Credit Card Loan: How To Apply For It?
Withcreditcardborrowing,themajorityofinstitutionsprovideEMIplans.The majorityofcreditcardshaveamaximumpre-approvedcreditlimit.Youcanapply foracreditcardloanuptothedesignatedcreditlimitifyouhaveacreditcardand areinurgentneedofliquidfunds.Themoneyiscreditedtoyourbankaccountas soonastheloanisaccepted.
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Bankschargeinterestforrepayingcreditcarddebt,whichcanbeaccomplished throughEMIs(EquatedMonthlyInstalments)forapredeterminedperiodoftime.
Features of credit card loans
Theloanoncreditcardswillbehandledanddisbursedwithoutany additionalpaperworkswiftlybecauseithasalreadybeenpre-approved.
Withcreditcardborrowing,themajorityofinstitutionsprovideEMIplans.As aresult,reasonableinstalmentalternativesareavailable.
SomebanksofferbalancetransferonEMIloanssecuredbycreditcards issuedbyotherbanks.TheuserhastheoptionofchoosingEMIpayment whiletransferringtheoutstandingbalancefromothercreditcardstoone creditcard.
Mostbanksofferloansthatarewithinorbeyondaperson'screditlimit.
Advantages of credit card loans
Theloancanbedisbursedquicklycomparedtootherformsofloansbecause ithasalreadybeenapproved.
Tousetheloan,noadditionaldocumentationisneeded.
Mostbanksofferthechoiceofconsolidatingalloutstandingbalancesfrom differentcardsontoonecardandpayingusingEMIs.
Themajorityofcreditcardloansdon'tcallforguarantorsorpostdated checks.
Eligibility for credit card loans
Bankshavestrictrequirementsforapplicantsseekingcreditcardloans.The cardholdersmusthaveasolidcredithistoryaswellasaconsistentpatternof purchasesandrepayments.
Creditcardloansareunsecuredloans,meaningtheydon'tneedanykindofsecurity. Banksonlyprovidecreditcardloanstoalimitednumberofcardholdersasaresult.
Eligibility for credit card loan amounts
Oncreditcards,theloanamountisdeterminedbythecreditlimit.Somebanks mightprovideloansabovethecreditlimit,inwhichcasetheamountborrowed wouldn'tcounttowardsthecreditlimit.Cardholderscanturntheirpurchasesinto loans&repaythemasEMIsstartingwithaminimumpurchasevalueofRs2,000.
Credit card loans from reputable Indian banks
HDFC Bank
AloanuptoRs.5,00,000canbeobtained,anditcanberepaidwithinterestatarate of1.25%within48months(fouryears).
IndusInd Bank
Dependingontheirneeds,customerscanobtainaloanuptotheircreditlimitor againstit.TheyofferEMIalternativesandaflexibletenure.
Kotak Mahindra Bank
CustomersmaychoosetoborrowuptoRs5,000,00ontheircreditcards.Thereare sixmonthstofouryearsbetweenpayments.
IDBI Bank
WithaminimumloanamountofRs50,000andamaximumloanamountofRs 5,00,000andamaximumloantermoffiveyears,IDBIBankoffersageneralcredit cardloan.Thebaserateofthebankdeterminestheinterestrate.Thisloanis availabletoanyonewhoareinvolvedinnon-farmentrepreneurialactivities.
By Axis BankCustomerscangetinstantcreditcardloansfor1.5%oftheloanamount,orRs.500, asaloanprocessingcharge.whicheverishigher.12,24,36,or48monthsare availableasvariabletenurechoices.
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