- Can I take a Personal Loan Against My SBI Credit Card?
- Go through this post to know the answer and other important details related to it.
Many are struggling amid the economic crisis caused by the COVID-19 pandemic. People need urgent funds to fulfill their several financial needs with a personal loan, gold loan, loan against FD, etc. Other than a loan, people also use credit cards to meet their financial requirements. But do you know that a credit card in your pocket can offer you a personal loan? Well, yes! You can take a personal loan on your SBI Credit Card.
Being the largest public sector bank of India, State Bank of India (SBI) offers a wide range of exciting credit cards across different categories. If you have an SBI Credit card, you can get a loan against the same. Your SBI credit card will provide you the required personal loan amount so that you can fulfill any of your needs. In this article, we will cover several aspects related to the Personal Loan based on the SBI Credit Card, such as the loan amount, tenure, interest rate, repayment method, etc. So, if you need funds right now, an SBI Credit Card Loan could be the best option for you.
What is a Personal Loan on SBI Credit Card?
SBI offers two amazing schemes through which you can get the required funds against any of its credit cards. These two schemes are Encash Plan and Easy Money Plan. Encash plan is more like a traditional personal loan whereas an Easy money plan helps you in fulfilling the short-term financial needs via Instant Cash Loan. We are explaining each of them in detail. Have a look below.
SBI Encash Plan
SBI Encash Plan is an amazing method to take a personal loan on SBI Credit Card. With the loan amount in your hand, you can fulfill any of your needs like funding your child’s education or marriage or anything else. Some of the exclusive benefits of the SBI Encash are affordable interest rates, flexible repayment tenure and quick disbursal of funds.
There is one thing that you need to remember that not everybody who has an SBI Credit Card is eligible for this facility. A personal loan on SBI Card will be given only to those people who have an outstanding repayment track and high credit score. Individuals, who have missed their credit card payment in the past, may not be eligible for the loan. Usually, individuals get a pre-approved personal loan offer on their SBI Credit Cards. Other than this, you can also ask the bank about your eligibility. We are showing some of the other important features of the SBI Encash Plan below. Have a look.
- SBI Encash is a pre-approved, money-on-demand facility, and it can only be availed by a select set of SBI Credit cardholders.
- You must be thinking about the Loan Amount? Well, it can be over and above the existing credit card limit or within the current credit card limit. The final loan amount will be decided by the SBI according to your repayment track and other factors.
- SBI Encash offers customers to repay the loan amount within a tenure of 12, 24 or 36 months. You can choose the tenure according to your repayment capacity and convenience.
- SBI will also charge a one-time processing fee of 2% of the overall loan amount. This fee will be a minimum of INR 499 and can go as high as INR 3,000.
- In case you want to repay your loan amount before the fixed tenure via the Foreclosure facility, you will need to pay the foreclosure fee, which stands at 3% of the Outstanding Principal Balance Amount.
- The best thing about this personal loan on SBI Credit card is that you don’t need to submit any documents or post-dated cheque.
- The loan amount will be transferred into your bank account within 48 to 72 days via NEFT facility as soon as all the process gets completed.
SBI Easy Money – Instant Cash Loan Against SBI Credit Card
SBI Easy Money is one another kind of personal loan on SBI Credit Card but for fulfilling your short-term needs. First, you need to understand how it is different from the SBI Encash?
With SBI Encash, you get the loan amount within or above the existing credit card limit whereas, with SBI Easy Money, you get the loan amount basis your available cash limit. Each SBI Credit card has a defined cash limit from your overall credit limit. For example, your SBI Credit Card has an overall limit of INR 72,000 and a cash limit of IRN 28,000. It means you can withdraw a maximum of INR 28,000 from your credit card at any ATM. This limit changes from one customer to another. To know other important features of SBI Easy Money, have a look below.
- The first thing that you need to know is that SBI Easy Money is not a pre-approved facility to select credit cardholders. Instead, any cardholder can apply for this facility via SBI Mobile App, Internet Banking, or calling customer care.
- With SBI Easy Money, you can opt for a loan amount as low as INR 5,000 to a maximum of upto 75% of the available cash limit on your credit card. For example, if your available cash limit is INR 30,000, you can get a maximum loan amount of INR 22,500.
- The rate of interest on the SBI Easy Money facility is fixed at 2.45% per month for 45 days.
- The processing fee for this facility is fixed at 1.5% of the Loan Amount or INR 199, whichever is higher between these two.
- You will get the loan amount directly into your Bank Account within 48 working hours via NEFT facility so that you can fulfill your needs as soon as possible.
How can you apply for a Personal Loan on SBI Credit Card?
After having all the necessary information about both SBI Encash and SBI Easy Money, you would like to know how you can apply for it. Well, there are mainly three methods by which you can book the SBI Encash and SBI Easy Money – Official SBI Website, SBI Mobile Application or SBI Helpline. Details about each method are shown below. Please check it out.
SBI Official Website
- The first thing you need to do is to log in to your net banking account with your username and password.
- After logging in, you will see an ‘Encash’ link under the benefits section. (This will only appear if you are eligible for Encash.) On clicking the link, you will need to enter the loan amount, tenure and rate of interest. Lastly, you need to confirm it.
- To apply for SBI Easy Money, you will need to do a similar login process as Encash. After logging in, you will see the ‘Benefits’ option in the menu from where you can select the ‘Easy Money’ option.
- After entering the required details, submit your application by confirming it.
SBI Mobile Application
To apply for a personal loan on SBI Credit Card, you can also login to the app with your username and password. After logging in, you will see ‘Encash’ (only if you are eligible) and/or ‘Easy Money’ under the Benefits option in the Menu.
After choosing the desired loan option, you will need to enter the required details such as the loan amount, rate of interest and tenure. After confirming this, you will get the loan amount within 48 to 72 days into your bank account.
You can also apply via calling the SBI Helpline number. For SBI Encash, you would need to ask first if you are eligible for it not. If you are eligible, you can book the loan from there. For SBI Easy Money, you don’t need to ask for eligibility.
You will need to call the SBI Helpline number 1860 180 1290 or 39 02 02 02 (Prefix Local STD Code accordingly) to book any personal loans on SBI Credit Card without any trouble. After the confirmation, SBI will also send you a confirmation text on your registered mobile number.
How to Get Personal Loan on SBI Credit Card from Other Lenders?
Do you know that you can also opt for a personal loan on SBI Credit card from banks other than SBI? Yes, you certainly can! There are a few lenders that can offer you a personal loan basis SBI Credit Card repayment track. The most important thing that a lender will check is your repayment behaviour. If you have been paying all your dues on or before time, you can get a personal loan from any other lender than SBI at affordable interest rates.
You only need to keep this in mind that you must have a good repayment history to be eligible for such a personal loan on SBI Credit card from some other lender. The final loan amount will be decided by the lender. You can ask several lenders to let you know whether you are eligible for this facility or not.