Hot Deal

Personal loan on credit card

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Deal Subedar
titamazon

I am planning to take pl of around 10 lakh, so before applying i am exploring instant loan option from my credit card provider.

I found that below cc offering instant pl on card.

1. Citi upto 4 lakh rate 11%
2. Hdfc based on profile rate 18%
3. Sbi also have this feature, for that i have sent ENCASH message to 56767 and waiting from their end
4 . Indusind also have this feature but dont know how to avail.
5. Cred 4 lakh at 15.5%

So if u guys have any idea abount instant pl on card kindly guide me.

Card which i have
Indusind pinaccle
Hdfc regalia
Sbi prime
Hsbc
Icici amazon
Axis neo
Citi rewards

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Deal Lieutenant Deal Lieutenant
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If you are getting lowest from citi go for it
I don’t think any other bank giving loan lower than this based on cc

Deal Captain Deal Captain
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I agree, I also think that is the best deal

Finance Ninja Finance Ninja
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Wow Citi giving 11%, I think will be the lowest interest rate compared to PL

Deal Subedar Deal Subedar
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Yes i availed citi 4 lakh offer, but still looking for 6 more lakh and ready to took pl till 13%. Reason i am looking for pl on cc because its really instant and no docs to be submit.

Deal Captain Deal Captain
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I hope you are putting it to good use. Just be careful man. All the best plus1

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Deal Lieutenant Deal Lieutenant
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Cred cash is unavailable now

Deal Subedar Deal Subedar
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Showing for me

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Benevolent Benevolent
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chk idfc

Deal Cadet Deal Cadet
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Taking personal loan on credit card is another form of credit utilisation hence cibil score can reduce, only hdfc loan on credit card is better,reporting separate account.

Generous Generous
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Citi also give over and above the cc limit.
Hdfc is biggest dragger of credit score as they dont report ur true cc limit, thus over utilization in limit all the time.

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Post Mogul Post Mogul
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You may take personal loan from hdfc, I got at 10.5% without visiting their loan branch. Just have to WhatsApp income docs and loan was disbursed the same day

Deal Subedar Deal Subedar
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you have any account with them, or only applied loan using bank portal ?

Helpful Helpful
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loan on cc at 11% is not equal pl 11% . emi of loan on cc = emi+gst on interest emi of pl = just emi
Critic Critic
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A very valid point; 18% gst is levied on the “interest” for the CC loans, but not on the personal loans. @titamazon

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Tech Guru Tech Guru
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If you are taking it for immediate consumption and plan to fore-close it in near future, do also take a look at foreclosure charges/penalties etc conditions.

Deal Subedar Deal Subedar
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yes, but no option for near fund availability, so i am planning to carry till end. Thats why i am looking for short term only 2 year or max 3 year.

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Benevolent Benevolent
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Check if the bank with which you own a salary account has any good offers for you.

My wife works for HSBC IT and her salary account is with HSBC as well. We could avail a personal loan last month at 9.75% interest rate + no processing fee + no GST from HSBC as she is an employee of HSBC. Not sure if it works with all banks even if you have a salary account though. In my wife’s case, she works for HSBC and got loan from HSBC as well so got a good deal overall.

Surprised to see such a good offer that you availed from Citi. I have never seen anything less than 14% on my account till date + either 1% processing fee or waived at times. Added to that we have to bear 18% GST. So even if you had availed at 11% on credit card, with GST it accounts to 13%.

Deal Subedar Deal Subedar
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I also work for psu bank, but my employer is not giving pl to his staff. But yes providing od at 8%, home loan at simple interst and vehicle loan is also very cheap.

I have fully utilised my od smile

Deal Subedar Deal Subedar
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citi has updated my credit card limit to cibil 1+4 = 5 lakh now. no new loan account reported, only limit upgraded. It means other can't know i have availing personal loan.
Deal Cadet Deal Cadet
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@titamazon you have idea about SCB? how they report loan on credit card?

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Helpful Helpful
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@smiling

@decideaim

@raman12

@soccergiants

@ cake2006407

@agniputra

@jambui

@dungo

@ramadesidime

@andromeda

@blueflash

@kartikxxx

Yesterday I took Pre-approved 1,20,000 personal loan  for 1 Year tenure on my Amazon ICICI credit card(1.30L limit) I don’t have knowledge about loans rate info, ICICI team calling since March 22…So I took it yesterday, theyt mentioned intrested rate 8.40+ 1% Processing Fee….Maine directly puch liya ki wapas kitna dena…They mentioned you need to pay Total 1,33,181 only…& Amount will be transferred only in 30 minutes or working day but amount not received in account till(HDFCBANK A/C)…so maybe received amount on Monday…

But loan first emi started showing in credit card statement same day as: 

#PRINCIPAL AMOUNT: 9331.43

#INTEREST: 1499

*IGST:269.82

#PROCESSING FEE: 1200

*IGST: 216

So total Rs 12516.25 decreased from my total credit card limit, I thought another Loan account will be shown on CIBIL from ICICI….

#So now I am not able to use my card for Higher transactions because I want to utilise only 10-20% of total credit card limit?

#Interest Rate okay?

#Will increase my credit card limit or not?

#Cibil Score affected or not?


Deal Cadet Deal Cadet
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If loan disbursed on existing credit limit there is no new cibil entry but it can reduce your cibil score as utilisation amount exceeded the 50% of the card , if loan amount sanctioned over and above the credit limit there is no impact on cibil score but they will open new account as credit card in your cibil account and based on my experience score will not affect much may be one or two points decreases and will be set as it own.

my guess you got loan without blocking credit limit because loan against credit card never sanctioned above 80% of existing credit card limit as you took 120k on 130k limit appear to over the limit of card. So you can use as much as available in your card

Credit limit increase may not happen for another six months , if you lucky and due to amazon prime days  sales they can increase it too.

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Deal Cadet Deal Cadet
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If you have a Life Insurance from a HDFC Life, then ask loan on your policy, interest rate is very low like 8.25%, recently I took 1lakh loan from them. You can also contact other insurance providers too, few companies started giving loan based on your policy.

Helpful Helpful
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Bro Mujhe Loan Ki Koi Requirement Nhi Thi Wo ICICI Call Aane Lage To Phir Socha Koi Land Wagerh Purchase Kar Lete H….Pese Ka Sahi Use Hoga…. LIC Ka Life Insurance H Bro

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