Credit Card users may take instant hassle-free personal loans. Credit Card companies provide credit limits to the customer. As a customer, you can convert your credit limit to a personal loan. A personal loan against a credit card comes with a lower document requirement.
This is a one-click personal loan solution that completes urgent cash needs. A personal loan will instant credit to an individual’s account immediately.
Personal Loan Against Credit Card
| Loan Amount | Depend on Credit Limit |
| Rate of Interest | 11.88% to 18% APR |
| Repayment | 12 to 60 months |
| Eligible Customer | Only Credit Card Users |
Benefits of Personal Loan Against Credit Card
Personal loan against credit card has different features that are listed below:
Instant Solution: Whenever you are applying for a loan against a credit card, this is an instant solution without must trouble.
No Documents Process: A personal loan against your credit card is a zero documents process as this loan is available on behalf of your credit limit.
Low Processing Charge: The loan you will get at lower processing fees.
Flexible Loan Tenure: Individuals may take personal loans on credit card duration of 12 to 60 months.
Direct Credit: Your pre-approved credit limit will be credited to your bank account in just one click.
Comfortable Interest: The rate of interest is much lower which is 11.88% to 18% per annum.
Personal Loan Against Credit Card Eligibility
- Only available for existing credit card users.
- Credit card bill payment must be on time.
- CIBIL score must be good (730+ or above).
Documents Required for Loan Against Credit Card
A personal loan on behalf of a credit card is a zero documentation process. As you have a credit card with a decent credit limit. But if you need to provide basic KYC documents, you can follow the lists:
- Proof of Identity: Aadhaar Card / PAN card
- Proof of Address: Voter Card / Aadhaar Card / Passport
- Recent passport photo
Also Read: Instant Pre-approved Personal Loan
Personal Loan Against Credit Card Interest & Charges
| Rate of Interest | 11.88% to 18% APR |
| Processing Fees | Up to 2% |
| Late Fee | Bank will decide |
How to Get a Personal Loan Against Credit Card
- Go to your existing credit card user’s official website.
- Log in through your net banking.
- Take your pre-approved credit limit and convert it to monthly EMI.
- Select monthly EMI and loan tenure.
- Provide your basic documents if required.
- Now, all process is complete. It will take 24 to 48 hours to credit the loan to a bank account.
Also, you may check your credit card user application for pre-approved loan offers. Some banks such as SBI, HDFC, and Axis Bank provide pre-approved loans against credit cards.
FAQs on Personal Loan Against Credit Card
What is a personal loan against a credit card?
The existing credit card users may obtain for personal loan on behalf of a credit limit. This credit limit will decide on credit score, credit card bill payment, and other important factor.
How much loan can I take from a credit card?
This will decide on your credit card limit. Let’s say you have a Rs. 1,00,000 credit limit. So, you may borrow Rs. 40,000 to Rs. 50,000 loan from credit card. This loan will convert to a personal loan and be paid with monthly EMI.
Who is eligible for a personal loan against a credit card?
The existing credit card holders are applicable for personal loans against credit cards. They will get the loan based on the credit card limit.
What is the rate of interest on a loan against a credit card?
The ROI (Rate of Interest) will mostly depend on the Credit Card Company. The interest can be 11.88% to 18% APR.