Loan on Credit Card - Get Instant Personal loan with credit card online | HDFC Bank (2024)

FAQs

Can I get Personal Loan using credit card? ›

You can avail a Personal Loan on Credit Card at a lower interest rate, starting at 13% per annum with a flexible tenure of up to 60 months. The interest shall be at a rate indicated by ICICI Bank to the card member at the time of extending the offer for the Facility.

The Loan approval process at ICICI Bank is simple, quick and instant. Once a customer's Personal Loan is approved, it takes only 3 seconds for the amount to be disbursed into your Account.

You may see an offer for a credit card loan on your online account or the bank's mobile app. To apply, you'll need to select your desired loan amount and review your repayment options. The amount you can borrow depends on your available credit, monthly spending habits and creditworthiness, among other factors.

Eg: If your Credit Card limit is Rs.1,50,000/-, your loan limit can be Rs.1,20,000 (limit depends on various criteria). If you have already spent Rs.50,000 then the maximum loan amount that you can get will be Rs.1,00,000/- which will be blocked against your remaining limit. 2.

It streamlines your financial situation, enabling you to concentrate on a cost-effective repayment strategy. You can easily convert your credit card debt into a personal loan.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

Your credit limit is the maximum, in total, you can borrow on your credit card at any one time. Your credit limit is usually based on your credit score and individual circ*mstances. Just like your credit score, it can go up or down over time.

Can I transfer money from a credit card to my bank? It's definitely possible to transfer money from a credit card to a bank, but that doesn't mean doing so is a financially savvy move. For starters, there are always fees involved in using a credit card to access cash, and these fees are incredibly difficult to avoid.

A Loan against Credit Card is a pre-approved loan. It requires no documentation and processing and the funds are instantly disbursed into your account. For example, if you are an HDFC Bank account holder, you can check if you are eligible for a Loan against Credit Card by logging on to your NetBanking account.

Refinancing with a personal loan

Consolidating several cards and loans into a single personal loan could help you lessen the amount of time you give to managing personal debt.

Can I convert my credit card balance to a loan? ›

Yes, you can convert your credit card debt to a loan by using the money from the loan to pay off your credit cards. Many banks, credit unions, and online lenders offer debt consolidation loans, which are designed to pay off multiple balances, thus combining the debts and allowing for one payment per month.

Can you pay a loan with a credit card? Yes, you can pay a loan with a credit card, but it's usually less convenient and comes with extra fees. If you can afford to make your loan payment from your bank account, that tends to be the better option. Hardly any lenders accept credit card payments.

If your lender allows it and you are given enough of a credit limit, you may be able to pay a portion of your entire balance of your home, car or student loans with a credit card. Federal student loan issuers, however, are restricted by the Department of Treasury from accepting credit card payments.

While they may be a convenient option when you're in a bind, cash advances aren't a good idea generally. Because it's an expensive way to get money, it's best to avoid borrowing money from your credit card if possible.