Personal Loan on SBI Credit Card

Some day or another, we all fall into financial crisis where we start searching for credit solutions at lowest interest rates. Looking at such a concern, SBI offers personal on credit cards. Undoubtedly, credit cards have made our lives easy and convenient by bridging the gap between our limited income and infinite expenses. SBI offers several credit cards to meet every specific lifestyle needs of individuals like traveling cards, shopping cards, and fuel cards.

There are endless uses of credit cards starting from cashless transactions, unending shopping, and reward privileges on every spent. There are infinite benefits of holding SBI credit card and getting a personal loan on SBI Credit card is one of the privileges offered to the cardholders. Personal loan on credit cards is somewhat similar to usual loan schemes, though, the bank gives instant approval to loan request on credit cardholders and doesn’t demand for any documentation formality. However, the approved loan amount depends upon individual’s credit history with the bank.

Often people confuse themselves with loan and cash withdrawal limit against credit card, but, both are different. There comes a time when we need funds on urgently basis to deal with the situation, during such circumstances SBI bank offers instant personal loan to credit card holders with quick disbursement of funds at lower interest rates. Approved loan amount is offered in form of a demand draft or is directly credited to applicant’s bank account. Such type of loan is also known as pre-approved loan on credit cards.

Advantages of loans on credit cards:

·         Credit card personal loans are pre-approved and falls under the category of unsecured loans, still, an applicant doesn’t need to submit any documents or security against the loan

·         Cardholders can easily and conveniently cope up with situations when they need financial support on urgently basis

·         Quick and instant disbursement of approved loan amount

·         Lower rate of interest on loan amount

·         No guarantor or collateral security is required

·         No need of submitting post-dated cheques

Personal loan on credit card eligibility criteria:

·         An applicant should be an existing or new credit card holder of the same bank

·         An applicant should have a credit card account to apply for personal loan

·         An applicant should have a good credit history and good credit repayment record with the bank

·         An applicant should have a high and improved income than before

Quantum of loan:

The quantum of credit card personal loan depends on individual’s available credit limit. Some borrowers can get personal loan offer above the credit limit due to their good credit repayment record with the bank.

Log on to https://www.applykaroo.com/personal-loan and check your eligibility for a personal loan.