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How To Apply For A Loan On Credit Card

By Author: Neha Sharma
Total Articles: 105

Taking a loan against your credit card is a kind of a personal loan and you can easily apply for one. Loan against a credit card is one of the most convenient and easiest ways of taking a loan, as you do not need any form of documentation to get it approved. However, the only difference between taking a loan against credit card and a personal loan is that a personal loan takes a few days to be approved, whereas a loan against credit card is pre-approved. Apart from this, there are a few things, which you should know about, before applying for a loan on credit card.

Eligibility for applying for loan against credit card
Before you decide to purchase a loan against credit card, make sure that you know about the eligibility. The eligibility for applying for a loan against a credit card is:

• It is mandatory to have a credit card account to get your loan approved
• It is a better option to be high-level income employee, as this can help you transfer your credit card from silver to gold very easily. This transition can improve and highly increase your loan eligibility
• Banks generally offer loans against credit cards for new as well as existing customers. However, sometimes, different banks have different rules so it is better to talk to your bank before finalizing your decision.
• You must have an impressive credit score, as your credit score will determine your chances of getting your loan approved. As long as you have a high credit standing and a good record of credit repayment, you will get your loan as you wished.

Necessary documents needed for a loan against credit card

You do not really need documentation if you are applying for a loan against your credit card, because you will already be submitting your documents when you apply for a credit card. Without a valid credit card, you can never apply for a loan against it. Generally, you will have to submit the following documents to the bank when you apply for a credit card:

• Identity proof such as PAN card, AADHAR card, Voter ID card, Passport, driving license etc. (any one of these)
• Salary slips of the previous 3 months for salaried employees
• People, who are self-employed need to submit their PAN card and an attested copy of their Income Tax Return (ITR)
• Address proof copies such telephone bill, electricity bill, passport, driving license etc. (any one of these)
• Recent passport size photographs
• A copy of your office ID card, if you are a salaried employee

How can I apply for a loan against my credit card?

If you are interested in applying for a loan against a credit card, then do not worry because the process is very simple. As long as you have a valid credit card of your own, you can apply for it anytime you want. You will simply have to visit your bank branch and let the bank employees know about your intention of taking a loan and then they will do the rest. You can also call on their customer care number and get it done through phone banking.

Taking a loan on credit card does not just help you with your finances; it can also provide you with many financial benefits. So consider applying for the same today!

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