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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    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
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    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
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    Customer Reviews
    11.99% - 19.50% 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
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    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.1,000 Amazon voucher free Paperless Approval Option Available
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    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.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    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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    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
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    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.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    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
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    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.1,000 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.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
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    Loan against Credit Card is Rated as "Great!" by 76020 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
      "Love to Use Bank Bazaar website"
      0.5 4.0/5 "Great!"
      I am happy with Bank Bazaar, whatever the coordination which they gave is great. I love Bank Bazaar website always to use. Its very convenient to use and access. It has all options to check on financial needs. But I would like to suggest, Bank Bazaar executives should be more clear with their process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved"
      0.5 2.0/5 "Expected more"
      Due to improper coordination from ICICI, the loan application got closed. From Bank end there was no response on right time. They reached me after three days of my request and collected the documents finally it got closed without any intimation.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Instant loan "
      0.5 4.0/5 "Great!"
      They have started a new process with the HDFC personal loan. We can apply the Personal Loan through net banking and we just need to apply the documents in the portal and within 15 hours they have provided me a credentials id & password where I have tracked my personal loan application . The loan got approved within 24 hours of time. The banking service is really good and giving instant service to the customers. I am happy about the loan amount. The required amount has been given by HDFC bank. The Value added service like vouchers and online purchasing offers were given. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Customer oriented service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "They be clear about the percentage"
      0.5 4.0/5 "Great!"
      HDFC charged me 14.75% of interest for the amount of Rs.5 lakhs it is higher side compared to other competitor. But Initially they committed they were providing around 11% but finally it was processed it for 14.75%, But I am happy with their service, they done fast loan. process. I would like to suggest them, to clear information about the interest rates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth. The website is overall good, it would be better if there are more options of banks on the portal to choose from with a lesser rate of interest.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      I haven't got any kind of response from the ICICI bank . It was me who took initiative and made a follow up with the ICICI bank executives to get the personal loan but still no one gave proper responsefrom ICICI bank, that was the reason I haven't proceed my personal loan application with ICICI bank. The rate of interest is bit high , when compared with others. I would say it was a below average service.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "High on ROI & charges"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with ICICI Bank because I was offered a high rate of interest. I got a rate of around 15% where as I was getting lesser rates from other banks for the personal loan. The services and response was on time and there were couple of follow up calls too.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Userfriendly website"
      0.5 4.0/5 "Great!"
      As per the loan application status, Bank Bazaar gave me good follow up and I got good response from Bank Bazaar. I am using Bank Bazaar website is good to compare the interest rate. I would like to suggest Bank Bazaar should give multiple option, so the customer will have a choice to chose an another bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Loan process should be fleixible"
      0.5 2.0/5 "Expected more"
      ICICI was looking for last six bank transactions, I have an account with SBI but I have a transaction around five years. Hence ICICI have rejected my personal loan application. I have submitted all of my documents, they have check my credit score as well finally they rejected it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Excellent very very good service provided by bank bazaar .com and very very happy for simple loan apply process and sanction your amount and fast service and any executive service and fast information & loan section and comfortable with any language.
      Was this review helpful? 0
      , patna
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "The best"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been great and the process is smooth. They are very professional and they are the best in handling a customer. The follow up calls was much and they showed interest and they valued the customer. The website is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is an excellent service provider, I am getting good and satisfactory service. Whenever I looks for any financial products through Bank Bazaar. I am happy about that, I came to know Bank Bazaar through google search. I have been using it for three years its good.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      My friend has referred me to go with bank bazaar to get an credit card and I have downloaded bank bazaar mobile application and I have started applying for credit cards and personal loan. The bank bazaar mobile application is easy to use and user friendly rather I would say it is also useful for the financial management,. The customer service with bank bazaar is very good and supportive to the customers.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      The ICICI bank gave a call and asked me from which company I am receiving the salary and I told my company name but I am receiving the salary from 2 different company names , so very next day I got a text from ICICI bank saying that My personal loan application got cancelled. The customer service and the response was good with ICICI bank. The rate of interest is nominal with ICICI bank. I would say it was an average service from ICICI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Looking for better feature"
      0.5 3.0/5 "Satisfactory"
      Standard Chartered customer service is good, when I applied for the personal loan they called and collected my documents. They done a verification process over the phone call but they have not visited my place to verification. Loan process got delay, Then I almost waited for two weeks, the time which they committed to disbursed the amount, I did not receive it and finally my application got closed.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      Looks like the site is loaded with full of information. I am expecting bankbazaar to bring in more partner banks. I got to know about bankbazaar through advertisements. I am with bankbazaar for a long time. I had applied for a personal loan through this channel the site is very much easy to use and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      SCB took around a week's time to disburse my personal loan. Both customer service and response e was really good with SCB. I initially approached online and later changed the channel and I got the loan through some other channel. Rate of interest is very much nominal with SCB. The required loan amount was disbursed by SCB and I am very much happy about it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan is from HDFC Bank and the I got the loan in a jiffy. The bank has offered me a good deal on the interest rate and they were decent in the charges as well. The paper work is simple and overall I have no issues even for the after loan services.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Dissatisfied service"
      0.5 1.0/5 "Really Bad"
      First time I received a call from Standard chartered and they visited took my document from me. Then there was no response from Standard chartered end, their customer service is very bad, after getting my documents they didn't communicate anything about the application status.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
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