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

    • HDFC Bank Credit Card
      "Better Card"
      0.5 5.0/5 "Blown Away!"
      I have a regalia credit card from HDFC. Benefits like they are giving jumbo loan, insta jumbo loan, rewards points. I can pay rent through credit card and there is a very minimal charges of 0.4% for that. Its a life time free credit card. I have a salary account from HDFC bank based on that they have provided me this card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 20, 2019
    • HDFC Bank
      HDFC Bank Credit Card
      "Good and easy to use"
      0.5 4.0/5 "Great!"
      From HDFC, they will call the customer to make the payment before two days of due date. I'm using this card for 4 years when i taken the personal loan in HDFC, the executive has recommended me a credit card. This is a very good card to use because i get the discounts and cashbacks. I used to withdraw the money also with some additional charge.
      Was this review helpful? 0
      , asansol
      Reviewed on Oct 20, 2019
    • HSBC Bank Credit Card
      "Good"
      0.5 4.0/5 "Great!"
      I got HSBC Visa Platinum before 2years and the best thing is there is no joining fee or annual fee. I would say their customer service is best and am happy with it. I don't know the interest rate. I am using the card for shopping, online purchase, etc. They are giving loan offer of 2 to3L with ROI of 11.99% for every 6months.
      Was this review helpful? 0
      , faridabad
      Reviewed on Oct 19, 2019
    • HDFC Bank Credit Card
      "Better"
      0.5 5.0/5 "Blown Away!"
      I am using HDC Credit card for a decade, most of my purchase are done threw this card all my home appliances made are purchased on HDFC card. Initially limit was 60K and now its around 4.75L based upon my transactions, they are increased. They used to give me jumbo loan and insta loan with lower interest now it looks like around 14% but now they were charging higher.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2019
    • Citibank Credit Card
      "Better"
      0.5 5.0/5 "Blown Away!"
      I got a Shoppers shop credit card from Citi Bank, their reward points are not good but the personal loan process was satisfactory. There is no benefits at present, the annual fee is applicable. The credit limit is very limited and its only 70K.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 18, 2019
    • Axis Bank Credit Card
      "Very Good Card"
      0.5 5.0/5 "Blown Away!"
      Axis bank service has been good and for past 3 years, i use this card and they provide good rate of interest and they are offering a good personal loan. Their rewards points system is good and they increase the limit on periodically which is helpful for me. When i bought the card the limit was only Rs. 70000 but now its Rs. 1.40 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2019
    • ICICI Bank Credit Card
      "Need to enhance the credit limit"
      0.5 4.0/5 "Great!"
      I am having ICICI credit card for the past 8 years. Since I am holding a salary account with them they offered for the credit card and no documents submitted. It is an annual fee chargeable of 500 rupees. The credit limit is low given for 30 thousands only. EMI option is applicable and charges are nominal. I use this card for shopping and to pay for the loan. Based on the usage I get reward points.
      Was this review helpful? 2
      , erode
      Reviewed on Oct 14, 2019
    • HDFC Bank Credit Card
      "Very Good Card"
      0.5 5.0/5 "Blown Away!"
      There are no yearly charges and its zero on my HDFC Bank credit card. I have been using the HDFC credit card for 19 months. When i taken the car loan, they have provided me this credit card. I got the titanium credit card with a credit limit of 97k.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 13, 2019
    • ICICI Bank Credit Card
      "Good Service"
      0.5 4.0/5 "Great!"
      I have ICICI bank credit card which was taken through Bank directly .The credit limit was less it was 25,000 and there was no cash back offers and reward points .I have got all the details about the loan process very clearly .I have submitted the required documents through agent.
      Was this review helpful? 2
      , new delhi
      Reviewed on Oct 11, 2019
    • HDFC Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am using HDFC Bank credit card for the past 1 month which was taken through Bank direclty .This was a chargeable card need to pay annualk fee ofnRs.500.I have got all the required details about the loan process ,The credit limit was good and there was no difficulties faced so far on using this account .
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 10, 2019
    • HDFC Bank Credit Card
      "Good"
      0.5 5.0/5 "Blown Away!"
      I use HDFC BANK credit card for a daily expenses and etc. I have been receiving lot of benefits and also they are giving an option of insta loan and jumbo loan. The interest rate is okay. The credit limit is fine. There is annual fee but don't remember now.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 10, 2019
    • ICICI Bank Credit Card
      "Good Card"
      0.5 5.0/5 "Blown Away!"
      I have not called the customer care service for any queries because their services are good. I'm using the card for last 4 months and still i need to explore the card. So far i have done 1 month bill payment as well. Its easy to make the payment. Whenever i need a cash, the card helps a lot. My friend has recommended me about the ICICI card because in their mobile app, they will provide the pre-approved loan against credit card.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 09, 2019
    • ICICI Bank Credit Card
      "Fast and Prompt service"
      0.5 5.0/5 "Blown Away!"
      When i open my imobile app, they had a option of applying the pre-approved loan from ICICI. My credit limit was not increased even though my salary got increased. I have been using the credit card for last 2.3 years. Sometimes in shopping i get a benefits and petrol fee waiver is there. ICICI service is fast and their app is user friendly.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 09, 2019
    • HDFC Bank Credit Card
      "Good service"
      0.5 4.5/5 "Excellent!"
      I am using HDFC Bank credit card which was taken through Bank .I am using this card for the past 8 years and this was a free card .I have got all the required details very clearly about this card through the agent.Can redeem the reward points ,cash on loan is available and balance transfer is also there so these are the best features.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 04, 2019
    • HDFC Bank Credit Card
      "HDFC provides service according to customer's needs"
      0.5 4.0/5 "Great!"
      HDFC is providing me a jumbo loan, insta loan based on the credit card overall their services are excellent. I hold the HDFC card probably for past 5 years. I am getting the cashback points based on my purchase. Customer care service is fine.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 01, 2019
    • Kotak Credit Card
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I use Kotak Mahindra Bank credit card for mainly shopping, restaurants, etc. I have called the customer service so many times regarding the credit loan schedule which they are not providing me, then how will I know the transactions. The rate of interest is good as compared with the market price. The best thing on the card is balance transfer option card to card and its free for 90days after the duration, they are charges 3% per month.
      Was this review helpful? 1
      , thane
      Reviewed on Oct 01, 2019
    • Standard Chartered Bank Credit Card
      "Best Card"
      0.5 4.0/5 "Great!"
      Standard chartered bank credit card is best because its easy to pay the bills on time. Service is good and its a free card hence there is no charges. Based on the credit limit, they are offering a loan and the rate of interest rate also less. I contacted the customer care once and the response is fine.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 30, 2019
    • Citibank Credit Card
      "Good discount in online shopping"
      0.5 5.0/5 "Blown Away!"
      I have been using the CITI bank from last 1 month. I am holding the rewards card hence i get a benefits of rewards points. As a joining benefits, they gave me a rewards points of 25000. If i do the transaction of 30000 in a year, there is no yearly charges. There is a lots of offers on online shopping for the CITI bank hence i bought this loan.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 25, 2019
    • Axis Bank Credit Card
      "Axis bank credit card help me in critical situation. "
      0.5 5.0/5 "Blown Away!"
      I have a my buzz credit card from Axis bank. I totally say that Axis bank is providing me a very good service and i get a other service like RD, loan and the branch also easily accessible. While using the internet banking, its convenient to use. When i purchased in Bata showroom, they gave me some discount when i swipe the Axis bank credit card like this i get a lot of offers. Even they are providing a insta loan amount based on my 80% of credit limit.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 25, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      In HDFC, its easily connect with the customer care and they provide prompt response. Since my payments are on time, they have offered me a jumbo loan. If we make the payment one day in delay, they won't charge me any late fee and interest rate. They haven't provide any cashback and offers.
      Was this review helpful? 1
      , namakkal
      Reviewed on Sep 24, 2019
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