There are various options available to fulfill your need for cash. When in need of financial assistance, banks are the best platform and they have a variety of ways to help you. It would not be wrong to say that loans come as the best method to fulfill your financial needs. Among loans, currently many banks and fintechs are offering insta loan services and here, a credit card is a big help. 

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Unlike other unsecured loans, credit cards come with a massive advantage – the interest-free period. All banks offer interest-free periods on their credit cards – meaning, if you manage to clear the entire outstanding balance on your card before the interest-free period every month, you aren’t charged interest!

Here’s a list of some attractive credit card loans offered by major lenders like SBI, ICICI Bank and HDFC Bank.

SBI’s Encash:

Encash is a pre-approved, money- on- demand facility, which is offered to a select set of SBI credit cardholders. The Encash amount that a cardholder would be eligible for can be over and above the existing credit limit or within the existing credit limit on the card. The funds will be transferred to your account instantly within 48 hrs or via payable-at-par cheque.

The minimum booking amount for Encash is Rs 10,000, which may vary in case of specific offers. The maximum booking amount is based on the offer on your account.

You can log in to your SBI Card online account to check the applicable interest rate on your pre-approved Encash offer. You may also call the SBI Card helpline to get this information.

At the time of booking, a processing fee of 2% of the Encash amount will be charged. The processing fee can be a minimum of Rs 499 up to a maximum of Rs 3,000. Applicable Taxes would be charged extra on this amount.

You can book Encash for a period of 12, 24, 36 or 48 months. The available tenures may vary with respect to time and offers. 

HDFC Bank insta Credit card loans:

This pre-approved loan instantly credits the required amount to your HDFC Bank Savings account, or given to the applicant via a Demand Draft, drawn in favour of the applicant's name as per HDFC Bank Credit Card records.

The HDFC Bank InstaLoan doesn't require any paperwork or documentation.

Here's how you pay low EMI on this HDFC Bank insta loan.

Above EMI table is for Indicative purpose, calculated at Rate of Interest @ 1.25% per month. (Image source: HDFC Bank)

Interest & other applicable charges are levied on the balance outstanding.

ICICI Bank Credit card loan:

Personal Loan on Credit Card is a service through which ICICI Bank provides Loan to select ICICI Bank Credit Card customers based on their spends, transaction pattern and payment history.

Customers who have had a good track record with us with respect to their Credit Card spends, transaction pattern and Payment history become eligible for Personal Loan on Credit Card from time to time, depending on the internal policies of the bank.

Fund transfer to customer's account usually takes 3-4 working days. In case customer opts for a demand draft request, the same takes up to 11 working days to receive the draft.

Features:

  • Personal Loan amount up to Rs 10 lakh
  • Flexible tenure of up to 60 months
  • Attractive Interest rates
  • Minimum documentation
  • No guarantor or Post-Dated Cheques required

Hence, if you are planning to avail credit card loans then you might want to refer the above mentioned offers.