A loan against credit card works like a personal loan. It is a means of financing that can help you meet your monetary needs in a relatively short period of time. As long as you have a credit card in your name, you can avail money against it, usually without having to submit any new documents.
Credit card loans or loans against credit card are usually pre-approved and can be availed instantly. In the case of the Bajaj Finserv RBL Bank credit card, you are already assigned a pre-approved limit. When you need to avail money, you can get an interest-free personal loan as per the cash limit of your card for up to 90 days.
While you are charged a flat 2.5% processing fee, the entire process of converting your pre-assigned limit into a loan is hassle-free and fast. There is no need to visit a physical branch or any lengthy paperwork to avail this money. You can do this on the RBL Bank mobile app itself.