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Loan on HDFC Credit Card

Banks offer credit card users personal loan facilities for instant and emergency funding against zero security. Among these credit card issuers is HDFC Bank, offering pre-approved personal loans.

 

As an HDFC credit card user, you can avail these loans against your credit card limit. This is one of the highlighting features of cards offered by the bank.

 

To know more about HDFC credit card loans, read on.

HDFC Credit Card Loan Purposes

Getting an HDFC credit card loan offer is possible for the following reasons:

  • Wedding

  • Travel or Vacation

  • Education

  • Medical Expenses

  • Working Capital for the business

  • Investment in the Assets to yield profits

Types of HDFC Credit Card Loans

Given below are the different categories of the HDFC credit card loan you can avail: 

  • HDFC Instant Jumbo Loan:  These loans are similar to instant loans. This is because they offer similar flexibility and minimal interest rates. However, the difference is that the loan amount of this type generally exceeds your credit card limit. So, when you apply for an HDFC Instant Jumbo Loan, you are allotted a separate loan account and monthly statement to ensure the smooth functioning of transactions.
  • HDFC Instant loan: An HDFC credit card loan is generally a pre-approved instant loan, which is granted against your credit card limit. The loan amount is usually lower than your credit limit. 
  • SmartEMI: You can easily convert a wide range of expenses related to insurance, groceries, education, medical, travel, etc., into SmartEMI through your HDFC Bank Credit Card. 

 

Thanks to the SmartEMI facility, you can opt for EMIs with a flexible tenure, depending on the loan amount. You can also convert your outstanding credit card balance to affordable EMIs.

How to Avail HDFC Credit Card Loan Offers

HDFC credit card loan offer is available only to a select group of customers. This is because though it is easily accessible, you still need to showcase good repayment capability and creditworthiness, in general. 

 

You can do this by showing responsible use of your credit card. For that, you need to ensure that you use your credit card frequently and clear all outstanding dues on time. It is also essential to remember that the approval of the HDFC credit card loan is at the bank’s discretion. 

HDFC Credit Card Loans Features

Unlike other bank loans, HDFC credit card loan comes with some exclusive features and benefits as follows:

  • No security is required

  • No documentation process required for HDFC credit card loans

  • Minimal interest rates charged

  • The tenure for HDFC credit card loans is generally between 1-4 years

  • The loan amount can be transferred to the savings or current account (HDFC Bank or any other bank)

HDFC Credit Card Loan Eligibility

Know that the eligibility criteria are affected by many factors, such as:

  • Usage pattern of the card

  • History of the customer with the bank

  • Credit score

  • Tenure of the loan

 

If you want to check whether you are eligible for an HDFC credit card loan, log in to your HDFC account and follow these steps:

  • Select the option ‘Cards’ 

  • Tap on ‘Credit cards’ 🡪 ‘Transact’

  • Select the ‘Insta Loan’ option

 

You can now view your eligibility status on the screen. Alternatively, you can check your eligibility via a phone call with the bank’s customer care department. Share the required details with the team, and you know your eligibility.

Documents Required for HDFC Bank Credit Card Loans

You do not have to submit any documents to get a loan against a credit card by HDFC. The bank relies on documents you submitted during the credit card application process. Hence, there are no additional documents required whatsoever.

HDFC Credit Card Loan Advantages

The HDFC credit card loan is packed with many advantages favourable to you. Some of these include: 

  • Source of instant cash access during emergencies

  • User-friendly and easy loan application procedure

  • No requirement for additional documents when applying for a loan

  • No additional hidden charges

  • Enjoy an interest-free loan if it is for a short term

HDFC Credit Card Loan Interest Rates

The interest rate policy for an HDFC credit card loan differs across customers. In all cases, the loan is unsecured and free from collateral security. However, remember that the interest rate depends on the following factors:

  • Tenure of the loan

  • Your relationship with the bank

  • Your credit score

  • Your pattern of card usage

 

You can enjoy an interest-free loan for a period of 20-50 days. Beyond that, the interest rate can increase to 3.4% per month if the tenure exceeds 50 days. The maximum period of an HDFC credit card loan is 60 months.

How to Apply for a Loan on HDFC Bank Credit Card

Applying for a credit card loan is a hassle-free process. Note that you need not provide documents when applying for such a loan. 

1. Online method:

Follow the process mentioned below:

  • Log in to the net banking portal 

  • Click on Credit Cards 🡪 Transact 🡪 Insta Loan 

  • Click on ‘Apply for Instant Loan’ for the HDFC credit card loan

2. Offline mode: 

The offline HDFC credit card loan application process is just as easy and hassle-free. Your three options are as follows. 

 

  • You can contact the HDFC Credit Card customer care number and request them to proceed with your credit card loan procedure.

  • Another option is phone banking to contact the customer care executive

  • Visit your nearest HDFC Bank branch and apply in person.

 

After you apply for the loan, the bank authorities will verify your information and check if you fit the eligibility criteria. As soon as your verification process is complete, you will receive a call from the bank on your registered mobile number. 

 

The bank will then inform you about details regarding the loan, like the amount, tenure, and interest rate. You may also receive all these details through SMS on your registered mobile number.

 

Once you do this, your application for HDFC credit card loan will be submitted, and the amount will be transferred to your account upon approval. As this is a pre-approved loan, it has a quick disbursement period, and you will get an OTP on your registered cell phone number immediately.

HDFC Credit Card Loan Repayment Process

The repayment of your HDFC credit card loan works similarly to other types of loans. You have to pay EMIs that include your loan and interest amount. The EMI you pay will reflect in your monthly statement, and you need to pay it promptly, along with other dues. 

 

If you have an account with the bank, you can choose from the following options to repay your HDFC credit card loan:

  • ATM

  • Smartphone

  • Net banking

  • AutoPay

  • Cash/Cheque

  • BillDesk (if you do not have an account)

 

Additionally, you can get details on various types of credit cards and loan offerings on Bajaj Markets.

DISCLAIMER

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. 

The information including interest rates or fees and charges with regard to any credit card, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQs on HDFC Credit Card Loan

Can I get an instant HDFC credit card loan?

Yes, you can get an instant credit card loan. Be sure to check your eligibility on the bank website before applying.

Will interest be charged on my HDFC credit card loan?

The interest rate depends on the loan tenure. The maximum loan tenure for an HDFC credit card loan is 36 months, and the interest rates for the same can increase to up to 3.4% monthly. 

 

What factors might affect my loan on HDFC credit card eligibility?

Various factors can influence your HDFC credit card loan application, such as income, credit history, your credit card’s usage pattern and your credit score. You can check your eligibility on the bank website. 

 

What is meant by SmartEMI?

This facility allows you to convert your purchases to affordable EMIs with flexible repayment options at low interest rates. 

 

What is HDFC credit card funds transfer on EMI?

This facility enables you to transfer your pending payments from other credit cards to the credit card issued by the bank. You can then pay the total outstanding amount in convenient, affordable instalments.

How do I apply for an HDFC Loan with a credit card?

To apply for an HDFC credit card loan offer, you can use the net banking account, call customer care or visit the nearest branch.

 

Who is eligible for an HDFC credit card loan?

To be eligible, you must have a credit card issued by the bank. Your eligibility will depend on your credit card usage, repayment, and overall credit profile.

How much loan can you get on an HDFC credit card?

The amount of loan against your credit card by HDFC depends on your credit limit and your loan type. In some cases, it may be lower than your card limit, while in others, it can be higher, like the Jumbo loan.

Is there any processing fee for a loan on HDFC credit cards?

Yes, when you avail loan against a credit card by HDFC, the bank will levy a processing fee depending on your loan type.

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