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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titamazon wrote:

topup for normal loan only or for credit card loan also ?

wiling to use topup if offered till 12%

Credit card loan. Seen people getting topup after 6 months of on-time payment.
There is no processing fee but they charge prepayment interest and Loan Starts again from Zero Installments.

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ramadesidime wrote:

loan on cc at 11% is not equal pl 11% .
emi of loan on cc = emi+gst on interest
emi of pl = just emi

Oho it means interest rate will be 11% + 18% of 11% = 12.98%. But that one also looks good because of no processing fee and no other charges.

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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%.

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raghupro wrote:

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%.

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

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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.

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