Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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    What is a Loan on Credit Card?

    A credit card comes with a specified pre-approved credit limit which can be used by the holder in a month. However, if you are in urgent need of cash, most banks offer you the facility of loans against credit card. Here, you can take a loan against the credit limit which you have been given. Once the bank approves your loan request, the limit will be credited to your account. Bank charge a certain interest rate for the repayment of the loan. You can repay this loan through Equated Monthly Installments (EMI) for a specified tenure.

    Top Banks Offering Loan on Credit Card

    There are many banks which offer the facility of loan on credit card. Top banks in the country which provide loan on credit card are:

    ICICI Bank

    ICICI Bank is one of the largest banks in the country and is offering a personal loan on credit card to selected ICICI Bank customers. This depends on the credit score, repayment habits of the cardholder. The maximum loan given by the bank under this scheme is Rs.10 lakh and a flexible tenure range of up to 60 months or 5 years. The loan amount will be directly credited to your Savings Account and there is minimal documentation involved in this procedure.

    HDFC Bank

    HDFC Bank offers the facility of loan on credit cards as well which is pre-approved and will be blocked against your credit limit. HDFC Bank will offer a maximum loan of Rs.5,00,000 and can be repaid with an interest of 1.25%. The bank offers a range of tenure ranges going up to 48 months or 4 years. Since the loan is pre-approved, there is no extra documentation needed and the loan is credited to your savings account almost immediately.

    IDBI Bank

    IDBI Bank also offers a loan on your credit card which is termed as a General Credit Card Loan. The minimum loan amount offered is Rs.50,000 and the maximum is Rs.5 lakh. The tenure range is a maximum of 5 years and the interest rate is linked to the base rate of the bank. Any individuals who are engaged in non-farm entrepreneurial activity are eligible for this loan.

    Kotak Mahindra Bank

    With a Kotak Mahindra Bank credit card, you can get a loan on it of up to Rs.5 lakh with attractive interest rates. The tenure of repayment ranges from 6 months to 4 years. Once the loan is applied for and approved, the amount is instantly credited to your savings account of Kotak Mahindra Bank or of any other bank. The customers who have a good credit score, transaction patterns, and repayment habit will be eligible for the loan against credit card.

    IndusInd Bank

    A loan against your credit card is also given by IndusInd Bank which includes zero documentation. With your IndusInd credit card, a pre-qualified loan is given to you. You can get a loan against your credit limit or loan above credit limit as well depending on your requirement. The loan against credit cards come with flexible tenure options and attractive interest rates.

    Features of a Loan on Credit Card:

    Different banks offer comprehensive loan scheme when it comes to loan on credit cards. Listed below are some of the features of loan on credit card.

    • Since most of the loan on credit cards are pre-approved, you need not submit any extra documentation, the loan will be processed and disbursed quickly.
    • With EMI schemes offered by the issuers, you will be able to break your expensive purchases into easy affordable instalments.
    • Some banks also offer loan against other bank’s credit card through Balance Transfer on EMI where you can transfer the outstanding balance on other credit cards to one credit card and pay the EMI.
    • Issuers also offer you the option of taking a loan within or over your credit limit.

    Eligibility for Loans on Credit Card:

    Most credit card loans are unsecured and do not require any collateral for the loan. Hence, the loan is offered to select cardholders only. Issuers have a stringent eligibility criteria when it comes to granting a loan on credit card. The cardholder should have a commendable credit history and a good purchase and repayment pattern to be able to apply for a loan on credit card.

    Quantum of Loan

    The quantum of loan on credit card usually depends on the credit limit. Some issuers also offer loan over and above the credit limit where the availed loan amount will not be blocked against the credit limit. Also, starting from a minimum purchase amount of Rs. 2000, you will be able to convert your purchases to loan and pay it as EMIs.

    Advantages of a Loan on Credit Card:

    • Most of the credit card loans are pre-approved and unsecured. You don’t have to submit any documents or collateral to avail a loan on credit card.
    • With loan on credit card, you have the option to convert your expensive purchases to easy monthly instalments.
    • Most issuers also provide you the option to transfer the balance outstanding from other cards to one single card and pay in EMIs.
    • Since a loan on credit card is pre-approved, it is easy to apply and is disbursed quickly when compared to other loans.
    • Most of the loans on credit card require no guarantor or post-dated cheques.

    Compare Loan on Credit Cards from Different Banks:

    Bank/Card Issuer Quantum of Loan Tenures Disbursal Mode and Time Interest Rate
    HDFC Within or above the credit limit 12 to 60 months depending on loan type Credited to HDFC Savings account Competitive
    ICICI Up to Rs.5 Lakhs Options ranging up to 36 months Disbursal takes 7 to 8 working days Depends on the amount and credit history
    IndusInd Bank Depending on the credit limit Ranging from 6 to 36 months Credited to the savings account As per schedule of charges
    Standard Chartered Up to Rs.5 Lakhs Ranging from 12 to 60 months Credited in account within 2 days Starts from 1.17% per month
    HSBC Minimum is Rs.2000 Multiple tenure options Can be converted to EMI within 15 days of purchase 15% to 21% per annum

    FAQs regarding Loan on Credit Cards:

    How do loan on credit card work?

    When you make a cashless transaction with your card, you are essentially borrowing from the issuer. In the same way, you can avail loans based on your credit limit. You will be charged a certain interest rate for the loan.

    Can every person having a credit card get a loan on credit card?

    No. Every issuer has fixed eligibility criteria when it comes to loan on credit cards. This facility is offered only to select cardholders based on the credit repayment history and credit standing.

    What is the disadvantage of loan on credit cards?

    The interest rate will be comparatively higher and if the debt is not paid on time, you might incur significant penalties.

    What documents do I require to apply for a loan on credit card?

    Most of the loans on credit cards are pre-approved and require no collateral. You do not have to submit any documents while applying for a loan on credit cards.

    What are some of the factors that affect my eligibility for loan on credit cards?

    Issuers provide this loan to select cardholders having good credit rating and commendable credit repayment history. Also, improved income levels over the years have a positive effect on your eligibility.

    How is the loan on credit cards different from cash withdrawal using a credit card?

    The key difference is that limit on cash withdrawal is lower than that of loan on credit card. Also, the interest rates for cash withdrawal tend to be higher than that of a loan on credit card.

    What will be the extra charges for a loan on credit card?

    You will be charged a certain amount as processing fee. Also, you might be levied a pre-payment penalty if you decide to foreclose the loan.

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    Loan on Credit Card Reviews

    • IndusInd Bank Credit Card
      "Highly satisfied with the customer support"
      0.5 4.0/5 "Great!"
      As per the regulation based on my personal loan, they have provided me a Indusind bank credit card. The card is not been used so far. Credit limit is also 50K which is okay for me. I need to see the guidelines for checking the annual fee. They have dispatched the card by taking 15 days of time. They are not sending any kind of offer notifications.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2020
    • RBL Bank
      RBL Bank Credit Card
      "Good card for all purposes "
      0.5 5.0/5 "Blown Away!"
      I am holding RBL card for more than 6-7 months. I got a call from their end basis and offered this card basis of Bajaj Finserv loan which already I took. It is an annual fee chargeable of 500 rupees and there is a waiver off option if I spend 3K for 2months get some reward points so I can convert the amount to detect an annual fee. The credit limit is sufficient. EMI conversion is available, but basically I pay the full amount. I use mostly for shopping and fuel purposes. It is Bajaj card.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 14, 2020
    • RBL Bank Credit Card
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have Ratnakar Bank credit card which was taken through bank.I am much satisfied with the credit limit .The agent shared all the information about the loan process and there was no difficulties faced so far .The card process was clearly explained by the agent .The process was very fast and smooth according to my experience .
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Feb 13, 2020
    • RBL Bank Credit Card
      "Super Card"
      0.5 5.0/5 "Blown Away!"
      I have been using credit card for around 7 years from RBL bank and this is my favorite credit card. Its easy for making purchases. Since i have Bajaj Consumer durable loan based on that they have provided me this card. I'm happy about the credit limit. Since i didn't get any situation to connect with the call centre people. I need to pay the annual fee of Rs. 299 and it will get waived off based on the reward points.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Feb 13, 2020
    • YES Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have Yes bank credit card which was taken through bank.The rate of interest was 11.5%and the processing fee was high .This loan is still active and paying the premium on delay basis and no extra charges for that.I have taken this loan for personal use .I am convenient with the overall service .
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 12, 2020
    • RBL Bank Credit Card
      "Best Sevice"
      0.5 4.5/5 "Excellent!"
      I have Ratnakar Bank credit card which is very useful.Bajaj Finserv offered this credit card for me due to my good repayment track when applied for consumer durable loan earlier .The credit limit was more than 1 lakh .There are airport lounge access ,movie benefits as well as reward points for groceries.
      Was this review helpful? 1
      , kochi
      Reviewed on Feb 10, 2020
    • HDFC Bank Credit Card
      "Good card for interest rate "
      0.5 5.0/5 "Blown Away!"
      I am holding a salary account from HDFC bank for long years, hence I got pre approved card offer directly from them. For past 2 years I am using this card. It is annual fee chargeable of 500 rupees. I use to get loan offer based on limit. I can use limit up to 50K. EMI conversion is available. It is a master card. One advantage is I can swipe this card at anywhere with low interest charge.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 08, 2020
    • Axis Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I have taken AXIS credit card and am using for more than 3 years. I got an offer through online. Addon card option is also avail. They have provided a life time free card. The credit limit is good and sufficient to use, now they have enhanced up to 1.5L. It is a master business card. Based on credit card I have got loan offer with good amount. Based on usage I earned reward points and it helps me to purchase power bank as well as watch.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 08, 2020
    • SBI Cards Credit Card
      "Good service"
      0.5 4.0/5 "Great!"
      I am using SBI FBB credit card for more than 2 years. I have a credit limit of 64K, which is sufficient. Bank offered me with insta loan based on credit card. I use to get 10% discount on fbb both retail and online. Rewards points can be converted into cash.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 06, 2020
    • RBL Bank Credit Card
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Ratnakar Bank. There is no charges to pre close the loan amount. It can be done only after 3 months. I paid only the outstanding principle amount. I have taken a loan amount of 1 Lakhs, the interest rate and the processing fee is normal.
      Was this review helpful? 0
      , ranchi
      Reviewed on Feb 06, 2020
    • Axis Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I am using Axis Bank My Zone credit card more than 7 years. Annual charges for this card is Rs. 500 and there is a no fee wavier. This card has movie & restaurant offer and also i am getting reward points. Credit limit is Rs. 70k, i was taken a personal loan from this bank and its going to be complete in Feb 2020 then they will increase my limit.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 03, 2020
    • RBL Bank Credit Card
      "Need to improve in service"
      0.5 4.0/5 "Great!"
      I have been using RBL credit card more than 1 year. Based on my loan they given this card and also they provided credit limit of Rs. 45k. Mostly i use this card for shopping, petrol, movies and more. Annual charges for this card is Rs. 499 but not sure exactly, customer service was good.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Feb 03, 2020
    • HSBC Bank Credit Card
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I am using HSBC Bank credit card for past 3 years. It is a life time free credit card. I have a credit limit of 5.40L , which is sufficient. The charges are very low and use to get loan offers based on credit card. I use to get discount on online shoppings.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 01, 2020
    • HDFC Bank Credit Card
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am using HDFC BANK Credit card for past 3.5 years. I have a credit limit of 56K, which is fine. I use to get Jumbo and Insta loan based on my credit card. EMI conversion options are available at the rate of interest 12 to 13%. I use to get reward points but I have not utilized it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 31, 2020
    • ICICI Bank Credit Card
      "Good one"
      0.5 4.0/5 "Great!"
      ICICI was a life time free card and to increase the credit limit so that i have taken this card. Before where i was working with the company, they have provided me a ICICI salary account so ICICI people approached me and provided me this card. I got the credit limit of Rs. 19000. They are providing loan based on the credit card.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 30, 2020
    • SBI Cards Credit Card
      "Good but need to improve the customer care"
      0.5 4.0/5 "Great!"
      My father has taken home loan from SBI hence at that time they have offered a credit card on my name.Their customer care is not giving any proper response. They have provided me a limit of Rs. 1.20L and I need to pay the annual fee of Rs. 560 if i purchase Rs. 30,000 in a year, my annual fee is getting deducted. I get 5% cashback on Big Bazaar and reliance trends. Only 3 months back, I bought this card.
      Was this review helpful? 0
      , nellore
      Reviewed on Jan 29, 2020
    • HDFC Bank Credit Card
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have been holding the credit card from HDFC for almost 1 year. I'm getting cashbacks and reward points based on my purchase. They have given me a credit limit of Rs. 15000. They charged me some annual fee. When i took the consumer durable loan from Reliance Digital in that sales executive of HDFC approached me and provided me this card.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 28, 2020
    • HDFC Bank Credit Card
      "Service is good"
      0.5 4.0/5 "Great!"
      I am using my HDFC credit card for almost 4 years. They have offered me a credit limit of Rs. 1.50 lakhs and the cash withdrawal limit of Rs. 39,000. They haven't charged me any annual fee. Based on my credit card, they are giving offers to take a insta loan, jumbo loan, two wheeler loan and car loan. If I pay the make the payment for my post paid bill, they are giving reward points.
      Was this review helpful? 1
      , bareilly
      Reviewed on Jan 27, 2020
    • ICICI Bank Credit Card
      "Service is extremely good"
      0.5 5.0/5 "Blown Away!"
      If i paid my outstanding amount, it takes half an hour to update in their system. Interest rate is also reasonable from ICICI card. I'm getting offers on online website like Amazon and Flipkart, bookmyshow movie tickets. I'm having a HP coral card hence if i go to the HP petrol bunk, I'm getting some discounts. On the basis of credit card, they are offering loan also and the EMI facility is also good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 25, 2020
    • HDFC Bank Credit Card
      "Very good service"
      0.5 4.0/5 "Great!"
      I am using HDFC BANK credit card for more than 5 years. The credit limit offered from bank is 72K which is sufficient. I get loan against credit card without blocking my credit limit. The rate of interest is normal. It is annual chargeable card.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 23, 2020
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