HDFC Bank offers its customers with the provision of loan on credit card. If you have applied or are already using a credit card by HDFC Bank, it comes with a pre-approved loan against your credit limit. If you need an urgent inflow of cash, you can apply for this loan and the bank will instantly credit the amount to your savings account in HDFC Bank or any other bank. This loan comes with attractive interest rates and a wide range of tenure ranges.
There are two types of loans on credit cards which are offered by HDFC Bank. These are:
Bankwise Forex Cards
The most important eligibility criteria for getting a loan on the credit card is to have a good credit score, make timely payments and having a good transaction history.
Apart from that, to check if you are eligible for the credit card loan, you can follow these steps:
Since there is no documentation required to apply for a loan on your HDFC Bank credit card, all you need to do is apply for the loan through your net banking account or call the customer care of the bank to request for the loan.
Once your eligibility is confirmed, an executive from the bank will call you on your registered mobile number to discuss the sanctioned loan amount, the tenure as well as the interest rate on the loan. The same will be sent as a message to you as well via SMS.
After the request for the loan on your credit card is approved, the loan amount, interest rate and tenure are sent to you via call or SMS.
The loan will need to be repaid on a monthly basis through Equated Monthly Installments (EMI) along with the added interest specified by the bank.
You can choose the mode of payment to repay the amount. It can be through ELSS where the EMI is cut directly from your account or you can also pay with a cheque.
The interest is calculated using a reducing balance method based on the tenure, the quantum of loan and interest rate.
Yes. 1% of the loan amount will be levied as processing fees.
With HDFC’s SmartEMI facility, you can convert your costly purchases into easy monthly installments with a low rate of interest and flexible tenures.
You can transfer the outstanding balance on your other credit cards to your HDFC credit card and pay the total outstanding amount in EMI.
No, you do not have the option to convert gold and jewellery purchases to EMI. You can convert electronic purchases, lifestyle spends, travel expenses and insurance spend to EMI.
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