Instant preapproved loan against Credit Card?? How much you got? - I am surprised
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Hello Dimers,
I am frankly surprised, how these credit card companies are willing to offer this huge loan amount against the very LOW credit card limit
For myself, I received 2 good offers from 2 banks as follows (I PERSONALLY DONT KNOW HOW THIS IS CONSIDERED LESS RISK IN THEIR BANK SYSTEM LOL)
1) HDFC card limit 86,000 - pre-approved loan is 2,00,000 (which is "2.32x times" my credit limit)
2) Axis card limit 45,000 - pre-approved loan is 3,15,000 (which is "7x times" my credit limit)
This is getting ridiculous to some extent so want to know how this loan offers are getting disbursed. So anyone who recieved loan offers against YOUR CREDIT CARDS PLEASE POST IT IN COMMENTS LETS SEE HOW BANKS ARE MAKING BUCKS OUT OF US (by comparing offers)
Please do comment your credit limit and the loan limit PRE-APPROVED loan AGAINST IT
Would be nice to see how many are getting this way
Happy commenting:)
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I am not complaining about loans offers:), its really good offers
Well i am just surprised how banks are trying to asses loan for the credit card holders:) so trying to figure that out using people's personal offers, which they might comment here:) and trying to analyze this and figure how banks are trying to push loan to credit card holders
I can see this video is about loan awareness and its misuses
Can someone here post the crisp info about this video?, the video dont have English sub titles 
even no auto sub generation, so any explanation of this will help me out to understand it better:)
TIA
I am getting it around 18% approx most of the time
So anyone please comment your preapproved offers you got:) so that it will be easier to analyze the bank loan approval system:P:)
2.5L loan limit on icici amazon cc with 14.99% interest rate with only 1% processing fee... Already got the loan , 4 emi's already paid...
Got 650000 Lac On Axis Credit Card Of 1Lac limt
But Intrest rate is 16% and processing fee is 10000
O.o nice nice,
axis bank is weird:) its 6.5x times:)
Got loan on Standard chartered CC at 0.99% per month on reducing basis with zero processing fee of 4.9 lakh on credit limit of 2.1 lakh in 2021.
2.3x times loan amount:)
don't take loan/emi under any circumstance like wedding, iPhone etc except for life threatening reasons /house/normal car etc. you will lead a stress free life and live longer.
Try to curb your instinct to buy fancy things, showoff etc. I always portray myself as a poor person and am quite happy if people see me as that 😄
They offer loans for credit cards issued a week back.
It's smart play for banks. Because,
1. Risk is already assessed. They already know the spending and repayment capabilities of the customer.
2. They can get use out of the unused limit allotted to the customer and earn very good interest without much risk.
ya true but whats weird is different bank calculate this differently which is why i want to see how this is done in a approximate way
here for example both banks should know "I have the same spending criteria and repayment capacity" but the 2 banks are offering TOO MUCH DIFFERENTLY one is 7x and other is 2.32x (they have my cibil access for sure as i have credit cards with them where they can soft inquire anytime)
axis offers 7x but hdfc offers only 2.32x times for the "same me"
so here the input data to both the banks is same but their output of rewards and lure to customer is different so trying to figure that out
Yes, all leading banks have such offers. I believe this is because banks earn assured interest in such loans whereas in credit card people pay off on time and banks don’t get anything.
ya true,
but 7x in one bank and 2.32x in another bank for the "same me" is what made me wonder how these banks assess net worth of their customers, i mean how they asses their customer worthiness? that got me into creating this post:) to try to analyze and understand it somewhat by various users inputs
I had a experience with LOAN ON CREDIT CARD with 5 banks for different family members....
HDFC
Cl 190000
Loan on CC 5 lakh.... Utilization shot up as limit was only 190000 so Credit score dropped by 25 points
Took for 6 months (lowest tenure) ...
Pre 2016 interest rate was 15 %
Processing 9800
Then Axis
Cl 90000
Loan on CC 8 LAKH but axis on approval showed 210000 loan is eligible....
Screwed the Credit score with 2 Hard enquiries
Even interest rate was 21% with hefty processing fee.... So didn't take it
Year was 2019
In AXis Never trust the Preapproved amount..... This is the experience across business loan - Pl - credit card.. OD etc
Then Kotak
CL 70000
Loan on CC 3 LAKH -no issues just was processed & credited in few seconds... Interest rate was 12 % with ZERO processing fee.... Although reported as 3 lakh limit on credit bureau & score dropped by 20 points
Still date shows sanctioned amount at 310000(including int & usage)
Took during covid 2021
ICICI similar to kotak no issues but usual credit score dropped by 20 points
Credit limit 430000
Loan on cc 4 lakh interest rate was 14% no processing fee
Pre 2015
& last was with citi bank
This was in 2010s so don't remember much.... Except it was something like 5 lakh & interest was 16 % & paid for 4 years... Don't remember the cl on this
Basically you can get loan in cc easily except for few like AXIS which is what they're known for unreliability
Interest rate would be higher than pl additional is GST
Your 1 Emi value is blocked till loan end and no limit enhanccement- card upgrade works till you close the loan
Credit score dropping is common as they report full value as outstanding irrespective of cl
No scope for personlised - or negotiation etc everything is fixed
And not to forget you should have 1 Emi worth credit limit always available on date of disbursement every month
Pro is you can pay EMI acc to billing cycle... & not on date of disbursement but billed on date of disbursement
It really helps:) to look at this loan on credit cards:)
you sure have good exposure and experience:) in this CC loans:)
Loan on CC offers are always good for emergency money or planned investment.
Points to note:
The EMI would be debited from CC bill
EMI is equal to Principal + interest for that month + gst on interest.
Some loans EMIs are directly debited from bank account.
EMI is equal to Principal + interest for that month (no gst)
but if debited from credit card statement means there is 18% gst
is the right?
don't take loan/emi under any circumstance like wedding, iPhone etc except for life threatening reasons /house/normal car etc. you will lead a stress free life and live longer.
Try to curb your instinct to buy fancy things, showoff etc. I always portray myself as a poor person and am quite happy if people see me as that 😄
I had a experience with LOAN ON CREDIT CARD with 5 banks for different family members....
HDFC
Cl 190000
Loan on CC 5 lakh.... Utilization shot up as limit was only 190000 so Credit score dropped by 25 points
Took for 6 months (lowest tenure) ...
Pre 2016 interest rate was 15 %
Processing 9800
Then Axis
Cl 90000
Loan on CC 8 LAKH but axis on approval showed 210000 loan is eligible....
Screwed the Credit score with 2 Hard enquiries
Even interest rate was 21% with hefty processing fee.... So didn't take it
Year was 2019
In AXis Never trust the Preapproved amount..... This is the experience across business loan - Pl - credit card.. OD etc
Then Kotak
CL 70000
Loan on CC 3 LAKH -no issues just was processed & credited in few seconds... Interest rate was 12 % with ZERO processing fee.... Although reported as 3 lakh limit on credit bureau & score dropped by 20 points
Still date shows sanctioned amount at 310000(including int & usage)
Took during covid 2021
ICICI similar to kotak no issues but usual credit score dropped by 20 points
Credit limit 430000
Loan on cc 4 lakh interest rate was 14% no processing fee
Pre 2015
& last was with citi bank
This was in 2010s so don't remember much.... Except it was something like 5 lakh & interest was 16 % & paid for 4 years... Don't remember the cl on this
Basically you can get loan in cc easily except for few like AXIS which is what they're known for unreliability
Interest rate would be higher than pl additional is GST
Your 1 Emi value is blocked till loan end and no limit enhanccement- card upgrade works till you close the loan
Credit score dropping is common as they report full value as outstanding irrespective of cl
No scope for personlised - or negotiation etc everything is fixed
And not to forget you should have 1 Emi worth credit limit always available on date of disbursement every month
Pro is you can pay EMI acc to billing cycle... & not on date of disbursement but billed on date of disbursement