Credit card holders can transfer the outstanding balance from their other bank credit cards to a new or existing HDFC Bank credit card and make convenient repayments using monthly instalments. HDFC also offers the flexibility of transferring the outstanding balance from other products like two-wheeler loans, personal loans and car loans to an HDFC credit card. Customers can make these kind of loan transfers easily and convert their higher monthly instalment amounts into comparatively lower amounts through the Balance Transfer on EMI facility. The loan amount that has been transferred will be adjusted against the customer’s credit limit.
The Balance Transfer on EMI option is available for eligible HDFC Bank credit card customers only. If you are eligible for the same, the bank will allow you to transfer your credit card balance from one credit card to another. In such cases, the bank charges a balance transfer fee which is a percentage of the total amount which is being transferred. The current rate for the transfer is 1.10% of the total amount.
The Balance Transfer on EMI can be availed only by select HDFC Bank credit card customers. To check the eligibility, customers can use the Phone Banking service or register for a call back on their registered phone numbers from the customer care helpdesk and then apply for the balance transfer facility. They can also use Net Banking and SMS Banking to find out if they are eligible.
The Balance Transfer on EMI feature is a form of pre-approved loan and HDFC Bank does not require its customers to provide any documentation for the same.
The process of application for a HDFC Bank Credit Card Balance Transfer on EMI is very simple. You can follow the steps mentioned below to apply for the same:
The transfer usually takes place immediately. However, in some cases, it might take up to 2-4 hours to reflect in the account.
Once your loan is approved, you can cancel your HDFC balance transfer facility only within 3 working days from the loan booking date. After three days you cannot cancel the facility but can pre-close it.
In general, the process of transferring credit card balance from one bank’s credit card to your HDFC Bank Credit Card takes place immediately. However, in certain cases, it might take 2 to 4 hours to reflect on your HDFC account.
The eligibility criteria for HDFC Bank credit card balance transfer is decided by the bank and is available to selected customers only as per the discretion of the bank. You can check any one of the prescribed methods to find out if you are eligible to transfer your credit card balance from one of your credit cards to your HDFC Bank credit card.
There are no such rules in this case. As the credit card balance transfer on EMI is a feature which is a pre-approved loan instrument, the decision in regard to your eligibility for the same is solely dependent on the bank. You can get in touch with the bank directly for more information.
The processing fee for credit card balance transfer on EMI is 1% of the loan amount which is subject to a minimum of Rs.350. This amount is exclusive of GST.
You can get in touch with HDFC Bank through Phone Banking, SMS Banking, or Net Banking to know if you are eligible for credit card balance transfer.
The feature of balance transfer is bank-specific. You will be required to check with the other bank to find out if you are eligible for the transfer.
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