Loan on ICICI Bank Credit Card
ICICI Bank Limited is an Indian multinational banking & financial services company headquartered in Mumbai, Maharashtra with its registered office in Vadodara, Gujarat. The bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary.
ICICI Bank is India's second largest bank in terms of assets and market capitalisation. It offers a huge range of banking products and financial services for corporate as well as retail customers through various delivery channels and through its group companies.
ICICI Credit Cards
ICICI Bank Credit Cards are some of the most popular cards in India. The reason being a variety of Credit Cards with numerous benefits like dining discounts, air miles, lounge access, reward points and a lot more which can be redeemed for exotic gifts.
Loan on ICICI Credit Cards
The Loan on Credit Card offered by ICICI Bank is an added advantage and comes as a breather in times of acute financial crunch.
ICICI Bank offers four types of loans on Credit Card. These are:
EMI on Call
With the facility of converting any purchase above 3,000 on Credit Card to equated monthly instalment (EMI) you can take your shopping to a new level. You can choose to repay the amount in 3, 6, 9 or 12 EMIs. The EMI will be added to your Credit Card statement in the immediate next billing cycle. The EMI amount along with GST will appear with the minimum payment due mentioned in your card statement.
For transactions done with the Credit Card online, you can opt for an instant EMI conversion wherever the option is available. ICICI Bank has a tie-up with several leading brands to ensure the best EMI deals. Now you can shop in full and pay in parts using the Instant EMI facility. Instant EMI facility gives you the advantage of hassle-free EMI conversion with flexible repayment tenure option. The EMI along with GST will be added to your Credit Card statement in the immediate next billing cycle.
A Personal Loan on ICICI Bank Credit Card (PLCC) can be your saviour when you are in dire need of funds. A quick hassle-free loan against Credit Card which involves no documentation is provided by ICICI Bank. The loan amount will be credited to your savings account within no time. Loan against Credit Card is nothing but an Unsecured Personal Loan which is instantly available.
The outstanding balance of Non-ICICI Bank Credit Card can be transferred to ICICI Bank Credit Card and paid in easy instalments. You can transfer a balance up to 3 Lakhs on other Credit Cards and pay in 3 and 6 instalments. You can save the interest outgo by availing this balance transfer facility.
Who Can Benefit by the Loan on ICICI Bank Credit Card?
An ICICI Bank Credit Cardholder who avails any one of the above-mentioned loans against ICICI Bank Credit Card can enjoy the following benefits:
- Saving on higher interest payment to other banks
- Flexible tenure option of 3, 6, 9, 12, 18 and 24 months
- Easy and quick processing
- No documentation, collateral security, or guarantor required
- Can shop for popular brands and avail Instant EMI facility. ICICI bank has a tie-up with leading brands to ensure the best EMI deals.
- No processing fee applicable
Eligibility for Loan on ICICI Bank Credit Card
The customers who satisfy the following criteria are eligible for a Loan on Credit Card:
- Should hold ICICI Bank Credit Card
- Should have a good track record in respect of earlier Credit Card payments
- A Credit Card Loan will be based on the spends, transaction pattern, and payment history
Key Features of the Loan
The following are the key features of the Loan on ICICI Bank Credit Card.
- Any purchase above 3,000 can be converted to EMI. You can opt for 3, 6, 9, and 12 EMIs which is offered at an interest of 13% or for 18 and 24 EMIs which is offered at an interest of 15%. EMI will be calculated at a rate specified on call and on a monthly reducing basis.
- You can opt for Instant EMI option, where ever available, for transactions made online. ICICI bank has a tie-up with leading brands to ensure the best EMI deals.
- Transfer of outstanding balance up to 3 Lakhs on other Credit Cards, payable in 3 and 6 instalments. Balance transfer will be available at a much lower rate of interest which enables you to save on the interest outgo.
- Personal Loan up to 10 Lakhs payable in easy instalments up to 60 months. Personal Loan offered at attractive interest rates.
- No documentation, no collateral security, and no guarantor required
- Easy processing and quick disbursal of Personal Loans. The loan proceeds will be directly credited into your savings account.
How to Apply for a Loan on ICICI Bank Credit Card?
For applying for any of the above-mentioned four types of ICICI Bank Loan on Credit Card, a simple application process has to be followed.
For ICICI Bank EMI on Call
You can either apply for the loan through Internet Banking, through ICICI Bank iMobile App or through Customer care.
- Through Net Banking:
- Log in to ICICI Bank Internet Banking using your User ID and Password
- Go to Credit Cards and click on Convert to EMI under the My Accounts section
- Choose the Card, Transaction, EMI tenure and click on Submit
- Through ICICI iMobile App:
- Log in to ICICI iMobile App by entering your Username and Password
- Go to Cards section and select Credit Card
- Click on Convert to EMI on an eligible transaction in the Recent Transaction section
- Choose the EMI tenure and click on Submit
- Through Customer Care:
- Give a missed call to their customer care number from your registered mobile number. One of the ICICI Bank representatives will call you within 2 working days.
For ICICI Bank Instant EMI
You can request for the transaction to be converted to EMI if you have sufficient limit available in your ICICI Bank Credit Card. The EMI will be created and will be added to your immediate next billing cycle.
For ICICI Bank Personal Loan on Credit Card
- Log in to the internet banking portal or the mobile banking portal of ICICI Bank
- Choose the Credit Card section and apply for a Personal Loan
- Only select customers with high standing will be given pre-approved loans
- If a pre-approved loan does not appear in the Credit Card section, you can still send a request to the bank for a loan by calling the customer care or sending an SMS from your registered mobile number.
For ICICI Bank Credit Card Balance Transfer
You can either give a missed call or SMS to the customer care number from your registered mobile number and request for a balance transfer. A representative of ICICI bank will give you a call back and help you through the process.
Modes of Funds Transfer for a Loan on ICICI Bank Credit Card
Once the loan is sanctioned the loan amount will be credited directly to your ICICI Bank Savings Account. For customers who do not have an ICICI Bank Savings Account, funds will be transferred vide NEFT or a Demand Draft will be issued to the customer. For NEFT the customer will have to send the scanned copy of the cancelled cheque or bank statement clearly mentioning the IFSC code by email for easy and smooth processing.
Repayment of Loan on ICICI Bank Credit Card
The EMI of the loan along with GST will be included in the statement of next immediate billing cycle. It will be mentioned along with the minimum amount due in your card statement. You will have to pay the outstanding balance mentioned in the Credit Card statement or the minimum amount due on or before the due date mentioned in the card statement.
Frequently Asked Questions - Loan on ICICI Bank Credit Card
Who is eligible for a loan on ICICI Bank Credit Card?
A person holding an ICICI Bank Credit Card will be eligible for the loan. The payment of past Credit Card dues should have been made promptly on time and the credit score should be good.
What are the kinds of loans available on ICICI Bank Credit Card?
There are four types of loans available on the ICICI Bank Credit Card:
- EMI on Call where any purchase above 3,000 can be converted into EMI
- Instant EMI where any online transaction, where ever applicable, can be instantly converted to EMI. ICICI bank has a tie-up with leading brands in order to ensure the best EMI deals.
- Personal Loan on Credit Card where a loan which is similar to an Unsecured Personal Loan will be given. Flexible repayment option up to 60 months is available.
- Balance Transfer wherein the balance on other Credit Cards can be transferred to ICICI Bank Credit Card and repaid in 3 or 6 EMI.
How to apply for a loan on ICICI Bank Credit Card?
You can apply for the Credit Card Loan either through internet banking or ICICI mobile banking. You can also give a call or send SMS to ICICI Bank customer care from your registered mobile number. Thereafter you will get a call from the executive of ICICI Bank who will help you through the loan process.
What are the modes of funds transfer?
The loan proceeds will be credited to your ICICI Bank savings account. If you do not have an ICICI Bank savings account, proceeds will be transferred vide NEFT to the savings account of the other bank. For this, a cancelled cheque or bank statement mentioning IFSC code should be scanned and sent through email.