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.
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Types of Loans on Credit Cards
There are two types of loans on credit cards which are offered by HDFC Bank. These are:
Instant Loan – This loan is the pre-approved loan which is given against your allotted credit limit.
Instant Jumbo Loan – This type of loan against your credit card is usually above the assigned credit limit to your card. For this loan, the loan amount will not be blocked against your HDFC credit card limit.
Features and Benefits of the Loan on HDFC Bank Credit Card
The loan amount under the instant loan will be blocked against your credit limit.
The loan amount is pre-approved.
There will be no requirement of any documentation for the loan application.
The bank offers attractive interest rates on the loan.
The tenure range varies from 12 months to 4 years.
The loan amount will be instantly credited to your savings account.
Eligibility for Loan on HDFC Bank Credit Card
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:
Log in to your net banking account.
Click on ‘cards’.
Select the option of ‘Credit cards’.
Click on ‘Transact’.
Select ‘Insta Loan’.
You can also call the customer care of the branch through the phone banking facility of the bank to check if you are eligible for the loan against your credit card.
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.
Repayment of Loan on HDFC Bank Credit Card
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.
Frequently Asked Questions (FAQs)
How do I find out the EMI to be paid every month?
The interest is calculated using a reducing balance method based on the tenure, the quantum of loan and interest rate.
Is there any processing fee for a loan on credit cards?
Yes. 1% of the loan amount will be levied as processing fees.
What is SmartEMI?
With HDFC’s SmartEMI facility, you can convert your costly purchases into easy monthly installments with a low rate of interest and flexible tenures.
Explain Balance Transfer on EMI
You can transfer the outstanding balance on your other credit cards to your HDFC credit card and pay the total outstanding amount in EMI.
Can I convert my gold and jewellery purchases into 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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Even if I forget to convert EMI conversion for the usage of my card, HDFC banker use to contact me to remain for this option. I have been using this card for more than 2 years. Since i applied a bike loan at that time I got this card offer direct from bank. The credit limit of 30K at initial now they enhanced up to 60K. It is a life time free card. They provide movie ticket offer but I didn't prefer. The customer service is good and they make to understand on easy.
HDFC Bank offered Titanium Times credit card and i am using this card more than 4 years. This is a life time free card and given a credit limit of Rs. 75k, its good. EMI option is available and also they given a loan based on this card. Reward points can be converted as a cash back but i am getting less rewards.
I am using HDFC card since 6-7 months. My friend has suggested about this card. It is very much good card and their service is awesome. This is a life time free card and the credit limit is low but according to my salary, it was okay of 40K. EMI conversion is applicable. I am getting reward points, can be converted to cash and gifts. Around 2-3 months before , I got message from banker that I am eligible for a loan and approval within 3 minutes also am getting offer for other products as well.
HDFC credit card is best in all cards. I have purchased HDFC credit card on 3 years back. Every year I need to pay an annual fee of Rs. 500. I am holding my Snap deal credit card hence I'm getting cash back when I swiping the card at petrol bunks. Very frequently I'm getting personal loan offer on credit cards. I have not faced any issue on this card.
HDFC people provides very excellent service. Its a good card to use. They have assigned me a relationship manager for me hence this guy calls me every week asking me about any service that i want. I use this card for almost 5 years. Because of my salary account is in this bank so that they have given me this card. I keep on getting loan offers and other offers like reward points but I never used those offers because I don't use this card on a regular basis.
HDFC don't charge any annual fee for credit card and the card was given in my office when i opened my salary account. Also they are providing a lot of loan offer which is useful for me. They have given me a credit limit of Rs. 84000 and they don't charge me any annual fee. I get a pre-approved loan offers. Its easy to make the payment and i hold this card for a year.
From HDFC, I am having a Jet privilege credit card, they are offering time to time insta cash loan and jumbo loan. When i got the card in the year of 2013, the limit was only Rs. 50000 and now they have increased upto Rs. 3 lakhs and they have recently given a call to enhance the limit upto Rs. 3.91 lakhs and i have accepted the same. I'm using the EMI conversion facility for last 7 years.
I am holding a salary account from HDFC bank for long years, hence I got pre approved card offer directly from them. For past 2 years I am using this card. It is annual fee chargeable of 500 rupees. I use to get loan offer based on limit. I can use limit up to 50K. EMI conversion is available. It is a master card. One advantage is I can swipe this card at anywhere with low interest charge.
I am using HDFC BANK Credit card for past 3.5 years. I have a credit limit of 56K, which is fine. I use to get Jumbo and Insta loan based on my credit card. EMI conversion options are available at the rate of interest 12 to 13%. I use to get reward points but I have not utilized it.
I have been holding the credit card from HDFC for almost 1 year. I'm getting cashbacks and reward points based on my purchase. They have given me a credit limit of Rs. 15000. They charged me some annual fee. When i took the consumer durable loan from Reliance Digital in that sales executive of HDFC approached me and provided me this card.
I am using my HDFC credit card for almost 4 years. They have offered me a credit limit of Rs. 1.50 lakhs and the cash withdrawal limit of Rs. 39,000. They haven't charged me any annual fee. Based on my credit card, they are giving offers to take a insta loan, jumbo loan, two wheeler loan and car loan. If I pay the make the payment for my post paid bill, they are giving reward points.
I am using HDFC BANK credit card for more than 5 years. The credit limit offered from bank is 72K which is sufficient. I get loan against credit card without blocking my credit limit. The rate of interest is normal. It is annual chargeable card.
I am using HDFC Bank credit card for past 4 to 5 years. Charges are very high compared with the other bank, which need to be reduced. The credit limit offered from bank is very low. Customer support management and response is not up to mark. The good point is I can get Insta loan against the credit card.
HDFC card is good and executive did not give me a correct information because i was looking for a life time free card if i link a card to payzap app even though i linked the same, in my first month bill, they have mentioned the annual fee when i contact the customer care they are saying that after linked with payzap i need to pay 3 utility bill payment. I have sent a mail to their support team after that they have reversed my amount if they charged me for next year, i will close this card. They provides a loan to the customer.
I got a call from HDFC bank agent and they have processed my card request and it was very helpful for converting my purchase into EMI. I was not able to generate the pin number immediately and it took almost 2 days. I highly recommend this card. Since my loan is running with this bank. So I have chosen the same bank. If i do any bill payment from this card, they are giving 5% cash back.
I have applied HDFC personal loan which was applied through online and the loan amount of Rs.1,00,000 and the processing fee is around 4000 rupees and the interest was 21% it is very high, need to decrease that. Customer service and responsiveness was good.
This is a business money back credit card which am using from HDFC. On this card, they are giving rewards points and they provides me jumbo loan against the card. They give some rewards points which i can convert into cash. Almost 6 years, i have this card. They updated me time to time and got the loan without blocking the credit limit. HDFC provides me a good credit limit which is useful for me.
I have stopped using my HDFC credit card now and its like a dummy card because they do allow customer to convert into EMI if the purchase is more than Rs, 2500 and their app doesn't work if the customer do not have the personal account so customer needs to do everything through net banking. Their customer care service is very worst because they don't pick up the call for most of the times. They don't have any kind of easy loan options.
I have HDFC Bank credit which was taken through Bank only .This was offered by bank ,I amusing this credit card almost 4 years and this was a platinum card .Sometime i am getting insta loan and jumbo loan offers ,I will avail this facility whenever require.There are reward points but cash back offers not checked .
I am using HDFC bank credit card for past 4 years. If I done transaction of huge amount for security reason I get call from bank executive and EMI conversion is avail. I am happy with the credit limit of 4L. The annual charges is around 500. I use to get Insta, top up and Jumbo loan based on my credit card which is very useful.