• HDFC Insta Loan

    Insta loan was earlier called as cash on call, it is a loan within the credit limit on your HDFC credit card. The loan amount is blocked against the credit limit.

    Eligibility criteria for HDFC Insta Loan

    HDFC Insta Loan is available to select HDFC credit card holders. To know if you are eligible, you can check it through NetBanking, Phone banking, visit your branch or an executive will call you and let you know if you are eligible. You might also get a SMS to your registered contact number to know if you are eligible to avail the HDFC Insta Loan.

    Loan Disbursement

    The loan is disbursed through the following ways:

    • The amount will be credited to HDFC Bank Savings Account
    • Demand draft will be drawn in favour of the applicant's name as per the HDFC Credit card records.

    Loan Repayment

    The loan is to be paid every month and it will be billed to the monthly statement of your credit card. The loan is repaid in EMIs and it will be included in the minimum amount due that will be appearing in your credit card statement.

    The EMI is paid in the following manner and it is calculated using the reducing balance method:

    Month Loan amount of Rs.50,000 Loan amount of Rs.1,00,000 Loan amount of Rs.2,00,000 Loan amount of Rs.3,00,000 Loan amount of Rs.4,00,000 Loan amount of Rs.5,00,000
    48 months Rs.1,392 Rs.2,783 Rs.5,566 Rs.8,349 Rs.11,132 Rs.13,915
    36 months Rs.1,733 Rs.3,467 Rs.6,933 Rs.10,400 Rs.13,866 Rs.17,333
    24 months Rs.2,424 Rs.4,849 Rs.9,697 Rs.14,546 Rs.19,395 Rs.24,243
    18 months Rs.3,119 Rs.6,238 Rs.12,477 Rs.18,715 Rs.24,954 Rs.31,192
    12 months Rs.4,513 Rs.9,026 Rs.18,052 Rs.27,077 Rs.36,103 Rs.45,129

    In the above table the interest was calculated at 1.25% per month. The monthly due will include EMI and service tax on the interest amount of EMI. You can also make use of the EMI calculators available online to determine the EMI amount that is due each month. You will just have to choose the type of loan that you are applying for and entering the required loan amount, then choose the repayment term and finally enter the interest rate charged each month and then hit the calculate button. You will get a complete detail of the EMI that you will be paying each month for the repayment term.

    Term and conditions of HDFC Insta Loan

    The following are the applicable terms and conditions:

    • HDFC Bank reserves the right to decide the eligibility to avail HDFC Insta Loan.
    • The loan amount is less than or equal to the available credit limit on the credit card at the time of processing the loan.
    • The loan amount is blocked against the credit limit and the cash limit will be zero.
    • Equated monthly instalment will include the principal amount along with the interest amount. Monthly loan repayment is EMI along with the service tax on the interest amount of EMI.
    • Processing fee is charged during the immediate billing cycle after booking the loan.
    • The loan can be pre-closed at any time and the pre-closure charge is 3%.
    • Service tax is 14.5% per annum and it is charged on the interest amount of EMI on a monthly basis and is charged on the processing fee and pre-closure charge. The service tax rate is subject to change as per the Government regulations.
    • Partial prepayment of the loan is not allowed.
    • A maximum of 2 HDFC Insta Loans can be availed at any point provided you meet the eligibility criteria.
    • The loan can’t be cancelled once it has been approved and processed.
    • The interest rate and the processing fee will be confirmed while booking the loan.
    • The tenure once set cannot be changed.
    • The loan amount can’t be invested in stock market, mutual funds and for other speculative purposes.
    • If you default on the EMI payment, the loan service will be suspended.
    • The bank can alter, modify or change the terms and conditions without prior notice.
    • The loan is disbursed to your HDFC Bank Savings Account or to HDFC Bank Salary Account.

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