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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.
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.
The loan is disbursed through the following ways:
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.
The following are the applicable terms and conditions:
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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