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

    We found 32 Loan against Credit Card

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Perks
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    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.1000 Amazon voucher free Ad INSTANT DECISION
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 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
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% 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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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 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 73978 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

    • HDFC Bank Personal Loan
      "Need to improve in services"
      0.5 1.0/5 "Really Bad"
      My personal loan is from HDFC Bank and the services has not been up to the mark. They need to know how to handle a customer and how to communicate as well. The team has to be more professional. The interest rate and charges is not a concern but the services is not satisfactory.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "One stop solution for the financial products"
      0.5 4.0/5 "Great!"
      If any body is in need of any kind of financial products, they can go visit the bankbazaar web site, which really helps the customer to get the financial products with the best rates in the market. The web portal with bankbazaar is easy to understand and very easy to use and customer friendly portal, because it has designed in a simple way. Overall I am happy with the bankbazaar.com service.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 25, 2017
    • Fullerton Personal Loan
      "Good and excellent"
      0.5 3.0/5 "Satisfactory"
      I haven't received any kind of status updation about my personal loan application. They have made a call and explained me about the product, after that they have not informed that why my loan got canceled. I would suggest Fullerton can work customer centric in future. Overall I can say I am satisfied with the service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 25, 2017
    • Karur Vysya Bank Personal Loan
      "The best service"
      0.5 5.0/5 "Blown Away!"
      Karur Vysya Bank offered me the personal loan. The documentation part was very simple, they asked me the documents which was easy to produce. I submitted form16, last six month bank statement and salary certificate along with the signature of my institute. Hardly they had taken four days, they delivered such a fast service. I felt easy to go with Karur Vysya Bank. They are good enough.
      Was this review helpful? 1
      , erode
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      When I visited bankbazaar website I found easy to apply for the loan over there. The moment I submitted my loan application, I received calls from them and they were good in providing proper response for my loan application. I had no issues with bankbazaar as I received regular calls from them.
      Was this review helpful? 1
      , erode
      Reviewed on May 25, 2017
    • ICICI Bank Personal Loan
      "Not Satisfied"
      0.5 1.0/5 "Really Bad"
      I preferred ICICI bank for the personal loan. But the bank demanded me to provide salary payslip which I could not produce so I had to close the loan application with ICICI bank. But I got the loan from Karur Vysya bank. ICICI should have been provided alternate options for the documents.
      Was this review helpful? 0
      , erode
      Reviewed on May 25, 2017
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      HDFC Bank personal loan is fine, There is no drawback till now. There is no issues or challenges with them as such. They dint ask for too many documents for loan processing.The loan amount I have opted for 98 thousand and the rate of interest is 12.15% processing fee and charges 2400.
      Was this review helpful? 0
      , pune
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar has been excellent, a quick process and the website is very helpful. There were no hassles in getting information about the banks and the offers and it was overall a very good experience. The follow up calls are satisfactory too
      Was this review helpful? 0
      , pune
      Reviewed on May 25, 2017
    • Fullerton Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I did get a proper response from Fullerton after me applying for a personal loan They were on time to contact me and give me details. I did not wish to go ahead for the loan as the rate of interest and processing charges was very high from them but no other option I had taken with them with 22% Rate of Interest.
      Was this review helpful? 1
      , pune
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Very good in services"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar surely needs a five stars as they were excellent in the process. The response was very much immediate and I am happy that with just a click away I was able to get connected to the banks and also get details of the same in one single page.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
    • Standard Chartered Bank Personal Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      Standard Chartered bank was good and on time to give me details on the personal loan. I also like the turn around time. It was a nice experience. I could not go ahead because of the changes in my personal requirement. The overall experience was good and the deal was decent on the interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Fair enough"
      0.5 4.0/5 "Great!"
      I am aware about bankbazaar.com through promotional mails. I use bankbazaar web portal which is easy to use and user friendly. The mobile application with bankbazaar.com is working very well, therefore it is convenient for one to apply for any product. Overall I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service was not bad with HDFC on my personal loan. They gave prompt response on my personal loan application. The interest rate was on the higher side. They took around 1 week to disburse my personal loan.I can say the whole Loan process just took a week time. Overall I am satisfied with the HDFC service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Good financial advisor"
      0.5 5.0/5 "Blown Away!"
      Every service of Bank Bazaar is good, they completely taking initiative on the customer's request. The website and the mobile application is convenient to check all the financial products and its very useful to check the credit score without any hassles.
      Was this review helpful? 0
      , aurangabad
      Reviewed on May 25, 2017
    • ICICI Bank Personal Loan
      "Its Average"
      0.5 1.0/5 "Really Bad"
      I have submitted all the documents to the bank, but process was not completed. I was staying in malkapur location it was not there in their system. Hence they have rejected the application and they didn't give any other option to take personal loan.
      Was this review helpful? 0
      , aurangabad
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Easiest web portal"
      0.5 3.0/5 "Satisfactory"
      Bankbazaar website is good and it is quite easy to navigate. It is like having all things in one basket so it was very easy to check all the banks and its interest rate and other charges. Also easy to apply for the loan on bankbazaar web portal.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2017
    • Tata capital Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Actually I had not submitted the required documents to Tata capital to avail the personal loan, therefore my loan application was closed. Other than that Tata capital was quite good in providing response. I do not recall anything about the rate of interest.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2017
    • HDFC Bank Personal Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      I had taken my personal loan from HDFC Bank and they followed up well on my application. When I was busy and have asked them to call me back, they would willing do so at the time I asked them too. The offer on the interest rate and charges was also good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Good services"
      0.5 4.0/5 "Great!"
      I am happy with Bankbazaar as they were very much responsive to my application. They were often contacting me and checked if my application with the bank is on track. The website is good and I appreciate the follow up calls which was done on a regular basis.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Supportive Service"
      0.5 4.0/5 "Great!"
      Bankbazaar services are quite good and approachable. They immediately contacted me on my loan application. I got a suggestions on the bank according to my loan requirement and my application had been assigned to the bank without any delay. I got regular followups and updates from Bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
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