Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Loan against Credit Card

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Fees & Charges
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Loan against Credit Card is Rated as "Great!" by 77002 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    What is Loan on Credit Card?

    Loan against credit card is a kind of personal loan. If you are using a credit card, you can easily apply for an instant loan against your card. The only difference between a personal loan and a loan against credit card is that a Personal Loan takes a couple of day to get approved while a loan against credit card is pre-approved. Unlike a personal loan, a loan against credit card does not require documentation. A personal loan normally needs a few documents in support of your eligibility. Since loan against credit card needs no documentation, it is another quickest and easy option to raise finance to cover your financial needs. Loan against credit card is an unsecured loan like same day cash loans.

    Now, what is a credit card? It is payment card issued by banks to help you shop for things online and offline. Also, the card can be used for cash withdrawal and balance transfer. These cards are accepted worldwide in millions of places and stores. With a credit card, you can borrow money from banks to pay for countless number of things and services. Any bank would issue a credit card based on the agreement between you and the bank. As per the agreement, you promise to return the borrowed amount to the bank on specified date decided by your bank. Normally, banks don’t charge interest on your borrowed amount as long as you pay it back on due date or before it. But, if you fail to pay your credit card bill on time, banks will charge interest on your outstanding balance.

    Often we confuse between loan against credit card and cash withdrawals on credit cards. By loan against credit card, we tend to think that bank will increase the credit limit on credit card and one can withdraw cash through credit cards. But, it’s is a misconception. Banks actually provide you with a loan against your existing credit card. Loan against credit card is a best option for those who need immediate cash to deal with urgent and unpredictable personal situations. You opt for such loans when the cash withdrawal limit on your credit card is not sufficient to fund your financial requirements. Besides, cash withdrawals on your credit card come with higher rates of interest. But, banks charge lower rates of interest on loan against credit card. Also, the loan is disbursed quickly with no documentation. The amount received as loan is offered to you in the form of a demand draft or through a direct transfer to your bank account. Given that low interest is charged on loan against credit card than cash withdrawals on credit cards, a loan against your credit card sounds economically viable. That’s why many people opt for loan against credit card. Loan against credit card is also known as pre-approved loan or pre-qualified loans.

    Many banks in India like HDFC Bank, HSBC Bank, Citibank and ICICI offer loan against credit card. HDFC Bank offers Insta Loans and Insta Jumbo loans against your HDFC Bank Credit Card. These are preapproved loans. You can easily apply for these loans. The bank offers immediate disbursal of the amount once the loan is approved. An Insta Loan helps you receive fund within the credit limit of your HDFC Bank Credit Card. On the other hand, an Insta Jumbo Loan offers you fund over and above the credit limit of your HDFC Bank Credit Card. The amount gets credited to your savings account in 60 minutes.

    Loan against Credit Card Eligibility

    You are eligible to get a loan against your credit card if you fulfill the following conditions:

    • Normally, banks offer loan against credit card for both existing and new customers. However, banks like HDFC offers it for existing HDFC Credit Card holders only.
    • Having a credit card account is a must to get this loan.
    • Also, you need to have a good credit history. Banks offer loan against credit card provided you have good record of credit repayment and a high credit standing.
    • A person with high and improved income level can also apply for this loan as well as top up loans against credit card. Improved income level helps you transfer your credit card from silver to gold category, and this increases your loan eligibility.

    However, before applying for a loan against your credit card, you can also check your eligibility by using the following means – net banking, phone banking and visiting your nearest branch. The amount you receive as loan is dependent on the credit limit on your card which is again dependent on your income, repayment history and documentation. Normally, the amount of loan against your credit card tends to be higher than the cash withdrawal limit on your credit card. Your bank may block the cash withdrawal limit on your credit card, if the loan taken exceeds the cash withdrawal limit. You will not be able to use your card to withdraw any cash until the loan amount comes down and falls below the cash withdrawal limit.

    Documentation required for Loans on Credit Card

    No documentation is required to apply for a loan against your credit card. Because, in order to apply for a loan against credit card, you have to have a credit card. So, when you apply for a credit card, you submit all required documents to your bank. Based on those documents that you have already submitted and the relationship you build with your bank, the bank can sanction a loan against your credit card. Normally, a bank asks for the following documents when you apply for a credit card:

    • A copy of your address proofs such as recent electricity bill, telephone bill, driving license, passport etc. (Any of these documents).
    • A proof of your identity such as PAN card, voter ID card, driving license, passport etc. (Any of these documents).
    • A few recent passport size photographs.
    • Last 3 months’ salary slips for salaried employees.
    • A copy of office ID card – for salaried employees.
    • Self-employed individuals need to submit an attested copy of the latest ITR (income tax return) and a copy of PAN card.

    Loan against Credit Card Interest Rates

    Personal Loan Interest rates is India start from 12% and go up to 20% which is slightly higher than the interest rates charged on other loans like car loan, home loan etc. Loan against credit card is also a kind of personal loan, and so the interest charged on loan against credit card is slightly higher. For example, HSBC Bank charges between 15% to 21% interest on loan agonist credit card. Also, the rate of interest on loan against credit card varies based on the type of card (gold, silver and platinum) you have and your credit profile. Therefore, maintaining a good credit profile is very important as banks considers your credit history before quoting a particular interest rate on your loan.

    Features and benefits of Loans against Credit Card

    • Get instant cash whenever you need.
    • Enjoy attractive and reduced rates of interest than interest on cash withdrawals on credit card.
    • No documentation required.
    • You can apply for it online or by simply making a telephone call.
    • Enjoy fast processing and quick disbursal upon approval.
    • You can apply for it from anywhere at any time.
    • Loan against credit card is a type of unsecured personal loan.
    • Low processing fee is charged.
    • You can repay the loan in monthly installments. Monthly EMIs will be billed to your credit card every month.
    • Loans against credit card are normally sanctioned for a maximum tenure of 24 months.
    • Interest rates on a loan against credit card vary based on the type of credit card possessed by the applicant.
    • Enjoy flexible loan tenures.

    FAQs

    What do you mean by a credit limit?

    Credit limit refers to the maximum amount you could spend by using your credit card. Your bank determines the credit limit of your card by considering details such as your annual income, credit history and repayment capacity. Banks also revise your credit limit as per your previous year’s record in terms of spending and repayment. If you pay your credit card bills on time and maintain a good relationship with your bank, the bank may increase your credit limit. But, if make delayed payments or postpone your payments regularly, and don’t maintain a steady relationship with the bank, it may revise your credit limit downward.

    What is a loan against credit card?

    It is a kind of unsecured personal loan which you can take a loan with the help of your credit card. Banks offer this loan to help you resolve your urgent financial needs.

    Do I need to have a good credit history to apply for a loan against credit card?

    Yes, it is very important to maintain a good credit history to apply for a loan against your credit card and get discounted rates of interest on your principal amount.

    Do I need to pay processing fee for a loan against credit card?

    Yes, banks do charge processing fee for loans against credit card. However, you need to pay a very nominal amount as processing fee.

    What are the documents I need to submit to apply for a loan against credit card?

    No, you don’t have to submit any new documents to apply for a loan against your credit card. It is zero documentation process.

    Can I apply for a loan against credit card online?

    Yes, you can apply for it online by using net banking. Also, you can apply for it by using phone banking or visiting your branch.

    Is there any difference between interest rates charged on cash withdrawals on credit card and loan against credit card?

    Yes, there is a difference in interest charged on cash withdrawals on credit card and loan against credit card. Banks normally charge higher rates of interest on cash withdrawals on credit card than a loan against credit card.

    Can new customers can avail a loan against credit card?

    Yes, new customers can also avail a loan against credit card along with existing customers of a bank. But, having a credit card is mandatory to get a loan against credit card.

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  • Loan against Credit Card Reviews

    • Bank Bazaar Customer Support
      "GUIDANCE"
      0.5 5.0/5 "Blown Away!"
      This is the very first time I approached bankbazaar, also I am very much satisified with all their steps for searching for my product. It happens, some times where people would not be interested in doing online search, but here after gaining sufficient information I would recommend all my friends, relatives to give a try atleast once. My hearty thanks to the team Bankbazaar.com for providing their valuable time for their customers in a proper way. Hope they would get back to me with a favourable reply on time.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jul 20, 2017
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State Bank of India and the process for it was smooth. I did not have much of a documentation process and also I did not get the loan on time. The rate of interest and processing charges were very much normal too. But on the other hand, after loan services were very much hassle free.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience "
      0.5 3.0/5 "Satisfactory"
      The services rendered by bankbazaar is really great and I had a lot of follow up calls from them. The response was prompt from the moment I registered with them. It would have been better, if the companies whom they connect the customer too is also responsive. Lastly, the website is very much user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Citibank Personal Loan
      "Not professional"
      0.5 1.0/5 "Really Bad"
      As a matter of fact, Citibank collected all my documents and after which they did not process my personal loan request and did not get back to me as well. It was not a very good experience as they were not very much professional. Not too sure on the interest rate and processing charges too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "I had got good response from bankbazaar on my loan applicati"
      0.5 2.5/5 "Just OK"
      I had got good response from bankbazaar on my loan application. I approached bankbazaar for my requirement and submitted my loan application on the website. On which they responded and provided a good service. Their website is good and it is easy to handle.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Amazing"
      0.5 4.0/5 "Great!"
      It was simple and straight forward experience. I really hope my application goes through. The staffs were really helpful. They kept calling me and following it up until I uploaded the documents. I've never seen such a simple online application so far. Thank you.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very smooth way to loans"
      0.5 5.0/5 "Blown Away!"
      I need personal loan & it seems easiest way to avail through Bankbazaar. Also I am feeling very much comfortable as the process is really quick. I wish good luck to everyone & recommend to go with Bankbazaar. Go with it to full fill yours all financial requirements through this site. Thanks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      I got very good response in concern to my personal loan application with bank bazaar. The customer service with bank bazaar is really good and very supportive. The website with bank bazaar is easy to use and user friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executives told that the private or public company employees are not eligible to get the loan, They are not interested to give the loan for the people those who own a company. The customer service and the response was average with ICICI bank. The rate if interest charged by them is higher than the normal one.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank service is really good in concern to my personal loan. The customer service and the response was good with HDFC bank. The rate of interest is nominal with HDFC bank. I have choose the HDFC bank for my personal loan because of their low interest rate.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar maintains prompt follow up with the customers, because they will fix appointments and reaches the customer on appropriate time. The website with bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank bazaar.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got immediate response from bank bazaar in concern to my personal loan application. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. I would say bank bazaar gives very good service to the customers.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I haven't received any kind of calls from ICICI bank in concern to my personal loan application and I am not sure why they have closed my application. The customer service and there response part need to improved with ICICI bank. The rate of interest is nominal with ICICI.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service provided by bank bazaar is quick and fast. The customer support and the response is really good with bank bazaar. The bank bazaar website is easy to use and user friendly. I get to know about bank bazaar through google web search. I am with bank bazaar for past 6 months. I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      ICICI executive gave a call and explained me about the product very clearly and helped me to know about the product briefly . The customer service and the response is very good with ICICI bank. The rate of interest is nominal with ICICI bank. I am happy about the ICICI bank service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I am with bank bazaar for past more than year. I get to know about bank bazaar through online web search . The customer service and response with bank bazaar is really good. The web site with bank bazaar is easy to use and customer friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Need improvement"
      0.5 3.0/5 "Satisfactory"
      I have applied credit card personal loan twice with ICICI bank, but there was no response in concern to my applications. The customer service and the response is average with ICICI bank. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • SBI Personal Loan
      "Improvement needed in service"
      0.5 5.0/5 "Blown Away!"
      The personal loan process need to be quick and fast with SBI. The customer service and the response need to be focused a lot. They are talking too much of time to disburse the personal loan. They took around 10 to 15 days of time to disburse my loan and they call it as express in disbursing the loan. As I hold a salary account with SBI they have offered me with low interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      The response is really good with bank bazaar executives . The customer service and the follow up with bank bazaar is really good. I got to know about bank bazaar through online web search. I am with bank bazaar for past 2 months. The website with bank bazaar is easy to use and user friendly, I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
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