Credit Card Loan

• Axis Bank 

You can apply for a loan on a credit card in four different ways:

1. By sending an SMS

2. By logging into your credit card internet banking account

3. Through the Axis Bank mobile application

4. By calling the customer care cell at 1860-419-5555 or 1860-500-5555

• SBI Card

With the Encash facility, you can instantly get a loan against your credit card with tenors of up to 48 months. To apply for this facility, you can log in to your account, send an SMS, or call at 39-02-02-02/1860-180-1290. 

• ICICI Bank 

ICICI Bank offers loans on credit cards at attractive interest rates and tenors going up to 60 months. Applying for the loan is very easy. All you have to do is log in to your net banking account or iMobile application. You can also give a missed call on 080-45936070. 

2. Address Proof: (any one of the below)

• Electricity bill

• Driving Licence

• Passport

• Telephone bill

• Last two months’ bank statement

• Ration card

• Voter ID

3. Income Proof: (any one of the below)

• Payslips for the past few months

• Latest Income Tax Return statement

• Form 16

4. Age Proof: (any one of the below)

• Birth Certificate

• Tenth standard school certificate

• Voter ID card

• Passport

5. Other Documents

 

• Form 60 (in case you do not hold a PAN)

 

 

Remember, the documentation depends on your issuer and, as such, is subject to change. To avoid any hassles, check with the issuer before you apply.

• Step 2: Sanction/Approval 

Once you apply, the issuer will approve or sanction your loan application based on your eligibility.

• Step 3: Disbursement

After approving the loan application, the issuer will transfer the loan amount to your preferred account. You can use the funds as you like.

• Step 4: Repayment

The repayment of these loans is very similar to that of a personal loan. You do it in monthly instalments that are generally added to your credit card bill. However, this may vary depending on the issuer. 

 

Some issuers also offer you an interest-free repayment period, usually up to 50 days. In some cases, your credit card limit will be blocked, which the issuer will restore upon repayment.

• Call the Customer Support Team

You can find your issuer’s customer care number on your monthly statements or even on their website. Some issuers may have dedicated support for such queries, which you can find on their portal. Once you have the information, call the number to begin your application.

• Use the Issuer’s Mobile Application

Most credit card issuers have a mobile application that allows you to avail of various services. The same holds true for a loan on a credit card. To apply, simply open the application and navigate to the account, features, or services section and start the application process. 

• Send an SMS or Give a Missed Call

In addition to the above, issuers offer the facility of applying for a credit card loan via an SMS or a missed call. The contact details for these are generally available on the issuer’s portal. 

 

Once on the website, you can get the number and send in the SMS as mentioned or give a missed call. A representative will get in touch to further process your application.

 

Remember, to apply online you will need to ensure your card is registered for net banking. If you want to apply offline for a loan against a credit card, visit your nearest bank branch. After your request is submitted, the issuer will verify and process it. 

 

Upon approval, the approved amount will be transferred to your account. The fund transfer usually takes place within a few days or even hours in some cases. In case you opt for a demand draft mode of transfer, the demand draft delivery can take longer. 

 

You can check with your issuer to know the estimated disbursal timeline and plan your finances accordingly.

 

You can find a range of credit cards from reputed issuers on Bajaj Markets who offer these facilities. Compare credit card features with ease on the app or website and apply online in minutes.