Loan on SBI Card

SBI Credit Card Loan

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Loan on SBI Credit Card

The SBI Credit Card Loan facility is a loan facility that the bank offers to all eligible SBI Credit Card holders. It is possible for cardholders to avail a loan on SBI Credit Card to meet their emergency funding needs or cash requirements. Customers can avail various types of loan against SBI Credit Card in a very quick and hassle-free process.

Eligibility of SBI Credit Card Loan

Availing SBI Credit Card Instant Loan is fairly easy, and cardholders can apply for 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 an existing customer/holder of an SBI Credit Card.

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

  • Approval limit for the SBI Credit Card loan depends on the customer’s profile, their payment history, and past spending records.

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

How to Apply for a Loan against SBI Credit Card?

There are multiple ways to apply for an SBI credit card loan. These are listed as follows:

1. Through SBI Official Website:

  • Log in to sbicard.com using your user ID and password

  • Click on the ‘Benefits’ section

  • Check for pre-approved offers

  • Choose the option of booking the loan

  • Provide requisite details

  • Confirm the SBI credit card loan application

2. SBI’s Mobile App:

  • Download the SBI mobile app, YONO

  • Register and log in to the app with your credentials

  • Select the ‘Benefits’ option

  • Check for pre-approved offers

  • Choose the option of booking the loan

  • Provide requisite details

  • Confirm the SBI credit card loan application

3. SBI Credit Card Customer Care Number:

You can call the SBI credit card customer care numbers 1860-180-1290, or 39020202 (prefix local STD code) and apply for a credit card loan. You can discuss your eligibility for the loan, provide the necessary information, verify your application, and book the loan. Once your booking is confirmed, you will receive an SMS on your registered mobile number.

Types of SBI Credit Card Loan

SBI Credit Card holders can easily avail various types of loan against SBI Credit Card based on their pre-approved card limits. Check out the types of loans available and the SBI Card loan interest rate for different loan types:

Credit Card Facility

Rate of Interest

Processing Fees

Tenure

Easy Money

2.45% per month

1.50%

45 days

Encash

Interest rate varies as per card holder’s profile

2.00%

From 3 months up to 3 years

Flexipay

20% p.a.

2% (Ranging between Rs. 249 to Rs 1500)

2 years

Balance Transfer on EMI mode

Free credit period of 60 days + 1.7% interest monthly for 6 months

1.50%

6 months

Benefits of SBI Credit Card Loan

There are many benefits SBI Credit Card holders can enjoy when they opt for a loan on credit card. Apart from nominal processing fees and other general applicable charges, here are some of the benefits card holders avail with loan against SBI Credit Card.

  • SBI Credit Card holders can avail of an additional loan at ease.

  • Loan tenure for card holders is flexible, i.e., ranging between 45 days to 3 years.

  • Enjoy quick cash facility on 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.

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.

How to Repay 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 the customer to see their loan amount, EMI amount, cess, and tax as well.

FAQs on SBI 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 fulfillment 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 SBIcard loans.