+91 70111 97831
  • About us
    • Data Analyst Team
    • Magazines Sections
    • Editorial Team
  • Advertise with us!
  • Business review
  • Guest writers
    • Guest Contribution
  • Subscription
  • Career
  • Testimonials
  • Contact us
Friday, February 3, 2023
International Magazine
Business Connect | Best Business magazine In India
Upcoming Event
  • News
  • Magazine
  • Interior Design
  • Press Release
    • PR Enquiry
  • Success Stories
  • Latest Edition
  • Launchpad
  • Blogs
  • Testimonials
No Result
View All Result
  • News
  • Magazine
  • Interior Design
  • Press Release
    • PR Enquiry
  • Success Stories
  • Latest Edition
  • Launchpad
  • Blogs
  • Testimonials
No Result
View All Result
Business Connect | Best Business magazine In India
No Result
View All Result
Home Guest Posts

How To Apply for A Credit Card Loan in India

Anurag Tiwari by Anurag Tiwari
December 17, 2022
in Guest Posts
How To Apply for A Credit Card Loan in India_Business Connect India

How To Apply for A Credit Card Loan in India_Business Connect India

Share on FacebookShare on Twitter

How To Apply for A Credit Card Loan in India?

As per stats released by the Reserve Bank of India, out of the total credit availed in the non-food sector for FY 2018; personal finances acquired a sizable share of 96%. Given the popularity of this advanced type, it is evident that a big chunk of Indians seeks substantial liquidity.

While various financial institutions provide these personal finances on meeting specific eligibility, credit card holders do not need to go through such hassles. These payment cards issued by reputed financers also come with the facility of a credit card loan.

A type of personal advance, loan on credit cards is a specific feature that allows individuals to meet their big-ticket funding requirements with ease. Individuals owning these cards can thus apply for a loan against the card with their respective financial institutions.

Before going into the application process of a credit card loan, here’s a quick overview of this facility.

Loan on credit card – An overview

A loan on a credit card is an advance extended against the cash limit available with the card. You must identify specific reasons to opt for a loan on a credit card to decide on the loan amount. The amount you can avail, however, depends on the unused limit of credit within a billing cycle.

Understand it with the help of an example. If the credit limit of your card is Rs.80,000, and its cash withdrawal limit stands at 20%, a loan of up to Rs.16,000 can be obtained (i.e. 20% of Rs.80,000.) Further, loan availability on credit cards also varies as per one’s utilisation of available credit limit. Thus, if you have utilised up to Rs.65,000 of the total credit limit, your cash and credit limit will reduce to Rs.15,000, thus affecting the loan availability (Rs.80,000 – Rs.65,000.)

Availability of instant cash thus simplifies one’s need to avail funds in a lump sum immediately. Such loans thus extend credit card use beyond just day-to-day transaction requirements.

Now, take a look at the process to apply for a loan on a credit card.

Steps to apply for a loan against credit card

As you already have met the necessary eligibility criteria required by your financer and have access to the credit limit, meeting any additional eligibility is not required. You can directly contact your card issuer for the advance.

Thus, the steps to apply for a credit card loan include the following.

Step 1 – Go to the official website of your card issuer.

Step 2 – Log in to your account with provided username and password.

Step 3 – Enter the number of your credit card against which you want to avail advance.

Step 4 – Opt for the loan facility available for your card.

Loans against credit card offer among the shortest turnaround as there are no documentation and eligibility verification processes involved. Alternatively, you can also approach the nearest branch of your financial institution to apply for the credit card loan.

Now, take a look at other essential features of the loan that make it a suitable funding option. Availing these loans and utilising their accompanying features is one of the ways to use your credit card wisely.

A quick look at the features of a loan against credit cards

  • Pre-approved limit

Some of the best credit cards in India come with a pre-approved loan amount based on its credit limit.

  • Access to instant finance

The quick and hassle-free process of application and disbursal makes the advance instantly available if the need be.

  • Interest-free advance for up to 90 days

Individuals can avail and utilise the finance for up to 90 days without paying any interest to the lender.

This unique credit card use thus makes the payment instrument a must-have to fulfill immediate liquidity requirements.

Plus, although charges are applicable for the processing of such a loan, with payment cards like the Bajaj Finserv RBL Bank SuperCard, the processing fee stands at flat 2.5% of the loan amount. It thus makes availing these advances affordable too.

Additionally, Bajaj Finserv also makes financing quick, convenient, and help save applicant’s time via their pre-approved offers. You can avail of these offers on several financial products, which also include personal loans, business loans, home loans, etc. All you need to do is provide a few essential details like your name and contact number to check your pre-approved offer.

As for loans against credit cards, it is essential to select a card issuer carefully to make the most of these benefits. Also, take care to check other credit card features like interest-free cash withdrawal from ATM, convenient repayment, and more to choose the right credit card and maximise its utilisation.

Previous Post

5 Things to do Immediately if your Debit Card or Credit Card is Lost

Next Post

COVID-19 PANDEMIC- NEO CHALLENGE FOR INDIAN REAL ESTATE SECTOR

Related Posts

How to Find Good Companies to Invest?
Blog

How to Find Good Companies to Invest?

by Anurag Tiwari
February 2, 2023
0

How to Find Good Companies to Invest? The one spot all solutions - can always be known as the stock...

The Need for Automated HRMS for Modern-day Workforce
Guest Posts

The Need for Automated HRMS for Modern-day Workforce

by Anurag Tiwari
January 18, 2023
0

The Need for Automated HRMS for Modern-day Workforce Human Resource Management System (HRMS), is an automated software that amalgamates all...

Winning ten million hearts and blessings through entertainment: The Tale of The Sevengers, a group of foregoing comedians!

Winning ten million hearts and blessings through entertainment: The Tale of The Sevengers, a group of foregoing comedians!

January 17, 2023
Authentic talent is appreciated far and near: Story of Sevengers Ki Sena, the sole reason for millions of people's euphoria

Authentic talent is appreciated far and near: Story of Sevengers Ki Sena, the sole reason for millions of people’s euphoria

January 17, 2023
The Sevengers, surpassing all odds to become one of the brightest constellations in the media universe: A story of India's own youth!

The Sevengers, surpassing all odds to become one of the brightest constellations in the media universe: A story of India’s own youth!

January 17, 2023
Ideas and Aspirations are the first two steps towards Success: The CEO, Aashish Bhardwaj's unheard tale of triumph

Ideas and Aspirations are the first two steps towards Success: The CEO, Aashish Bhardwaj’s unheard tale of triumph

January 16, 2023
Next Post
COVID-19 PANDEMIC_ NEO CHALLENGE FOR INDIAN REAL ESTATE SECTOR_Business Connect Magazine

COVID-19 PANDEMIC- NEO CHALLENGE FOR INDIAN REAL ESTATE SECTOR

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent News

Farewell to a Cinematic Legend: K Viswanath, 92, Honored with Dadasaheb Phalke Award, Dies

Farewell to a Cinematic Legend: K Viswanath, 92, Honored with Dadasaheb Phalke Award, Dies

February 3, 2023
TATTVAM & CO.

TATTVAM & CO.

February 3, 2023
Explained: How Chat-GPT Works and Why It's Bigger Than You Think

Explained: How Chat-GPT Works and Why It’s Bigger Than You Think

February 3, 2023
EzeePay

EzeePay

February 3, 2023

Recommended

GMN HEALTHCARE | Business Connect

GMN HEALTHCARE PRIVATE LIMITED

July 1, 2020
Round 1: This group made the highest bid of INR 8,640 crore to acquire Reliance Capital

Round 1: This group made the highest bid of INR 8,640 crore to acquire Reliance Capital

December 22, 2022

Most Popular

Farewell to a Cinematic Legend: K Viswanath, 92, Honored with Dadasaheb Phalke Award, Dies
News

Farewell to a Cinematic Legend: K Viswanath, 92, Honored with Dadasaheb Phalke Award, Dies

February 3, 2023
TATTVAM & CO.
Cover Story

TATTVAM & CO.

February 3, 2023
Explained: How Chat-GPT Works and Why It's Bigger Than You Think
Blog

Explained: How Chat-GPT Works and Why It’s Bigger Than You Think

February 3, 2023

Business Connect is a business magazine whose name is derived from Business Community which connects entrepreneurs, executive officers and VCs. With a mission to have one of the highest readership figures of senior-level executives and investors in India, Business Connect brings its edition on monthly basis.

Follow Us

Recent News

Farewell to a Cinematic Legend: K Viswanath, 92, Honored with Dadasaheb Phalke Award, Dies

Farewell to a Cinematic Legend: K Viswanath, 92, Honored with Dadasaheb Phalke Award, Dies

February 3, 2023
TATTVAM & CO.

TATTVAM & CO.

February 3, 2023

Contact Information

Address: 807, DDA 2, District Centre, Janakpuri West, New Delhi-110058

Phone Number: +91-11-41065208, 42636209

Mail: abhishek@businessconnectindia.in / events@businessconnectindia.in / info@businessconnectindia.in

  • About us
  • Why us
  • Healthcare
  • Guest writers
  • Career
  • Contact us

© 2020 All Rights Reserved by Business Connect India

No Result
View All Result
  • News
  • Magazine
  • Interior Design
  • Press Release
    • PR Enquiry
  • Success Stories
  • Latest Edition
  • Launchpad
  • Blogs
  • Testimonials

© 2020 All Rights Reserved by Business Connect India