Have you got PRE APPROVED OFFER OF loan against Credit Card? i mean not taken, i mean pre approved loan approved for you?
26 days left

Instant preapproved loan against Credit Card?? How much you got? - I am surprised

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Deal Subedar
DEEPANGEORGE

Hello Dimers,

I am frankly surprised, how these credit card companies are willing to offer this huge loan amount against the very LOW credit card limit


For myself, I received 2 good offers from 2 banks as follows (I PERSONALLY DONT KNOW HOW THIS IS CONSIDERED LESS RISK IN THEIR BANK SYSTEM LOL) 

1) HDFC card limit 86,000 - pre-approved loan is 2,00,000 (which is "2.32x times" my credit limit)

2) Axis card limit 45,000 - pre-approved loan is 3,15,000 (which is "7x times" my credit limit)



This is getting ridiculous to some extent so want to know how this loan offers are getting disbursed. So anyone who recieved loan offers against YOUR CREDIT CARDS PLEASE POST IT IN COMMENTS LETS SEE HOW BANKS ARE MAKING BUCKS OUT OF US (by comparing offers)


Please do comment your credit limit and the loan limit PRE-APPROVED loan AGAINST IT

Would be nice to see how many are getting this way

Happy commenting:)

Top Comments
Deal Cadet Deal Cadet
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don't take loan/emi under any circumstance like wedding, iPhone etc except for life threatening reasons  /house/normal car etc. you will lead a stress free life and live longer. 
Try to curb your instinct to buy fancy things, showoff etc. I always portray myself as a poor person and am quite happy if people see me as that 😄

Deal Subedar Deal Subedar
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I had a experience with LOAN ON CREDIT CARD with 5 banks for different family members.... 

 HDFC

Cl 190000 

Loan on CC 5 lakh.... Utilization shot up as limit was only 190000 so Credit score dropped by 25 points 

Took for 6 months (lowest tenure) ... 

Pre 2016 interest rate was 15 % 

Processing 9800 

Then Axis

Cl 90000 

Loan on CC 8 LAKH but axis on approval showed 210000 loan is eligible.... 

Screwed the Credit score with 2 Hard enquiries 

Even interest rate was 21% with hefty processing fee.... So didn't take it 

Year was 2019

In AXis Never trust the Preapproved amount..... This is the experience across business loan - Pl - credit card.. OD etc 

Then Kotak 

CL 70000 

Loan on CC 3 LAKH -no issues just was processed & credited in few seconds... Interest rate was 12 % with ZERO processing fee.... Although reported as 3 lakh limit on credit bureau & score dropped by 20 points 

Still date shows sanctioned amount at 310000(including int & usage) 

Took during covid 2021

 ICICI similar to kotak no issues but usual credit score dropped by 20 points 

Credit limit 430000 

Loan on cc 4 lakh interest rate was 14% no processing fee 

Pre 2015 

& last was with citi bank 

This was in 2010s so don't remember much.... Except it was something like 5 lakh & interest was 16 % & paid for 4 years... Don't remember the cl on this 

Basically you can get loan in cc easily except for few like AXIS which is what they're known for unreliability

Interest rate would be higher than pl additional is GST 

Your 1 Emi value is blocked till loan end and no limit enhanccement- card upgrade works till you close the loan 

Credit score dropping is common as they report full value as outstanding irrespective of cl 

No scope for personlised - or negotiation etc everything is fixed 

And not to forget you should have 1 Emi worth credit limit always available on date of disbursement every month 

Pro is you can pay EMI acc to billing cycle... & not on date of disbursement but billed on date of disbursement 

38 Comments  |  
15 Dimers
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Finance Ninja Finance Ninja
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Bank loan na de to dikkat , dera ho to bhi dikkat
Deal Subedar Deal Subedar
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I am not complaining about loans offers:), its really good offers 


Well i am just surprised how banks are trying to asses loan for the credit card holders:) so trying to figure that out using people's personal offers, which they might comment here:) and trying to analyze this and figure how banks are trying to push loan to credit card holders



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Deal Captain Deal Captain
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Deal Subedar Deal Subedar
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I can see this video is about loan awareness and its misuses 


Can someone here post the crisp info about this video?, the video dont have English sub titles sad  even no auto sub generation, so any explanation of this will help me out to understand it better:)

TIA

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Deal Cadet Deal Cadet
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1.get loan against cc= 40% interest = in debt forever

Deal Subedar Deal Subedar
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are you sure? mostly loan against cc's are 20% p.a approx NOT 40% as far as I seen

I am getting it around 18% approx most of the time
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Deal Subedar Deal Subedar
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So anyone please comment your preapproved offers you got:) so that it will be easier to analyze the bank loan approval system:P:)

Deal Cadet Deal Cadet
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2.5L loan limit on icici amazon cc with 14.99% interest rate with only 1% processing fee... Already got the loan , 4 emi's already paid...

 

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Post Tycoon Post Tycoon
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Got 650000 Lac On Axis Credit Card Of 1Lac limt

But Intrest rate is 16% and processing fee is 10000

Deal Subedar Deal Subedar
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O.o nice nice, 


axis bank is weird:) its 6.5x times:)


Deal Lieutenant Deal Lieutenant
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Got loan on Standard chartered CC at 0.99% per month on reducing basis with zero processing fee of 4.9 lakh on credit limit of 2.1 lakh in 2021.

Deal Subedar Deal Subedar
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mhm thats kinda good:)

2.3x times loan amount:)
Deal Cadet Deal Cadet
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don't take loan/emi under any circumstance like wedding, iPhone etc except for life threatening reasons  /house/normal car etc. you will lead a stress free life and live longer. 
Try to curb your instinct to buy fancy things, showoff etc. I always portray myself as a poor person and am quite happy if people see me as that 😄

Deal Subedar Deal Subedar
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well said:)))
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Deal Subedar Deal Subedar
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Well this is pretty standard. Hdfc is notorious for loan on credit card offers.

They offer loans for credit cards issued a week back.

It's smart play for banks. Because,

1. Risk is already assessed.  They already know the spending and repayment capabilities of the customer.

2. They can get use out of the unused limit allotted to the customer and earn very good interest without much risk.

Deal Subedar Deal Subedar
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ya true but whats weird is different bank calculate this differently which is why i want to see how this is done in a approximate way


here for example both banks should know "I have the same spending criteria and repayment capacity" but the 2 banks are offering TOO MUCH DIFFERENTLY one is 7x and other is 2.32x (they have my cibil access for sure as i have credit cards with them where they can soft inquire anytime)


axis offers 7x but hdfc offers only 2.32x times for the "same me"


so here the input data to both the banks is same but their output of rewards and lure to customer is different so trying to figure that out

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Deal Cadet Deal Cadet
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Yes, all leading banks have such offers. I believe this is because banks earn assured interest in such loans whereas in credit card people pay off on time and banks don’t get anything.

Deal Subedar Deal Subedar
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ya true, 


but 7x in one bank and 2.32x in another bank for the "same me" is what made me wonder how these banks assess net worth of their customers, i mean how they asses their customer worthiness? that got me into creating this post:) to try to analyze and understand it somewhat by various users inputs

Deal Subedar Deal Subedar
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I had a experience with LOAN ON CREDIT CARD with 5 banks for different family members.... 

 HDFC

Cl 190000 

Loan on CC 5 lakh.... Utilization shot up as limit was only 190000 so Credit score dropped by 25 points 

Took for 6 months (lowest tenure) ... 

Pre 2016 interest rate was 15 % 

Processing 9800 

Then Axis

Cl 90000 

Loan on CC 8 LAKH but axis on approval showed 210000 loan is eligible.... 

Screwed the Credit score with 2 Hard enquiries 

Even interest rate was 21% with hefty processing fee.... So didn't take it 

Year was 2019

In AXis Never trust the Preapproved amount..... This is the experience across business loan - Pl - credit card.. OD etc 

Then Kotak 

CL 70000 

Loan on CC 3 LAKH -no issues just was processed & credited in few seconds... Interest rate was 12 % with ZERO processing fee.... Although reported as 3 lakh limit on credit bureau & score dropped by 20 points 

Still date shows sanctioned amount at 310000(including int & usage) 

Took during covid 2021

 ICICI similar to kotak no issues but usual credit score dropped by 20 points 

Credit limit 430000 

Loan on cc 4 lakh interest rate was 14% no processing fee 

Pre 2015 

& last was with citi bank 

This was in 2010s so don't remember much.... Except it was something like 5 lakh & interest was 16 % & paid for 4 years... Don't remember the cl on this 

Basically you can get loan in cc easily except for few like AXIS which is what they're known for unreliability

Interest rate would be higher than pl additional is GST 

Your 1 Emi value is blocked till loan end and no limit enhanccement- card upgrade works till you close the loan 

Credit score dropping is common as they report full value as outstanding irrespective of cl 

No scope for personlised - or negotiation etc everything is fixed 

And not to forget you should have 1 Emi worth credit limit always available on date of disbursement every month 

Pro is you can pay EMI acc to billing cycle... & not on date of disbursement but billed on date of disbursement 

Deal Subedar Deal Subedar
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Ah axis is worst in the list ah:) good to know:) thanks for the nice detailed info:)) 


It really helps:) to look at this loan on credit cards:)

you sure have good exposure and experience:) in this CC loans:)
Helpful Helpful
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Loan on CC offers are always good for emergency money or planned investment.

Points to note:
The EMI would be debited from CC bill
EMI is equal to Principal + interest for that month + gst on interest.

Some loans EMIs are directly debited from bank account.
EMI is equal to Principal + interest for that month  (no gst)

Deal Subedar Deal Subedar
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so if debited from Bank means no gst on interest 

but if debited from credit card statement means there is 18% gst 


is the right?
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