Credit Card Loans: Consolidation of Credit Card Loans to Personal Loans

Getting loan is an easy task if you have card, Credit Card loans is a trending way for financing. Although the process to apply for card loan is easy, but some complications are there. Having loan approval with bad credit is difficult in 2016 and only fewer options left with this situation. Pre-approved loans on your credit card can be opted if someone is looking for a loan that can be disbursed quickly. There are too many uses of credit card.

Along with special deals and cashless transactions, credit cards can be used to get a personal loan. One can get the personal loan either within the limit of its credit card or even more than it. Remaining the process is quite same as of other personal loans. Issuer of credit card loans will issue you a loan to get it back after a certain period of time with a definite amount of interest rate.

Features of Credit Card Loans

Different credit cards of various banks have their own way and terms to offer the credit card loan. In general, credit card offers the following features for loan borrowers.

–    Loans over the credit card are pre-approved for most of the banks. An individual is not supposed to do any extra and lengthy documentation. Loan will be processed and disbursed at its own.

–    Expense purchases are not supposed to be given at one time. With the help of EMI schemes, you can break the expense into payable installments which you can actually afford.

–    Through EMI or by using Bank Transfer, one can get the loan of another bank by using the different bank credit card. You just need to pay the EMI.

–    Through credit card loan, a bank provides you with an opportunity to take a loan even more than your credit card limit.

–    The guarantor is not required for most of the credit card loans.

–    To apply for credit card loan is quite easy because the applicant will not need further approval.

Eligibility

Since credit card loan does not involve any collateral as it is an unsecured personal loan. However, for surety, issuers need some guarantee that you can actually follow the repayment pattern. For this purpose, you must have a very good credit history and a good purchase.

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Banks Which Offers Credit Card Loans

Credit card loan can easily be availed so most of the people are inclined towards it. Many different banks have offered it since long time, some of them are listed below:

–    HDFC Bank

Insta loan and insta jumbo loan are two different categories. Insta loan is when you want to get a loan within the credit loan while insta jumbo loan offers you to get a loan above your credit limit. To fulfill any of your personal needs like education fee, travel, vacation, marriage, etc. you can avail it.

–    ICIC Bank

Customers with ICIC Bank credit card are selected to offer them a credit card loan. This selection is made on the basis of payment history, spends and transaction patterns. One can take personal loan amount up to 5 lacs. Loan amount is usually transacted to your ICIC Bank savings account.

–    Standard Chartered

Standard chartered is offering any amount up to 500,000 as a loan. Tenures range up to 60 months while interest rate is as low as starting from 1.17%.

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