Credit Card

A credit card comes with a specified pre-approved credit limit which can be used by the holder in a month. However, if you are in urgent need of cash, most banks offer you the facility of loans against credit card. Here, you can take a loan against the credit limit which you have been given. Once the bank approves your loan request, the limit will be credited to your account. Bank charge a certain interest rate for the repayment of the loan. You can repay this loan through Equated Monthly Installments (EMI) for a specified tenure.