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Personal Loan on Credit Card FAQs

What is loan on a Credit Card?

A Loan on a Credit Card, often known as a Credit Card Loan, permits cardholders to access a portion of their card's credit limit as a loan, which can be repaid in instalments, making it a convenient financial solution.

What are the interest rates and tenures for Credit Card Loans?

Credit Card Loan interest rates and tenures can vary but they generally have shorter tenures and somewhat higher interest rates compared to traditional Personal Loans.

Can I get a loan on my credit card?

Yes, you can get a personal loan on your credit card, subject to certain terms and conditions.

Is it good to take out a credit card loan?

A credit card loan can be helpful for short-term financial needs, but managing repayments responsibly is essential.

What are the risks of a credit card loan?

A credit card loan's risks include high-interest rates, potential debt accumulation, and adverse impacts on credit score if not repaid promptly.

What are the different types of loans on Credit Card?

There are two types of loans on credit cards:

1. Personal Loan on Credit Card Within the Limit (PLCC WTL): In this variant, the loan amount offered will be within your Credit Card limit and you may avail up to 90% of the unused credit limit. The loan amount will be blocked from your available Credit Card limit.

2. Personal Loan on Credit Card Over the Limit (PLCC OTL): In this type of loan, the loan amount offered can be above or below your Credit Card limit. The loan amount will not be blocked from your available Credit Card limit.

Note:

  • The type of loan offered on Credit Card is as per the Bank’s policy and discretion.
  • EMIs and applicable taxes will be billed monthly for both types of Loans on Credit Card.
  • A one-time processing fee and applicable taxes will be billed along with the first month’s EMI.

Which is better: a credit card loan or personal loan?

When comparing a credit-card loan and a personal loan, the better option depends on your needs. A credit card loan is ideal for short-term, quick access to funds, often with pre-approved limits. However, personal loans usually offer lower interest rates and higher amounts. Choose wisely based on repayment capacity, urgency and total cost of borrowing.

What are the other loan types that ICICI Bank offers, besides loan on credit card?

Besides Loan on Credit Card, ICICI Bank offers a wide range of financial solutions to meet diverse needs. These include car loan options for new or used vehicles, personal loan for urgent financial needs, Two - Wheeler Loan for purchasing bikes or scooters, and Education Loan to support academic pursuits in India or abroad.

What is the interest rate and tenure for this loan?

The interest rate and tenure for a loan on a credit card vary based on your spending habits, repayment history, and overall credit profile. Banks assess these factors to offer personalized rates and flexible.

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