Credit Card Loan: How To Apply For It?
With credit card borrowing, the majority of institutions provide EMI plans. The majority of credit cards have a maximum pre-approved credit limit. You can apply for a credit card loan up to the designated credit limit if you have a credit card and are in urgent need of liquid funds. The money is credit to your bank account as soon as the loan is accept.
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Banks charge interest for repaying credit card debt, which can be accomplished through EMIs (Equated Monthly Instalments) for a predetermined period of time.
Features of credit card loans
- The loan on credit cards will be handle and disburse without any additional paperwork swiftly because it has already been pre-approve.
- With credit card borrowing, the majority of institutions provide EMI plans. As a result, reasonable instalment alternatives are available.
- Some banks offer balance transfer on EMI loans secured by credit cards issued by other banks. The user has the option of choosing EMI payment while transferring the outstanding balance from other credit cards to one credit card.
- Most banks offer loans that are within or beyond a person’s credit limit.
Advantages of credit card loans
- The loan can be disbursed quickly compared to other forms of loans because it has already been approve.
- To use the loan, no additional documentation is needed.
- Most banks offer the choice of consolidating all outstanding balances from different cards onto one card and paying using EMIs.
- The majority of credit card loans don’t call for guarantors or postdated checks.
Eligibility for credit card loans
Banks have strict requirements for applicants seeking credit card loans. The cardholders must have a solid credit history as well as a consistent pattern of purchases and repayments.
Credit card loans are unsecure loans, meaning they don’t need any kind of security. Banks only provide credit card loans to a limited number of cardholders as a result.
Eligibility for credit card loan amounts
On credit cards, the loan amount is determine by the credit limit. Some banks might provide loans above the credit limit, in which case the amount borrowed wouldn’t count towards the credit limit. Cardholders can turn their purchases into loans & repay them as EMIs starting with a minimum purchase value of Rs 2,000.
Credit card loans from reputable Indian banks
HDFC Bank
A loan up to Rs. 5,00,000 can be obtain, and it can be repaid with interest at a rate of 1.25% within 48 months (four years).
IndusInd Bank
Depending on their needs, customers can obtain a loan up to their credit limit or against it. They offer EMI alternatives and a flexible tenure.
Kotak Mahindra Bank
Customers may choose to borrow up to Rs 5,000,00 on their credit cards. There are six months to four years between payments.
IDBI Bank
With a minimum loan amount of Rs 50,000 and a maximum loan amount of Rs 5,00,000 and a maximum loan term of five years, IDBI Bank offers a general credit card loan. The base rate of the bank determines the interest rate. This loan is available to anyone who are involve in non-farm entrepreneurial activities.
By Axis Bank
Customers can get instant credit card loans for 1.5% of the loan amount, or Rs. 500, as a loan processing charge. whichever is higher. 12, 24, 36, or 48 months are available as variable tenure choices.
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