Loan Against HDFC Credit Card

HDFC Credit Card Loan

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Loan on HDFC Credit Card

Disclaimer: HDFC Bank is not a Finserv MARKETS’ partner. Offers would be from partner Banks/NBFCs only.

Banks facilitate credit card users with personal loan facilities for instant and emergency funding against zero security. HDFC Bank offers personal loans on credit cards to their account holders. Pre-approved personal loans for HDFC credit card users against their credit card limit are one of the highlighting features of HDFC credit card loans.

HDFC Credit Card Loan Purposes

The HDFC credit card loans can be considered for various reasons like –

  • 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

HDFC Bank credit card loans can be categorized as –

  • HDFC Instant loan – The instant loan under HDFC credit card loans is generally a pre-approved loan, granted against the credit card limit of the applicant. The loan amount under HDFC instant loan is under the approved credit card limit of the applicant. The monthly statement under HDFC credit card loans includes the loan installments.

  • HDFC Instant Jumbo Loan – The HDFC instant jumbo loans are similar to HDFC instant loans in terms of flexibility and minimal interest rates but come with a jumbo difference. The loan amount under HDFC instant jumbo loan exceeds the credit card limit of the applicant. Therefore, an applicant applying for an HDFC instant jumbo loan will be allotted a separate loan account and monthly statement to ensure the smooth functioning of the transactions.

HDFC Credit Card Loans Features

Unlike other bank loans, HDFC credit card loans come with some exclusive features and benefits like –

  • No security is required.

  • No documentation process is required for HDFC credit card loans

  • Minimal interest rates charged

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

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

HDFC Credit Card Loan Eligibility

The eligibility criteria are affected by many factors including the usage pattern of the card, the history of the customer with the bank, credit score, and the tenure of the loan. If you want to check that whether you are eligible for an HDFC credit card loan or not, you have to follow the steps mentioned below:

  • Visit the official portal of the HDFC Bank and log yourself in using your ID credentials.

  • Select the option ‘Cards’, now tap on ‘Credit cards’ from the options displayed.

  • Tap on ‘Transact’

  • Select the ‘Insta Loan’ option.

Your eligibility status will be displayed on the screen.

You can also check your eligibility status via a phone call with the customer care department of the HDFC Bank. You can share the required information about your account, and they will tell you whether you are eligible or not.

HDFC Credit Card Loan Advantages

The HDFC credit card loan is packed with many advantages that act in favour of the customer.

Some of these are:

  • It is a source of instant cash access, especially helpful in times of emergencies.

  • The procedure of the loan application is very consumer-friendly and easy.

  • There is no requirement for additional documents in the application procedure.

  • No additional hidden charges.

  • You can enjoy an interest-free loan in case of a loan for a short-term period.

HDFC Credit Card Loan Interest Rates

The interest rate policy for an HDFC credit card loan differs from customer to customer. In all cases, the loan is unsecured and free from collateral security. It depends on features like tenure of the loan, customer’s history with the bank, credit score, and card usage pattern. If the loan term period is between 20-50 days, you can enjoy interest-free features offered by HDFC Bank. The tenure exceeding 50 days is liable to interest rates which can rise to 3.4% on a monthly basis. The maximum term period of an HDFC credit card loan is 36 months.

HDFC Credit Card Loan Application Procedure

The application procedure for an HDFC credit card loan is super easy and hassle-free, with no documentation required. You can apply for the loan by using your

Net Banking Credentials

  • Go to the official portal of the HDFC Bank.

  • Log into your HDFC card account.

  • Click on the ‘transaction’ option under ‘credit card’

  • Click on ‘apply for instant loan’ for HDFC credit card loan.

Customer service

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

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 completed, you will receive a call from the bank on your registered mobile number to inform you about the details regarding the loan, like the loan amount, period of the loan, and interest rate policies. You will also receive a message with all these details through SMS on your registered mobile number.

HDFC Credit Card Loan Repayment Process

  • All the details about the loan, including loan tenure and repayment policies, will be sent to you via SMS on your registered mobile number as soon as your loan application has been accepted.

  • The repayment cycle of the HDFC credit card loan works every month paid in the form of EMIs (Equated Monthly Installments), including the interest as per the rate mentioned by the bank.

  • There are two options of payments available for the repayment process. Either you can choose ELSS in which the EMI amount will be deducted from your account directly on a monthly basis or you can opt to pay via cheque.

FAQs on HDFC Credit Card Loan

  • ✔️Can I get an HDFC credit card instant loan?

    Yes, you can get an HDFC credit card instant loan. The procedure of this loan is quite simple and fast and requires no documentation. The amount sanctioned in the instant loan is lower than your credit card limit. In case you need an amount more than your credit card limit, you will have to apply for an HDFC credit card instant jumbo loan.

  • ✔️Will interest be charged on my HDFC credit card loan?

    The interest rate of the HDFC credit card loan depends on the tenure of the loan. If the loan is for 20-50 days, you will have to pay no interest on it, but if the loan term is more, then the interest rate policies are different. The maximum loan tenure for an HDFC credit card loan is 36 months, and the interest rates for the same can rise to 3.4% monthly. 

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

    Various factors can influence your HDFC credit cards loan application, such as income statements that will showcase your paying capacity, your history with the bank that would work for your creditworthiness, and most importantly, the usage pattern of your credit card and your credit score. You can check if you are eligible for an HDFC credit card loan through the online portal of HDFC.