A Personal Loan on Credit Cards is an ideal solution for those who need quick access to funds, utilizing the existing credit limit on their credit cards. It offers a convenient, fast, and flexible way to borrow money for short-term needs such as emergencies, travel, or home improvements, without applying for a separate loan. Unlike traditional loans, this type of financing requires minimal documentation and offers instant access to funds. With a Personal Loan on Credit Cards, you only need to repay what you borrow, and you can choose between flexible repayment options, making it easier to manage your finances.
| Criteria | Details |
|---|---|
| Income Requirement | Minimum ₹25,000/month income |
| Credit Score | 700+ preferred for better approval and rates |
| Credit Card Type | Must have an active credit card with an available limit |
| Age | 21 to 65 years |
| Feature | Personal Loan on Credit Cards | Traditional Personal Loan |
|---|---|---|
| Loan Amount | Based on available credit card limit | Fixed amount determined by lender |
| Interest Rate | Higher, depending on the credit card issuer | Generally lower, depending on the lender |
| Repayment Period | Flexible repayment (EMI or lump sum) | Fixed EMIs over a set period |
| Approval Time | Quick (usually within 24-48 hours) | Moderate, typically within 1-2 weeks |
| Collateral | Not required | Not required |
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