HDFC Credit Card Loan

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.

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

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.

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. 

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)

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.

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.

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

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.

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.

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.