A credit card plays a crucial role in our day to day life. They not only facilitate us to pay large expenses, pay in EMIs but also provide us loan facility. Credit card loan is one of the hidden benefits of credit cards and most of the credit card holders have no clue about the same. Allow me to explain this biggest advantage of the credit card.
What are credit card Loans?
Credit card loans are identical to the personal loans with only one difference that it comes pre-approved, which means that you need not involve any of the documentation processes to get an instant loan on credit card.
The reason for this advantage is that you are getting a loan against our credit card which is already verified.
This is the fastest means to get an unsecured loan without any hassle. You can use the loan amount to fulfill your needs and pay back the same in EMIs.
Benefits of Credit Card Loan Facility
Getting an instant loan on credit card to cope up with emergencies is the biggest advantage of this credit card loan facility. However, the list of benefits is not restricted to the same. It offers a lot more other benefits as well such as:
No guarantor needed
Since this loan is pre-approved and thus there is no need for a guarantor while sanctioning this loan. These loans are unsecured and collateral-free and thus you are spared with the hassle of pledging security.
Quick and Flexible
Credit card loans are instant and require no application processing or waiting time. It credits to your account as soon as you request for the same.
Can anyone use this credit card loan facility?
No. only those credit card holders who have a robust CIBIL score and excellent repayment history are eligible to get instant credit card loans, but in case of Bajaj Finserv, each credit card holder can avail this feature by converting their credit card limit into an interest-free personal loan.
Read: What is a credit card?
