Loan on credit card is a type of personal loan offered against your credit card. Being a quick and convenient method of borrowing, it can be very helpful in case of a financial emergency. However, the interest rate on loan against credit card is usually higher than that on a personal loan; processing fee and other charges are also applicable. So, before you opt for a loan on credit card, you must know its pros and cons.
|Eligibility||Pre-approved customers are informed about their eligibility via SMS. Eligibility depends on the internal policies of the bank.|
|Documents Required||No additional documents are needed|
|Loan Amount||Eligible loan amount depends on your credit limit and other internal policies of the bank.|
|Loan Tenure||Up to 60 months (may be higher in certain cases depending on the bank’s policies)|
|Interest Rate||Varies from lender to lender; may also vary from customer to customer|
|Processing Fee||1.5% to 3% of the loan amount (based on the lender’s terms and conditions)|
|Loan Disbursal Time||Within 24 hours if you have savings account in the same bank|
5-7 business days (or higher) in case of NEFT or Demand Draft
Click here to see the loan against credit card terms and conditions for different banks.