How to Get a Loan on Credit Card Instantly
In the time of need, getting an instant loan on credit card gives you a quick and hassle-free way to access funds. It’s a simple procedure, and you can borrow up to the credit limit your card issuer’s already given you for your card.
You can get the approval without any documentation since you have already shared your information with the company or issuer. The best part is you only need to meet some basic criteria to get instant approval. That said, here are all the essential details you should know and the steps to follow for applying online.
How Getting a Loan on Your Credit Card Works
After applying for a card, the provider grants you a limit to make purchases and transactions using your card in the form of a credit limit. This limit depends on many factors, like:
- Credit score
- Income and employment
- Credit utilisation ratio
- Existing debt obligations
- Debt-to-income ratio
Reviewing these factors, your card issuer will set the limit on your card. You can apply for a loan on your card depending on your credit limit. Usually, a certain percentage of the limit is available to you as a loan. The following affect the monthly EMI amount of the loan:
- Interest rate
- Loan amount
- Tenure
Application Process
You can choose to apply for a loan against your card offline or online. Choose the mode that is most convenient for you, especially if you need to complete the process immediately. Here’s how you can get it online:
- Step 1: Log into the mobile app or online card account
- Step 2: Navigate and click on the loan option and enter the details required
- Step 3: Attach the necessary documents after submitting the application form
- Step 4: Await verification and approval
If your request is approved, you will receive the loan amount in your preferred mode. Generally, it is deposited directly to your bank account.
Who Can Get a Credit Card Loan
Credit card companies offer loans to you if you have a good payment record and credit history. Here are some general terms you will need to meet to qualify:
- Stable source of income
- Excellent track record related to transaction and payment history
You should have a type of card which offers a loan facility (for instance, you may not be able to access it on an FD credit card). The option to apply for a loan is only visible on the app or account if you qualify for it. You may also receive notifications about your eligibility for it.
Why to Opt for this Credit Facility
By getting an instant loan on credit card, you can enjoy the following benefits:
- It is faster in comparison to a regular loan. You have an existing financial relationship with your credit card provider, which reduces a few steps like submitting documentation.
- You can access the loan amount instantly if your bank account is linked to your card. If not, it will take only around 24-48 hours.
- It is a great option in comparison to a cash advance, as credit card loans come with competitive interest rates.
- You can easily repay the loan amount through the EMI option, making it more easily manageable.
- These loans typically come with an interest-free period, making it an affordable option.
- You can apply for a loan from any location, and the instant access to funds makes the whole process convenient in times of need.
- The loan amount depends on your credit limit, meaning you can get access to a large amount if you have a high credit limit.
- You can also get a higher loan amount than your card’s credit limit, as some issuers provide it based on your overall financial profile.
As a credit cardholder, it takes minimal documentation to get a loan on your card’s limit for emergencies. The process is also very quick, and if you are looking for a card that makes this process more convenient than ever, choose the One Credit Card.
Its OneCash facility makes it possible for you to get an instant loan in 30 seconds! This pre-approved loan simply requires you to select the amount you need, choose the tenure and add your bank account or UPI ID. It’s that easy!
The One Credit Card App further adds value to your experience by showing you the best offers near you via GPS. You can also earn up to 5X reward points every month and manage your spends like a pro with various tools on the app. Apply online to enjoy all the perks of this lifetime-free credit card.
