ICICI Bank offers its customers the provision of loans on credit cards. In case, you are in urgent need of cash, you can request a loan against your card from the bank. The bank then will check if you are eligible for the loan and if you are, the amount will be credited directly to your savings account. Repayment of the loan will be on a per month basis with added interest for a specific period of time.
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Types of Loan on Credit Cards
ICICI Bank only offers a personal loan with an amount of up to Rs.10 lakh. This is the maximum amount given; however, the credit limit of your card will be your loan amount. ICICI Bank will give the loan against the credit card to selected customers who are meeting the basic eligibility criteria for this provision.
A personal loan of up to Rs.10 lakh can be given under the provision of a loan against credit card.
The tenure range offered is flexible, going up to 60 months or 5 years.
The interest rates offered by ICICI Bank for the repayment of the loan is attractive and competitive.
Minimal documentation is required to avail a loan on your credit card. Since you are an already existing customer, the bank will have all the details required for the loan.
A guarantor or post-dated cheques are not required during the procedure.
Eligibility for Loan on ICICI Bank Credit Card
The customers who have a positive track record in their credit card spend along with their transaction patterns and payment history will be eligible for a loan on credit card when they need it. However, it will also depend on the internal policies of the bank.
How to Apply for a Loan on ICICI Bank Credit Card?
You can apply for the loan on your ICICI Bank credit card through the website directly, by click on the ‘Apply’ option.
Since there is minimal or no documentation required to apply for this loan, you can apply for it by logging in to your net banking account and apply for the loan in the section of the credit card.
Apart from this, you can also call the customer care of the bank and request to apply for the loan against the card. You can also SMS CASHIN WP to 5676766 and you will receive a link to apply for the loan or a representative will get in touch with you regarding the application of the loan.
Lastly, you can always walk into the nearest branch of ICICI Bank and apply for the loan against your credit card.
Repayment of Loan on ICICI Bank Credit Card
Once your request and application for the loan are approved by the bank, a representative of ICICI Bank will get in touch with you via call or through SMS stating the loan amount which is sanctioned. Apart from this, the interest rate and the tenure will also be stated with the EMI which needs to be paid by you per month.
You can choose to pay the EMI either by ELSS where the EMI is directly debited from your savings account or through a cheque.
Frequently Asked Questions (FAQs)
What is the first thing to do after receiving my loan?
You can draw the money from any ATM the instant you get the notification via text message or email from the bank.
What should I do if I lose my card after receiving the loan?
Please alert the concerned customer care department immediately in case of loss of card.
How long will it take my application for the loan on credit card to be approved?
It depends on your credit history and eligibility. But it will not take more than a week.
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I am using ICICI Bank coral credit card more than 5 years. Annual charges for this card is Rs. 399 and there is no fee wavier option. Credit limit is very low of Rs. 33k which they need to increase the limit and they are doing a good service. Mostly i use this card for shopping purpose and they given a personal loan offer too.
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.
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.
I have a life time free credit card with ICICI Bank. Customer support response and the service is very good. The credit limit is only 20K for almost 3.5 years. No enhancement is done on limit but I get options of loan against credit card. I get discounts and cash back on movie tickets and dinning. EMI conversion options are available at good interest rate.
I am using ICICI Coral credit card which was applied through bank and i am using this card more than 2 years. This is a life time free card and also they have given good limit. Customer service was not so good which is okay okay. I am getting movie offer since 2 years. I have a home loan in this bank based on that i have got this card offer.
I have ICICI Bank coral credit card which was taken through Bank .I am using this credit card for the past 15 months ,This was a life time free card ,I have got a pre approval loan offer on this credit card but i have not availed that is also better offer .I haven got 50,000 credit limit .There are good reward points as well as cash back offers .There aremovie ticket offers and discounts on shopping and fuel benefits.
I had taken a housing loan from ICICI, hence bank offered me with coral credit card and I am using it for more than 4 years. It is a life time free credit card. I will get notification regarding the offers. I have a credit limit of 1.5L which is sufficient. I can see the transaction which is eligible for EMI conversion but I am not interested in it.
Purchased ICICI bank credit card, its because i had a salary account. In Amazon, they have a tie up so if i purchase in Amazon website, I'm getting more cashback offers. Based on my credit card, they will provide the loan. I have been using this card for more than 6 years. Based on the transaction, they will increase the credit limit.
I received the call from ICICI and offered me with credit card. I already have a personal loan. Hence, there is no documentation process or verification. I received the card with in 20 to 25 days. I have a credit limit of Rs.30,000, which is not sufficient. So, I am looking for another card provider. I am using this card for past 6 months. I am not aware of much benefits. EMI conversion options are available.
I have taken credit card from ICICI bank for more than 2 years. Since I am holding salary account with them offered a paperless approved card. It is a life time free and with good limit. I am not aware about EMI option. They are providing personal loan offers and their service is good.
Customer care people are so nice in ICICI and they helped me a lot. Its been 2 years with ICICI credit card based on the card transactions, they have given me a personal loan. I had a cashback on an online purchase. They have hiked my credit limit Rs. 10000 from the previous limit and if they provide more, it would be convenient for me.
I am using ICICI Bank credit card which was taken through Bank.I am using this credit card for the past 2 years and this was a free card .The credit limit was satisfied and bank agent shared all the required information about the loan process.I have got the credit card on time .There was no special features on this card .
I am holding ICICI bank credit card for more than 11 years. It is a life time free credit card. EMI option is applicable. Since I had taken two wheeler loan from their end so I got an offered to get a credit card. The limit is good. I use for fashion ware and dining purpose.
Earlier ICICI was good but it has become poor. I'm fine with the interest rate and charges. I am holding the ICICI bank credit card for more than 2 years. I have a account from ICICI and when i avail the personal loan, they have provided me a free credit card from ICICI. I'm getting messages about the offers.
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.
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.
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.
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.
I have a credit card from ICICI. They are providing a offers for taking a personal loan with the lower interest rate compared to other banks. I have salary account with ICICI hence its easy to make the payment. They are providing a very good offers also. I am using this card for almost 6 years.
I am using the ICICI bank credit card for last 8 months. Since i have a salary account from ICICI, its easy to make the bill payment for my credit card through online banking facility. They have provided me a limit of RS. 80000 and they won't increase the limit often. They have offered me a personal loan based on the credit card.