Financial requirements can come up at any time, and it is essential that you are prepared to face them effectively. One of the biggest support systems that you can have is your savings. After all, you have saved the money as protection against rainy days only, but what if the amount available with you is insufficient. If you are an ICICI Bank Credit Cardholder, you can apply for ICICI Loan on Credit Cards. Under this facility, ICICI Bank allows its customers with an option to apply for an instant loan for their necessary requirements and make the repayments through easy EMIs.

More about ICICI Loan on Credit Cards

Being a premier banking and lending institution, ICICI Bank offers multiple types of Credit Cards for its customers. Depending on their Credit Score, repayment history and spending pattern, the bank offers instant pre-approved loan against certain ICICI Credit Cards. As the name suggests, these are instant loans which do not require any documentation and disbursals are made on an instant basis.

Following are the important features of ICICI Loan on Credit Card: - 
  • Customers can avail maximum amounts of up to Rs. 10 Lakh as an instant loan on Card. 
  • Maximum repayment tenor of up to 60 months is available against this facility.
  • Attractive interest rates, which are much lower than the APR on Credit Card. 
  • Minimal documentation and no need for any post-dated cheques.
  • No need for any collateral or guarantor.
  • Loan amount transferred directly to the customer account through NEFT or RTGS.
  • The option of receiving the loan amount through Demand Draft is also available. 
  • Pre-approved offers keep on changing depending on the credit profile of the customer. 
  • Applications are approved and processed within 30 working days for online transfers. 
  • Demand Draft payment disbursals can take up to 11 days.

Types of ICICI Loan on Credit Card

Different customers have different needs. Therefore ICICI Bank offers different types of Instant Loans to its Credit Card customers.

Personal Loan

You can avail an instant Personal Loan of up to Rs. 10 Lakhs against your ICICI Credit Card for any major financial requirement of yours. It is an instant loan with minimal documentation and quick processing. Money borrowed could be used for any purpose. The repayments have to be paid separately from the Credit Card bill, as a new loan account is created. Maximum repayment tenor available is 60 months.

EMI on Call

With this facility, you can convert any purchase transaction above Rs. 3,000/- into easy EMIs with repayment tenor extending up to 12 months. When you opt for this facility, the entire purchase amount is converted into EMIs, and limit up to the said amount is blocked on your Credit Card. Every month, EMI will be added to your Credit Card bill and should be paid along with. The interest rate applicable on EMI on Call is lower than what is charged against the Credit Card.

Balance Transfer

You can transfer your outstanding dues on another bank’s Credit Card to ICICI Bank and enjoy the benefits of lower interest rates. Maximum repayment tenor available under this facility is 6 months, and no documentation is required.

Instant EMI

Instant EMI is suitable for those customers who like to make purchases online. With this facility, you can convert any online transaction into easy EMIs with repayment tenor extending up to 24 months. The interest rate applicable starts from 13 percent per annum, which is much lower than the APR against the Credit Cards, which can go up to 42 percent. No documentation is required to avail this facility, and ICICI Bank does not charge any processing fees against this facility.

How to apply for ICICI Loan on Credit Card

The application process for availing the facility of an instant pre-approved loan against ICICI Credit Cards is straightforward and can be completed through multiple channels. Following is the application process:

Personal Loan

You can apply for a Personal Loan against your ICICI Credit Card through net banking, mobile app, or customer care helpline.
  • Log-on to your ICICI net banking account with your username and password.
  • Browse to the Credit Card section and select your credit card against which you wish to avail this facility.
  • Now, select the option for an Instant Loan against Credit Card.
  • If you are eligible for a pre-approved loan offer, you will be able to see the amount and other details here. 
  • Now proceed ahead with the application process by selecting the amount, interest rate, repayment tenor, and preferred mode of payment.
  • Check the details and give your confirmation. 
  • Follow the on-screen prompts to complete the process.
  • You will receive a confirmation message and mail from the bank on disbursal of the amount along with other loan details.
  • If you are not eligible, there will be a message displayed on the screen regarding the same. You can still call the customer care center and make inquiries.

EMI on Call

You can avail this facility through net banking, mobile app, or through the customer care helpline.
Steps to apply:
  • Log-on to your ICICI net banking account with your username and password.
  • Browse to the Credit Card section. 
  • Now, select the option for “Convert to EMI.”
  • You will now be able to see different transactions which qualify for this option.
  • Now, select the transaction and repayment tenor as per your choice and click on confirm.
  • You will see a confirmation message on your screen. 
  • Alternatively, you can call the ICICI Bank Customer Care help desk for assistance as well. 

Instant EMI

You can avail the facility of Instant EMI by using your ICICI Card for making payment online. There you will be able to see an option to convert the amount into EMI. Just follow the on-screen prompts and select the repayment tenor to avail this facility.
With multiple benefits on offer, ICICI Loan on Credit Cards, allows you to enjoy a superior user experience along with the regular benefits of plastic cards.

Comfortskillz

Safe Milli

Safe Milli is a graduate of FPI, he studied office technology and management. He is a young enterpreur who loves to share his thoughts on latest technology trends, new business ideas and opportunities, how-tos related topics. You can chat with him on Facebook for enquiry.

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