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Instant Pre-Approved Loan on SBI Credit Card

MyMoneyMantra

State Bank of India (SBI) is one of the largest financial institutions in the country with a large number of satisfied customers. It has been able to achieve this feat on the basis of innovative products and excellent customer service. Likewise, SBI Credit Cards are loaded with interesting features and useful benefits.

With the push from the government for digital payments and the rising popularity of e-commerce websites, more and more customers are applying for SBI Credit Cards in India.

Do you know that apart from allowing you to perform online as well as offline “cash-less” transactions, SBI Credit Card also allows you to avail the facility of instant loan?

This facility is offered in the form of instant “pre-approved loans,” wherein only existing and eligible SBI credit cardholders can avail of this opportunity. If you have been a disciplined card user, you can Apply for SBI Loan on Credit Card and effortlessly meet your liabilities.

SBI Instant Pre-Approved Loans

In order to allow its credit card customers to access money quickly in case of emergency, SBI offers instant pre-approved loans in the form of “Encash” facility. The amount available as a pre-approved loan under Encash varies according to the customer profile and can be equal to or even more than the total credit limit available on the card.

This offer is conveyed to the customers periodically by the SBI Cards through messages and emails. SBI Credit Card customers can also check their eligibility for an instant loan through their SBI mobile app. The money borrowed as SBI loan on Credit Card can be used by the customers for any requirement of theirs and is repayable through EMIs.

Following are the major features of the Encash pre-approved loans offered against SBI Credit Card: –

  • Amount disbursed within 48 hours of application.
  • Pre-approved loan offer. The amount available can be equal to or more than the available credit limit.
  • Extended repayment tenor of up to 36 months.
  • The completely online process with minimal documentation.
  • Low-interest rates as compared to a Credit Card.
  • Online transfers through NEFT or RTGS.
  • The option of foreclosure is also available.
  • Processing fee of 2% is applicable (min. Rs. 499 and maximum Rs. 3,000)

Benefits of SBI Instant Pre-Approved Loans

More and more customers are availing this facility of instant loan against SBI Credit Card. This is due to the several benefits that the customers can enjoy, such as: –

  • Instant disbursals as the loan offer have been pre-approved. The entire process is completed within 48 hours.
  • No documentation required as SBI already has all the details of the customer.
  • Option to receive money directly through NEFT/ RTGS or an account payee cheque.
  • Multiple application options, website, mobile app, or through customer helpline.
  • Customers are eligible for amounts above the existing limit on the Credit Card.
  • Repayments through EMIs, payable along with the Credit Card bill.
  • The interest rate payable varies according to the customer profile, but in most cases, is lower than what is payable on the Credit Card usage.
  • The option of foreclosure is also available by paying 3 percent foreclosure charges
  • Low processing fees.
  • Customers can use the money as per their discretion. No questions asked.

Process to apply for Encash Instant Pre-approved loan on SBI Credit Card

SBI offers its Credit Card customers the facility to apply for the Encash facility against SBI Credit Cards through multiple channels. You can avail this facility as per your preferred channel.

  • Through SBI website

You can apply for the Loan on SBI Credit Card through the SBI website directly by following the following simple steps: –

  1. Log-on the official SBI credit card website.
  2. Now, use your username and password to log-in to your credit card account.
  3. Now, scroll the “Benefits” section located towards the left of the screen.
  4. If you are eligible for the Encash facility, you will see “the Encash” link here. If you cannot see the Encash link, you are not eligible for this facility.
  5. Click on the Encash link. Now, select the amount required, repayment tenor, and interest rate as per your preferences.
  6. After you have made the selection, confirm the booking.
  7. Once the process has been completed, and the amount is credited to your account, you will receive an SMS from SBI regarding the same.
  • Through the SBI Mobile App

You can also apply for the Encash Instant SBI loan on Credit Card through the mobile app of the bank. The steps to be followed are: –

  1. If you do not have the SBI mobile app, download it from the Play Store and install it on your smartphone.
  2. Log-in to the app with your Credit Card username and password.
  3. In the main menu, tap” on the benefits” option.
  4. If you are eligible for the Encash facility, you will see the “Encash” link here. If you cannot see the Encash link, you are not eligible for this facility.
  5. Select the Encash option and enter the amount required, repayment tenor, and interest rate as per your preferences.
  6. After you have made the selection, confirm the booking.
  7. Once the process has been completed and the amount credited to your account, you will receive an SMS from SBI regarding the same.
  • Through SBI Customer Care Helpline

If you do not have access to the internet or a smartphone, you can still avail of the Encash facility through the customer care helpline of SBI. It is a very straightforward process: –

  1. Keep your Credit Card ready and call the helpline number 1860 180 1290.
  2. Verify your details through the IVR.
  3. Once connected to the customer care executive, you will be informed regarding your eligibility for the Encash facility.
  4. If you are eligible, you need to specify the relevant details and then confirm the booking.

Once the process has been completed and the amount credited to your account, you will receive an SMS from SBI regarding the same.