How to get instant Personal Loan on Credit Card

December 03, 2018

How to get instant Personal Loan on Credit Card

Emergency expenses often come unannounced. A PL can be a go-to option in such cases. With lenders now offering PLs online, it is one of the easiest and fastest ways to get additional funds.

Not just financial emergencies — a PL is also a great option if you’re planning a big-ticket purchase, wedding, or just wanting to go on your dream vacation. To make it more convenient and faster, lenders now also offer PL against your Credit Card.

With attractive interest rates, minimum documentation and flexible tenure, taking a PL on a Credit Card is a great option. If you want to apply for it online, here are some of the most important steps you need to know about:

Eligibility for PL on Credit Card

Banks offer these loans as per your transaction pattern, spends and payment history. You should have been using the Credit Card for a considerable amount of time to be eligible for an instant loan on Credit Card.

Some of the banks also offer PLs against Credit Cards of other banks. However, it is recommended that one should take a loan from the same bank as this accelerates the application and disbursal process.

Documents required to take a PL against Credit Card:

If you’re taking a loan from the same bank whose Credit Card you’re using, you are generally not required to submit any documents. In most cases, there are pre-qualified offers based on your eligibility and relationship history with the bank.

However, when applying for the loan online, you’ll need fill up a loan form. In case you have a Credit Card of a different bank, you’ll be asked to submit ID proof, address proof and income proof.

Checking interest rates and repayment tenures of PL on Credit Card:

The credit card loan interest rate are highly competitive. In most cases, the rates depend on the credit history of the borrower and the borrowed amount. Applicants with excellent credit and repayment history are generally offered better deals.

With these loans, you get a flexible repayment tenure of up to 60 months. With this facility, you can borrow loans of up to Rs.10 lakhs.

Disbursal of loan amount:

If you have a Savings Account in the bank in which you’ve applied for a PL against Credit Card, the loan amount will be transferred to the same account. National Electronic Funds Transfer (NEFT) or Demand Draft (DD) is issued for customers who do not have a Savings Account in the same bank.

Once you’ve applied for a loan against Credit Card, it can take up to 3-4 working days for approval and disbursal of the loan amount. In case the amount is to be disbursed through a DD, it can take up to 2 weeks.

You can apply for the loan from your home or office by just visiting the website of the loan provider. Some banks also allow you to apply through SMS or by calling their customer support department.

You can also visit the nearest branch of the bank to apply for a loan against Credit Card offline.

Quick Personal Loan on Credit card

A Credit Card is one of the most useful financial tools when used correctly. With this instant loan on Credit Card facility, you can now easily manage your emergency and other expenses in a hassle-free, quick and convenient manner.

 

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