ICICI Bank Loan on Credit Cards is an added advantage that the bank offers to helps the cardholders get access to funds in case of emergency. Here’s everything you need to know about this facility.
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Types of ICICI Bank Loan on Credit Card
ICICI Bank offers four types of loan on credit cards. These are-
EMI on Call
| Particulars | ICICI EMI on Call Details |
| Eligibility | Only Pre-approved cardholders can apply. The bank informs the customers via SMS or call |
| Documents Required | No additional documents are needed for pre-approval |
| Loan Amount | N/A |
| Loan Tenure | The loan tenure options are 3, 6, 9, 12,18, 24 months |
| Interest Rate | Communicated by the bank |
| Processing Fee | 2% of the transaction value |
| 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 |
Instant EMI
| Particulars | ICICI Instant EMI Details |
| Eligibility | Only Pre-approved cardholders can apply. The bank informs the customers via SMS or call |
| Documents Required | No additional documents are needed for pre-approval |
| Loan Amount | N/A |
| Loan Tenure | The loan tenure options are 3, 6, 9, 12,18, 24 months |
| Interest Rate | For 3 month tenure, the interest rate is 12.99%. For 6,9 and 12 months, the interest rate is 13.99% and for 18 and 24 months, the interest rate is 14.99% (All on reducing basis) |
| Processing Fee | Nil |
| 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 |
Personal Loan on Credit Card
| Particulars | ICICI EMI on Call Details |
| Eligibility | Only Pre-approved cardholders can apply. The bank informs the customers via SMS or call |
| Documents Required | No additional documents are needed for pre-approval |
| Loan Amount | Up to Rs.10 lakh |
| Loan Tenure | Up to 60 months |
| Interest Rate | Communicated by the bank |
| Processing Fee | N/A |
| Loan Disbursal Time | 3-4 Working days |
Balance Transfer
| Particulars | ICICI Balance Transfer Details |
| Eligibility | A minimum outstanding of Rs.15,000 is a pre-requisite in order to apply for a balance transfer along with a good financial record |
| Documents Required | No additional documents are needed for pre-approval |
| Loan Amount | Up to Rs.3 lakh |
| Loan Tenure | 3 and 6 months |
| Interest Rate | Communicated by the bank |
| Processing Fee | Communicated by the bank |
| 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 |
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.
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.
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 the 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.
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.
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.
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.