Loan for Credit Card Payment – Apply Online | ICICI Bank

Credit Cards are a go-to financial tool when it comes to making important purchases. What’s more, they can also help you get a loan. However, it is critical that one manages these loans responsibly, to prevent unwanted debts. Check this blog post to know more about the benefits of taking a Loan on Credit Card, the process of repaying a Loan on Credit Card and replies to other commonly asked questions.

What is a Loan on Credit Card?

A Loan on Credit Card (also known as Credit Card Loan) is very helpful for Credit Card users as it allows them to get funds against their Credit Card quickly. These are different from traditional loans because there is no need to submit fresh documents or undergo a lengthy approval process. The loan amount is directly linked to your Credit Card limit.

How does ICICI Bank’s Loan on Credit Card work?

• These loans are offered to ICICI Bank customers who already have a Credit Card from the Bank. The Bank considers factors like credit history, Card limit and track record of Credit Card bill payments before deciding the eligible loan amount and approving the Loan on Credit Card.

• Once the loan is approved, the amount is credited to your chosen Savings Account.

• The repayment of the loan has to be made in structured EMIs that are added to your Credit Card bill every month.

Benefits of Taking a Loan on Credit Card with ICICI Bank

Taking a Credit Card Loan with ICICI Bank can be quite beneficial if used responsibly. Here's why many users opt for this facility:

1. Zero Documentation

ICICI Bank provides Credit Card Loans that require no paperwork. This is because the loan is based on your current Credit Card’s limit and the Bank already has your KYC details. As a result, there is no need for any paperwork, making the loan approval process faster.

2. Quick Disbursement

For customers who have an offer for such a loan, the approval and disbursement often happen instantly.

3. Flexible Repayment Tenure

ICICI Bank usually offers repayment tenures up to 60 months. You can choose the tenure that fits your budget.

How to apply for a Loan on your ICICI Bank Credit Card

Applying for this loan is very easy. Just log into your ICICI Bank Internet Banking account or the iMobile app. In the ‘Instant Loans / Offers’ section, check for ‘Loan on Credit Card’. Follow the prompts and submit your application. Once approved, the Loan amount will be transferred to your chosen bank account quickly and securely.

How is a Loan on Credit Card repaid?

The process of repaying your Credit Card Loan is simple. This loan is repaid in the form of structured EMIs that are billed to your Credit Card each month. Hence, it is very important to ensure timely payment of your monthly Credit Card bill, which now includes the EMI.

In case you are unable to pay the EMI, your bank might levy interest on the unpaid balance as per their Credit Card interest rates. This will not only increase your dues but also affect your credit score. So, always try to pay your Credit Card Loan EMI on or before the due date to maintain a healthy financial profile.

FAQs

How do I apply for a Loan on my ICICI Bank Credit Card?

The Credit Card Loan application process is easy. You can apply via ICICI Bank’s iMobile app or the Internet Banking platform. Check your eligibility & the Credit Card Loan interest rate, choose the Loan amount & tenure and apply online without any paperwork.

Is the loan’s EMI added to my Credit Card bill?

Yes, your monthly EMI is added to your Credit Card bill. You must pay it on or before the due date to avoid interest or late payment charges.

What if I miss my EMI?

If the EMI isn’t paid by the due date, standard Credit Card interest rates will apply. This can significantly increase your total outstanding dues and impact your credit score.