An instant pre-approved loan on ICICI credit card can easily be availed online. With a maximum loan amount of up to Rs. 15 lakh along with flexible repayment tenures, a personal loan on credit card has various other features to ask for. However, you should be an existing customer of the bank to become eligible for a pre-approved personal loan. And, when it comes to personal loan eligibility, factors like monthly income, cibil score, credit history, category of the employer and income/job stability are taken into consideration by the bank before approving the loan. And, the best part is that you don’t need to submit any document while availing the loan as you are an existing customer.
What is an Instant Pre-approved Loan?
A personal loan that has been given instantly on the grounds of an existing customer. It is a pre-approved loan thus comes with a lot of perks and offers as compared to a normal credit card. The bank will give a personal loan to the borrower based on the maximum credit limit of a credit card. However, additional funds can also be provided in case of an emergency which also depends upon the eligibility of the credit cardholder.
Apply Online For Quick Loan at Lowest Interest Rate
Note: Each card has its own credit limit. Thus, the personal loan amount will vary according to the type of credit card you own.
- An individual should be an existing customer of the bank.
- An individual should have a good cibil score along with fair credit history with respect to credit card spends, transaction patterns, repayment history, etc.
Note: As a person is already a customer of the bank thus no documentation is required to avail a personal loan on ICICI credit card.
How to Apply for Pre-Approved Loan on ICICI Credit Card?
There are various modes with the help of which you can apply for a loan with your credit card.
In order to apply, you need to go through the following ways:
- Login in to your Internet Banking Account
- SMS CASHIN WP to 5676766
- You can also get in touch with the customer care team: You just need to dial 1860 120 7777 either from your mobile or landline.
- Visit your nearest ICICI Bank branch
Modes of Fund Transfer
- The loan amount will be credited to an ICICI Bank Savings Account
- Those who don’t have a savings account in ICICI, can receive the funds via NEFT or Demand Draft
Note: For NEFT, a customer needs to send a scanned copy of cancelled cheque/bank statement, mentioning the IFSC Code to firstname.lastname@example.org
Time Taken for Fund Transfer
The bank usually takes 3-4 working days to transfer funds to a customer’s account. In the case of demand draft, the bank takes 11 working days to receive the draft thus the funds will be transferred later.
Features of Availing a Personal Loan on Credit Card
- Loan Amount of up to Rs.15 lakh: With such a high loan amount, it would be easy that your various financial needs can easily be fulfilled.
- Faster Processing: With pre-approved credit card loan, expect to have fastest approval and disbursal. Yes, the process will be quick hence the loan amount will be credited soon in your account.
- Flexible Repayment Tenures : Your pre-approved personal loan comes with flexible loan repayment options. Yes, with flexibility in the tenure, it would not be a hassle for you to repay your loan.
- Competitive Interest Rates: The rates are lower thus less burden will be on your shoulders as far as loan repayment is concerned. Yes, your EMIs will be pocket-friendly hence can easily repay your loan.
- Minimal Documentation:Your loan comes with minimal documentation as you are already a customer to the bank. With just a few KYC formalities, you would be able to get the loan.
- No Guarantor or Post Dated Cheques Needed: An instant personal loan comes without a guarantor as you are already a customer to the bank. Also, there is no need to submit a post dated cheques to get a personal loan on a credit card.
Frequently Asked Questions (FAQs)
Q.How long will it take by the bank to approve my pre-approved loan on ICICI credit card?
A.The bank usually takes 3-4 working days to transfer funds to a customer’s account. In the case of demand draft, the bank takes 11 working days to receive the draft thus the funds will be transferred later.
Q.What should I do if I lose my ICICI credit card after receiving an instant loan?
A.In such a case, immediately get in touch with the concerned bank officials and report the issue. However, you are also advised to block your credit card immediately using Net banking services.
Q.What is the required eligibility criteria to apply for ICICI pre-approved personal loan?
A.An individual should be an existing customer of the bank. Also, other factors like a good cibil score, fair credit history with respect to credit card spends, transaction patterns, repayment history, etc. are also taken into consideration before approving your pre-approved personal loan.
Q.Which documents are required to get a pre-approved loan on credit card?
A. As a person is already a customer of the bank thus no documentation is required to avail a personal loan on ICICI credit card.