One of the first things that come to our mind when we need urgent money is a personal loan facility. With this facility, individuals can get the required loan amount for a fixed period of tenure. But you should know that to get a personal loan, there are several processes through which an individual needs to go. What if we tell you that you can get an SBI Personal Loan Against your credit card, would you be able to believe it? Well, you should because you can do the same with your SBI Credit Card.
State Bank of India (SBI) is one of the most trusted public sector banks of India that offers a range of financial products. One of them is a personal loan against a credit card. One of the best things about this SBI Personal Loan against Credit Card is this facility is paperless, unsecured, and pre-approved. Unlike the traditional personal loan, an individual doesn’t need to submit any documents, instead, you can get the loan amount instantly into your account.
In this article, we will be telling you about two types of SBI Personal Loan against Credit Card so that you can understand better. So, without any further delay, let’s get to it!
Let’s understand the SBI Personal Loan Against Credit Card!
Do you know that this instant SBI Personal Loan against Credit Card is commonly known as SBI Credit Card Loan? And, there are mainly two types of schemes that you can opt for — SBI Encash and SBI Easy Money Plan.
Both of these schemes are given against your SBI Credit Card, but if we were to state in simpler terms, Encash is a traditional personal loan, while Easy Money is an instant cash loan. Want to know more about both of them? Well, we are showing it below. Check it out!
With this SBI Personal Loan Against Credit Card, existing SBI Credit cardholders can opt for a loan amount above or within their overall credit limit. However, there is an important thing that you need to remember — Not everybody can get this loan. Since this is a Pre-approved personal loan, people who have an excellent repayment track can only get this scheme. Though, you can check your eligibility by contacting the bank. To repay the loan amount, customers can choose the tenure according to their convenience from the option of 12 to 36 months. The interest rate on this facility will be 19.60% per annum.
The best thing: you don’t need to submit any document. Just check your eligibility, choose the loan amount & tenure, and you will get it into your account within 3 working days. Also, SBI charges a One-time Processing fee as 2% of the overall loan amount that can go up to INR 3,000. So, keep this factor in mind too.
SBI Easy Money Plan
The one factor which makes it different from the SBI Encash is any individual can apply for SBI Easy Money. You don’t need to qualify for any eligibility for this Easy Money Plan since this loan is pre-approved. However, there is a catch here, this SBI personal loan against Credit Card is given according to your available cash limit. Generally, this varies from one customer to another.
This loan amount can be as low as INR 5,000 and can go as high as 75% of the overall cash limit of your credit card. For example, the cash limit of your credit card is INR 30,000 then you can get a loan amount of INR 22,500.