from the menu

  • Check if you have any pre-approved offers

  • If you do, you can choose to apply for the loan on the app

  • Enter the details required on the app

  • Confirm the details before you submit the application for an SBI credit card loan 

3. SBI Credit Card Customer Care Number:

If you want to get direct help to avail of a loan on your SBI Credit Card, simply call the following SBI credit card customer care numbers: 1800 1234 (toll-free), 1800 11 2211 (toll-free), 1800 425 3800 (toll-free), 1800 2100(toll-free) or 080-26599990

 

Once you are connected with a customer care executive, you can ask if you are eligible for the loan. And if you are, you can apply by providing the necessary information.

How to Repay an SBI Credit Card Loan

Using the loan facility of SBI Credit Cards is fairly easy, and the repayment schedule is also readily available. Once you avail SBI Credit Card Loan, a part of the loan, i.e., the repayment amount, will be added to the monthly bill of your SBI credit card as the minimum due amount.

 

You can also find this repayment amount in your SBI Credit Card statement. With the help of this credit card monthly statement, it is easy for you to see your loan amount, EMI amount, cess, and tax as well.

Modes of Disbursal of SBI Credit Card Loan

The loan amount is disbursed in your bank amount within 48-72 hours through the National Electronic Funds Transfer (NEFT) payment facility. For the SBI credit card balance transfer facility, you can opt to have the money in the form of a cheque.

FAQs on SBI Credit Card Loan

Can I get a loan on an SBI Credit Card?

Yes, as an existing cardholder, you can receive loans on your credit card, subject to the fulfilment of eligibility conditions.

What is the interest rate on an SBI Credit Card?

The SBI credit card interest rate varies as per the individual eligibility of cardholders. However, for SBI’s Easy Money loan scheme, the interest rate has been fixed as 2.45% per month.

Which SBI Credit Card is best for a Loan?

Under the SBIs internal policy, the bank selects eligible customers from all types of credit cardholders. There is no one card that can entitle you to SBI Card loans.

How can I check my SBI credit card loan?

You can check the total outstanding balance on your SBI card loan as well as the available credit limit in different ways. They include the bank’s website, its mobile app, as well as the SBI chatbot ILA. You can also make use of the bank’s missed call service or send an SMS to identify your loan balance. 

 

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