State Bank of India, popularly known as SBI, is the biggest public sector bank in India. SBI caters to needs of crores of customers on a daily basis with its innovative financial products, including baking services, Personal Loan, Home Loan, Credit Cards, and much more.
SBI Credit Cards are amongst the leading option in the market and are highly sought after by the customers. SBI credit cards allow you to make payments and purchase transactions online as well as at retail outlets even if you do not have the adequate amount in your account.
In order to enhance the user experience with an SBI Credit Card, the bank is now offering the facility of SBI Loan on Credit Card. Herein, if eligible, you can avail a Personal Loan against your SBI Credit Card for financial emergencies in quick time.
SBI Loan on Credit Card
SBI Credit Cardholders can now avail the facility of an Instant Loan or a Personal Loan against their Credit Card. These Personal loans are offered to eligible customers in the form of pre-approved offers. These pre-approved offers differ across customers and depend on the type of Credit Card, credit history, and repayment history they possess. As the bank already has the entire profile of the customer, the processing time for the application is reduced significantly. As a matter of fact, SBI Loan on Credit Cards require only minimal documentation, and the process is completed within a few working days. Following are the essential aspects of SBI loan on Credit Card:
• Personal Loans against SBI Credit Cards are offered even beyond the available credit limit.
• Attractive rate of interest is offered by SBI, which is lower than what is charged against Credit Card.
• Extended repayment tenor of up to 48 months is available.
• Customers can avail pre-approved instant loans directly through net banking.
• The loan amount can be transferred directly to a bank account or can be availed as account payee cheque.
• Minimal processing charges applicable.
• EMIs to be repaid along with the Credit Card bill.
• Applications are processed, and the amount is disbursed within 48 hours for online transfers.
• No need to offer any security cheques or collateral or guarantor to avail the facility.
Different types of SBI Loan on credit card and how to apply
In order to ensure that customer needs are met perfectly, different Types of SBI Personal Loans are available against SBI Credit Cards. Following are the various types of Personal Loans that you can avail against your SBI Credit Card:
Easy Money facility from SBI allows you to enjoy instant cash loans against your SBI Credit Card. You can apply for a cash loan ranging from Rs. 5,000 to up to 75% of the available cash limit on your SBI Credit Card. The interest rate charged against this facility is 2.45 percent per month with a maximum repayment tenor of 45 days. Processing fees charged against Easy Money by SBI is 1.5% or Rs. 199, whichever is higher. The entire application process is very simple, and the money is credited to your bank account within 48 hours. Repayments have to be made along with your Credit Card bill directly.
How to apply for Easy Money?
You can apply for Easy Money against your SBI Credit Card through your SBI net banking, mobile app or customer care helpline.
1. Log-in to your SBI Credit Card online account through net banking or mobile app.
2. Select the “Benefits” option under the main menu.
3. Now select “Easy Money.”
4. Follow on-screen prompts and enter all the details that are required such as amount, repayment tenor, interest rate etc.
5. Check all the details and then give your confirmation to book Easy Money.
6. The money will be credited to your bank account within 48 hours.
7. If you do not have access to the internet, then you can call the customer care helpline for SBI Credit Card at 1860 180 1290 and request assistance from the executive.
Encash facility is offered to SBI customers in the form of a pre-approved instant loan which is available on demand. This facility is only available to select customers based on their credit history and relationship with the bank. Herein, customers can avail an SBI Personal Loan for amounts over and above the existing credit limit. This is a minimal documentation process, and it takes less than 48 hours for the amount to be credited in the bank account.
Though there is no maximum limit on the Encash facility; customers must apply for a minimum amount of Rs. 10,000. You can opt for repayment tenor between 12, 24, 36 or 48 months while the processing charges are 2% subject to a minimum of Rs. 500/- and the maximum of Rs. 3,000. Customers can opt for NEFT/ RTGS or an account payee cheque to receive the amount.
How to apply for Encash?
1. You can apply for Encash against your SBI Credit Card through your SBI net banking, mobile app or customer care helpline.
2. Log-in to your SBI Credit Card online account through net banking or mobile app.
3. Select the “Benefits” option under the main menu.
4. If you are eligible, you will be able to see “Encash” link under the benefits section. If you are unable to see the “Encash” link, then you will not be able to proceed further.
5. Now, enter the details as required and follow the on-screen instructions.
6. Enter the amount, repayment tenor, and rate of interest to confirm the booking for Encash.
7. The amount will be credited to your account within 48 hours through online transfer. If you have opted for a cheque, it will take between 3-5 days for the cheque to reach you.
8. You can also use the customer care helpline for SBI Credit Card customers at 1860 180 1290 or use the Chatbot ILA regarding any questions or queries that you may have.
With the facility of instant loan and Personal Loan available against SBI Credit Cards, you can now efficiently handle your financial exigencies. Though, you must keep in mind that it is a credit facility nonetheless and should be used with discretion.