Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Loan on HDFC Credit Card

     

    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.

    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:

    Netbanking

    • Log in to your net banking account.
    • Click on ‘cards’.
    • Select the option of ‘Credit cards’.
    • Click on ‘Transact’.
    • Select ‘Insta Loan’.

    Phone Banking

    • 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.

    How to Apply for a loan on HDFC Bank 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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