A New Type of Credit Card Loan Available Only Online
A credit card consolidation loan might enable you to pay off your debt more quickly. For example, if you have credit card balances with an average 40% APR, you can apply for a no-fee debt consolidation loan with an average flat interest rate of 1 to 2% APR. By doing this, you will not only save a lot on APR in interest charges but also help yourself clear your pending debt and plan more efficiently for any other future investments. With credit card consolidation loan from iServe, you can pay off your existing high interest credit card debt and consolidate it into a single monthly payment with a lower rate of interest, thus helping you improve your credit scoring as well.
Why Credit Card Loan from My Mudra FinCorp
Apply for a loan today; get the money as soon as tomorrow
Transparent and hassle free Online
Application & Instant Approval
MyLoan MyWay! Flexibility to plan, avail &
repay as per your choice and convenience with
Easy & Safe Online Application &
Take the disbursement of loan as required
during the requirement period.
Flexi loan: pay interest only on used
loan amount rather than the entire
sanctioned loan amount.
Over Draft and EMI free loan options
No prepayment, no foreclosure charges,
no guarantor required
Option of step up or step down EMIs
Why Credit Card Loan from My Mudra FinCorp
- Apply for a loan today. get the money as soon as tomorrow
- Transparent and hassle free Online Application & Instant Approval
- MyLoan MyWay! Flexibility to plan, avail & repay as per your choice and convenience with various options.
- Easy & Safe Online Application & Instant Approval
- Take the disbursement of loan as required
during the requirement period.
- Flexi loan: pay interest only on used loan amount rather than the entire sanctioned loan amount.
- Over Draft and EMI free loan options
- No prepayment, no foreclosure charges, no guarantor required
- Option of step up or step down EMIs
How It WorksSimple procedure, multiple repayment options makes it more personal than a personal loan! That’s why we call it Your Loan Your Way!
Checking your loan eligibility to online loan application to disbursal can be executed within 12 to 48 working hours.
CHECK ELIGIBILITY AND APPLY ONLINE IN MINUTES BY PROVIDING BASIC DETAILS
We have simplified the loan application process. You can quickly apply online and get the decision from us within few minutes.
GET INSTANT APPROVAL
After submission of a duly completed online application form, you can get an instant approval.
UPLOAD THE REQUIRED DOCUMENTS
Post the loan is approved; you need not submit the hard copies of your documents. You can simply upload them online
COMPLETE THE DISBURSAL FORMALITIES
Post uploading the documents , we will help you complete the disbursal formalities either online or offline, as required.
GET MONEY IN YOUR ACCOUNT
Once your loan is disbursed, we will get your money credited into your account.
Begin repaying the loan through EMI by giving a mandate to your bank.
More Reasons to Take a Credit Card Closure Loan from My Mudra FinCorp
Read More about Credit Card Loan from My Mudra FinCorp
What is a Credit Card Loan?
A credit card is an easy and smarter way which allows people to buy items without cash. If you are using a credit card that means bank will first pay on your behalf, then bill you for the outstanding amount. Credit cards are beneficial and rewarding. Your credit cards offer convenience, allowing you to make purchases without the need to drag around bags of cash. With interest-free periods that last almost a month, credit card can also be safely used to provide short-term liquidity.
Credit card loan is a kind of personal loan. This loan serves many useful purposes, including the ability to pay when you don't have cash on hand, you never know when the need for cash may suddenly arise, and when it does happen, it can get quite stressful. With just a swipe credit card will let you pay for the things you need. You then wait for your credit card statement and pay off the amount you’ve obtained on your card. Loan on credit cards are different from the typical cash withdrawal facility that all credit cards have.
Loan against credit card is also a kind of personal loan which is already pre-approved and so the interest charged on loan against credit card is slightly higher. This type of loan helps you to resolve your critical financial needs. Generally, banks offer loan against credit card for both new and existing customers. But, banks like HDFC offer it for the existing HDFC Credit Card holders only. If you are using a credit card, you can easily apply for an instant loan against credit card.
Why Take a Credit Card Loan?
Some key factors are given below which allow you to take a credit card loan:
- These loans are ideal for short-term expenses and for small purchases that you can pay off in a month.
- It can be used for all offline and online purchases throughout the world and at any given point of time.
- It provides small dept consolidations so you can transfer high-interest rate credit card balances to a single card with a lower annual percentage rate(APR) and save money on monthly finance charges as you pay down your debt.
- It comes with the verity of reward programs so you can earn reward points while shopping or retail purchases.
- If one pays complete amount spent within the due date, you will not charge any interest. This means that a credit card extends an interest-free loan for 45 days so you can be able to pay back within the interest-free introductory period.
- It is consider as a convenient option if you need a constant cash flow.
Features and Benefits of Credit Card Loan
Credit Card Loan provides plenty of features and comes with desirable benefits:
Features & Benefits:
- Loan on credit card is similar to a personal loan with the advantage that there is no documentation involved as it is pre-approved. So disbursal is quick.
- Processing fee will be charged which would be a minimum of a particular sum or a percentage of the loan amount.
- The repayment will be in monthly instalments and there would be a prepayment facility too with a charge on prepayment. The EMIs will be paid to the credit card every month.
- The loan can be for a maximum tenure of 24 months with chunks of 6, 12, 18 and 24 months.
- The rate of interest will be dependent on the type of card i.e. gold, silver and platinum and the credit profile of the customer. So managing your credit score and your credit history is key as the rate of interest quoted will take into consideration those factors.
Eligibility Criteria of Credit Card Loan
Most credit card loans are unsecured and do not require any deposit for the loan. Hence, these loans are offered only to selected cardholders. Issuers have strict eligibility criteria when it comes to conceding a credit card loan. The customer should have an excellent credit history, a good purchase and repayment pattern to be able to apply for this loan as well as who have had a good track record with us with respect to their Credit Card spends become eligible for Personal Loan on Credit Card from time to time, depending on the internal policies of the bank.
The amount of loan on the credit card is dependent on the credit limit on the card which in turn is dependent on your income, repayment history and credentials. The amount of loan generally leans to be higher than the cash withdrawal limit. Most of the banks will block the cash withdrawal limit. So if the loan taken exceeds the cash withdrawal limit, your card cannot be used to withdraw any cash until the time the loan amount falls below the cash withdrawal limit. Also, banks can block the credit limit on the card to the level of the outstanding loan amount.
Documentation of Credit Card Loan
No documentation is required for credit card loan. Generally, some bank asks for the self-attested copies of income documents (Payslip/Form 16, Income Tax returns etc) and KYC documents (photo id proof and address proof) of the applicant. Availability of PAN number is mandatory.
Interest Rate of Credit Card Loan
You can take a loan on credit card for interest rate that is little higher than a personal loan (18%-22%), while interest rate for cash withdrawal on credit card would be in the region of 25% to 40%. Interest-free loan – If one pays complete amount spent within the due date, he is not charged any interest. This means that a credit card extends an interest-free loan for 45 days.
How to Apply for a Credit Card Loan
Before going for credit card loan you need to be aware about how to apply for a credit card loan? The process is simple as well as hassle free. All you have to do is just follow these simple steps:
- The first step is to collect all the information from various sources available.
- Once you have gathered all the information, choose the bank which suits you best as per your requirements.
- Apply for the loan either online or offline and keep all the documents ready (if applicable).
- Calculate the EMIs according to your loan amount and proceed further.
- You can even directly visit the bank branch fill the application form for loans on credit card.
- It will take around 4-5 working days for banks to disbursal your loan.
- Once the loan is sanctioned, you will receive a promissory note from the bank which they will ask you to sign.
- Read the documents properly and also check the repayment clause before signing any document.
- In most of the cases banks either directly credited in to your saving account or cheque will be deliver within 3 working days.
Fees and Charges of Credit Card Loan
Loan processing fees, pre-payment, late payment charges and pre-closure charges of credit card loan may vary with the bank to bank, these charges are as follows:
- Loan processing fees :
Before processing your loan, the bank will ask you to pay a small amount called processing fee. This fee is non-refundable and is between 1-2% of the total outstanding principal.
- Pre-payment charges :
As per RBI’s guidelines, banks will not charge any prepayment penalty. However, some banks still charge some amount to end your loan earlier than your tenure but there are no pre-payment charges on credit cards letting you close it anytime you hold surplus cash.
- Late payment charges :
Bank will also charge some penalty in case of late payment of your EMIs. Make sure you pay your EMIs on time.
- Pre-closure charges :
The loan once approved, it can only be pre-closed. Pre-closure of the loan, a charge, currently 2-3% of the balance principal outstanding will be applicable.
Top 5 Banks Provide Credit Card Loan
You can get easily instant loan on credit card. Here we are providing you top 5 banks list which offers instant loan on credit card in India:
- Standard Chartered Loan on Credit Cards:
Standard Chartered offers up to Rs. 500,000 as a loan on credit cards. With interest rates starting at 1.17% per month and flexible tenures ranging up to 60 months, Standard Chartered personal loans on credit card is one of the most required financial products.
- HSBC Loan on Phone :
HSBC offers loan on phone, customers will be able to switch the expensive payments to easy instalments with low-interest rates. Any purchase amount starting from Rs.2000 can be changed to EMI through just a call.
- Kotak Mahindra Bank Personal Loan on Credit Cards :
You can get the benefit of instant cash at low-interest rates and zero documentation with Kotak Mahindra’s personal loan on credit cards. This loan on credit card is easy to apply, hassle-free and is also disbursed quickly.
- ICICI Personal Loan on Credit Card :
ICICI offers Cash-in select scheme to their customers based on their performance on ICICI credit cards. Customers can get loans up to 5 lakhs with multiple tenures ranging up to 36 months.
- IndusInd Bank Loan on Credit Cards :
IndusInd credit cardholders have a pre-approved loan amount depending on the credit card limit. Card holders just have to apply to instantly receive cash. Also, high-value credit card purchases can be directly converted into flexible monthly instalments.
Compare Loan on Credit Cards from Different Banks
|Banks||Loan Amount (In Rs.)||Tenure||Disbursal Mode||Interest Rate|
|HDFC Bank||50,000 - 5,00,000||12 - 48 Months||Instant||1.25% per month|
|ICICI Bank||Up to Rs.10,00,000||60 Months||Disbursal takes 3 - 4 working days||Depends on the amount and credit history|
|Axis Bank||As per schedule||12 - 48 Months||Credited to Axis Savings Bank account||Attractive rates of interest|
|SBI||It depends upon credit limit on card||12 - 36 Months||Cheque will be deliver within 3 working days||It depends on type of card and credit profile of customer|
|IDBI Bank||50,000 - 5,00,000||12 - 60 Months||Disbursed quickly||As per schedule of charges|
Why MyMudra Financial?
MyMudra Financial connects customers with over 50 financial institutes. It provides multiple online tools to search compare and analyze different types of loans. We provide our customers with the option to apply for a credit card closure loan. We are among the best credit card loan websites you will come across. The online application process to apply for a loan with us is very simple, hassle-free and requires zero documentation. With easy and fast loan disbursement, MyMudra financial stands out among all its competitors. We offer best interest rates, lowest application fees, highest loan amount, suitable tenure from the best suitable financier. MyMudra financial is one stop solution for all your credit card expenses and provides all the credit card loan offers details available. Here is why you should apply for a credit card loan with MyMudra financial:
- Customer can choose to pay EMI immediately after disbursal or 6 months later, till then they can pay only interest.
- MyMudra financial provide tenure of up to 60 months.
- We offer minimum loan amount of 30,000 and the maximum loan amount of up to Rs 10 lakhs.
- We will help you in comparing all the credit card closure loan interest rates so that you can choose a scheme best suited to you.
- The interest rates you get with MyMudra financial are affordable ranging from 1.5% to 2%p.a at flat.
- One also gets insurance protection along with the loan.
- We provide you with the option of stepping up or stepping down your EMIs.
Here we provide quick and simple steps for your credit card loan:
- Fill out the eligibility application form with valid details which will inform you that you are eligible for credit card loan or not.
- If you are eligible then go for the next step and complete the online loan application form, at the end, you will get the approval from us within few minutes.
- If required upload documents from upload documents online form.
- After approval, you will get money in your account within 2 working days.
FAQ’s About Credit Card Loan
- Why am I being charged a processing fee?
Each bank's processing fee is a simple 1.5%-2.5% of the total loan amount. It is only a one-time payment made along with the first EMI, post which you will have to pay only your EMIs.
- I have excellent credit. Am I guaranteed to get any loan or credit card loan I apply for?
There’s no such thing as a guaranteed personal loan or credit card loan. Your chances of approval may be higher, but be sure to read the provider’s other eligibility criteria to make sure you qualify.
- If I avail of this service, what will happen to my minimum amount due?
As you are converting your transactions into an EMI, your new minimum amount due will include the EMI amount as well.
- What documents do I require to apply for a loan on credit card?
Most of the loans on credit cards are pre-approved. You do not have to submit any documents while applying for a loan on credit cards. It's a total zero documentation process.
- How does credit card debt loan affect my credit score?
The effects on your credit rating can vary widely depending on your situation. However, factors like having a large amount of total debt and/or having a negative payment history if you’re late or miss payments can have a negative impact on your credit score.
- Why do I need to provide details to apply for this Loan?
Under myloan-myway program we offer instant decisions on all the loan applications, which mean we either sanction/reject an application instantly based on the information provided by a loan applicant. Under this program we can offer a personal loan instantly to an eligible individual, meeting the basic criteria to apply for the loan. Therefore, to assess your loan application we need the complete information basis which a loan can be sanctioned in 10 minutes and disbursed as soon as tomorrow.
Customer Reviews and Testimonials
When Customers feel special; they express, here we share their best reviews & testimonials.
My Mudra FinCrop is very proffessional and knowledgable, They really value customer time.I Got my Loan in very quick time. Thank you very much.
Satisfactory as the rate of interest on my personal loan was not as expected. It was slightly higher. A thank you to My Mudra FinCrop and Axis for the loan I received
MyMudra Financial & Fullerton Capital has full fill my dreams in getting my personal loan
Got loan from multiple lenders at one platform only thanks to My Mudra FinCrop Pvt Ltd, got a chance to maintain CIBIL which may have been decreased in open market on applying mult
A big thank you for making this possible MyMudra team. My personal loan amount for Rs. 24 lakh was made possible at an affordable Rate of Interest. Thank you to HDFC bank as well
I am in love with your concept that I did not have to step out for my Persona loan. Will recommend highly
iserve Finanacial Services Pvt Ltd- Loan Service has been helping families for many years. ... We have several options that best fits your personal issues, whether big or small ..
I got spirited service at my door step with in short span of time, Thank you very much My Mudra FinCrop Pvt Ltd.
Thanks to team MyMudra for helping with an easy Personal Loan process.
I was guided from the beginning regarding various options available and best available option was suggested. Even though it has taken a little long time in disbursement of loan.?Bu
I really appreciate the quick service, My Mudra FinCrop Team had fluent communication and coordination with me to disburse my loan amount on time. Thank you Team.
Extremely efficient and impressive service. My Personal Loan from ICICI bank was quickly closed by MyMudra Financial
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Minimum income required to apply for credit card closure loan is Rs. 30 thousand.
Check Eligibility & Apply Online in Minutes by providing basic details.