ICICI Bank is one of the most preferred banks for credit cards in India. The bank offers a variety of credit cards with multiple benefits such as rewards, air miles, dining discounts, lounge access and a lot more. ICICI Bank Loan on Credit Cards is an added advantage that helps the cardholders get access to funds in case of emergency. Here’s everything you need to know about this facility.
ICICI Bank Loan on Credit Card
ICICI Bank offers four types of loan on credit cards. These are-
- EMI On Call
It allows you to convert the purchase of ₹ 3,000 and above into EMI of 3, 6, 9 or 12 months, saving on higher credit card interest.
- Instant EMI
Being an ICICI card holder, you can get the amount of online transaction converted into easy EMIs. It offers lower interest rate of 13% (on reducing basis) for 3, 6, 9 and 12 month EMI option and 15% (on reducing basis) for 18 and 24 month Instant EMI option. There is no processing fee on this loan and no documentation is required.
- Personal Loan
Based on the credit card holder’s spending habit, transaction pattern and payment history, ICICI Bank offers personal loan to the customer. It allows you to have a loan of up to ₹ 10 Lakhs for up to 60 months. The loan amount will be credited to your ICICI Bank savings account or transferred via NEFT or Demand Draft if you don’t have an ICICI account. In case you have a savings account with ICICI Bank, it will take only 4 days for the fund transfer but the draft may take 11 days to reach you.
- Balance Transfer
Transfer the outstanding amount on your other Bank’s credit card to ICICI Bank credit card via Balance Transfer option and save on the interest amount to be paid. You can transfer up to ₹ 3 Lakh and pay back in 3 and 6 month installments. No documentation is needed to avail the balance transfer facility.
Benefits of ICICI Bank Loan on Credit Card
You can take loan on your ICICI Bank credit card to meet an urgent need for cash. Some more benefits of this facility are-
- Easy and quick processing
- Save on higher interest payment to other banks
- Tenure option of 3, 6, 9, 12, 18 and 24 months available
- No documentation or guarantor required
- Over 250+ brands available on Instant EMI
- No processing fee
How to Apply for ICICI Bank Loan on Credit Card
A simple application process needs to be followed to apply for any of these loans on your ICICI Bank credit card.
1- For ICICI Bank EMI On Call
Through Internet Banking:
- Log in to ICICI Bank Internet Banking using your User ID and Password.
- Under the My Accounts section, go to ‘Credit Cards’ and click ‘Convert to EMI’.
- Choose the Card, Transaction, EMI tenure and click on Submit.
Through ICICI Bank iMobile App:
- Log in to ICICI Bank iMobile app by entering your Username and Password.
- Go to the Cards section and select your credit card.
- Click on ‘Convert to EMI’ on eligible transaction in the ‘Recent Transactions’ section.
- Choose the EMI tenure and click on Submit.
Through Customer Care:
You can give a missed call on 9537667667 from your registered mobile number. One of ICICI Bank representatives will call you within 2 working days.
2- For ICICI Bank Instant EMI
If you have requisite limit available in your ICICI Bank credit card, you can ask for a transaction to be converted into EMI. The EMI will be created and you will get the same in your credit card statement.
3- For ICICI Bank Personal Loan on Credit Card
Log in to the internet banking portal or the mobile banking portal of ICICI Bank. You can apply for a personal loan in the credit card section. Please note that only select customers will be given pre-approved personal loans. So if it does not show in the credit card section, you can still send a request to the bank for the same by calling the customer care or sending an SMS- CASHIN WP to 567676 from your registered mobile number.
4- For ICICI Bank Credit Card Balance Transfer
To avail the balance transfer facility, you can call ICICI Bank Customer Care or SMS BT to 5676766 or give a Missed call on 7572807807. Make sure you do this from your registered mobile number. An executive will give you a call and guide you through the process.
ICICI Bank Loan on Credit Card Repayment
The simple repayment process requires you to pay the outstanding balance as mentioned on your ICICI credit card statement or the Minimum Amount Due before the given due date. The statement will include billing of EMI amount and GST beginning from the immediate billing cycle date. Remember to pay the minimum amount for smooth usage of the card.