When you are in an urgent need of cash and you do not have enough funds in your credit card or debit card, you can opt for a loan against your credit card. IndusInd Bank offers its customers with a loan against the credit card limit with interest rates lesser than that of a personal loan. The loan is pre-qualified if the loan amount is equal to your credit card limit and offers a loan above credit limit. The bank offers loans with low processing fees, flexible tenure ranges.
IndusInd Bank offers a loan against the credit card limit where a loan will be sanctioned to you which will be equal to your credit limit, called ‘Loan against credit limit’.
The bank also offers a ‘Loan Above Credit Limit’ facility where you can apply for a loan amount which is more than the credit limit of your card.
However, the bank will reserve the right from time to time to determine whether a cardholder is eligible for the loan or not depending on the bank’s eligibility criteria.
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The eligibility criteria to apply for the loan is to maintain a good credit score when it comes to your credit card. Apart from the score, your credit utilization ratio, payment history, and transaction history are the other major factors which will be considered as eligibility factors for the loan against the credit card.
You can apply for the loan on credit card through net banking or phone banking as well. You can also call the customer care number of the bank to request the loan.
To apply for the loan through net banking, here are the steps which you need to follow:
To apply for the loan through mobile banking, the steps to be followed are:
If you are not able to access net banking or phone banking due to restricted internet access, you can call on the customer care number of the bank at 1860 267 7777 to apply for the card.
Once your application for the loan on credit card has been approved by IndusInd Bank, you will be contacted by the bank through email or call detailing the particulars of the loan. The loan amount, interest rate, the tenure range and repayment schedule of the loan will be sent to you along with the EMI to be paid on a monthly basis.
The EMI of the loan can be paid either via ELSS where the amount is directly debited from your savings account or you can visit the bank and pay the EMI with a cheque.
Yes. You can use the points accumulated to repay the loan on IndusInd credit cards.
Yes. Since it is quick with less paperwork, it works out cheap and ultimately benefits you.
Yes. You must notify IndusInd bank and submit a copy of another of your ID.
Less paperwork, no documentation and quick disbursal will be some of the many benefits that comes with IndusInd loan on credit cards.
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