Personal Loan on Credit Card

A guide to getting a Personal Loan from Upwards!

Personal loan on Credit Card

Using a credit card is one of the best ways to get easy access to credit. No matter what day or time it is, simply swiping the card helps you easily manage your expenses. However, when the need for cash may suddenly arise, a credit card may not be of any help. But getting a loan on credit card can certainly be. Personal loan on credit card can be easily availed to take care of untimely financial requirements that may require instant access to funds. Unlike a personal loan, a credit card loan does not require you to submit any documents as the loan is given against the card that is already issued to you. A personal loan on credit card works just like an unsecured loan and is issued based on your spending habits, transaction history and timely payments. This type of loan works just like a personal loan and usually comes with a pre-approved limit up to which can be availed instantly. This loan can be availed by paying the required processing fee along with taxes if any. The credit card loan is a credit to your registered bank account and in case if you need the loan amount in another bank, then a demand draft would be issued on your name.

Features of personal loan on credit card

  • Avail the loan amount for a tenure of 12 months- 60 months
  • Get a personal loan up to Rs. 10 lakh
  • No collateral or guarantor required
  • Affordable interest rates
  • No documentation required
  • Fast processing and quick disbursal
  • Apply through the banks net banking website
  • Flexible repayment tenures

Personal loan on credit card eligibility

  • You should have a card against your name
  • PAN card
  • You should have a good credit card history
  • You should not be having outstanding credit

Documents required for a personal loan on credit card

Usually, when opting for a personal loan on credit card banks do not require any documents. However, since this loan can only be availed by a credit cardholder, below are the documents you will have to submit when applying for a credit card.

  • Identity proof such as passport, PAN card, driving license
  • Address proof such as Aadhar card, utility bill, etc.
  • Recent passport size photographs
  • Last 3 months salary slip, in case of salaried employees
  • The latest copy of the ITR
  • Passport size photograph

Personal loan for Credit Card FAQs

What are the documents that need to be submitted when applying for a personal loan on credit card?
You don’t have to submit any documents when applying for a credit card loan. You will only have to submit the documents at the time of applying for a credit card.
Do banks check credit history when issuing a personal loan on credit card?
Yes, banks do check your credit history when issuing a personal loan on credit card. Generally, banks offer this type of loan to customers with a credit score of 750 and above.
Can I get the credit card loan only up to the credit limit issued?
No, the loan amount usually differs and is generally 2-3 times higher than that of the issued credit limit.
Can I withdraw the money from my credit card?
Yes, you can withdraw the money from your credit card. However, this would generally attract a high rate of interest and penalty which is generally higher than that of a personal loan or loan availed against a credit card.

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