| Purpose |
To facilitate a credit card holder to avail a loan under this scheme from the bank at a lower rate of interest and adjust the same into the credit card account thereby reducing his liability. |
| Eligibility |
All active credit card holders of banks with good track record and no default in payment at least for 6 months. |
| Loan Amount |
Maximum of Rs.50,000/- or liability outstanding on the credit card whichever is lower.
Maximum of Rs.1.00 lac in case of Gold card holders |
| Margin |
- NIL - |
| Repayment |
Interest to be paid as and when due within a month of application. Loan will be renewed on satisfactory conduct of the account once in a year provided the interest is paid regularly. |
| Processing charges |
1% of the loan amount. |
| Security |
Pledge of liquid securities like NSCs, KVIPs, LIC policies/Govt.Securities and also our banks term deposits/Recurring Deposits etc., to an extent of at least 110% value of the loan. |
