Loan against credit card is one of the fastest ways of securing credit. IT professional Vimal Singh, 34, realised this when he needed money urgently to clear his dues for a property. “I approached the card issuer — HDFC Bank — and within minutes it processed a loan of Rs 1,95,000 against my credit limit (at that time) of Rs 2,12,000.
The interest rate was 11.88 per cent per annum. I could have gone for a personal loan, but this was a more convenient way to get instant liquidity,” says Singh. Adds Ambuj Chandna, senior executive vice-president and head, consumer ...
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