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.
To know more about HDFC credit card loans, read on.
Getting an HDFC credit card loan offer is possible for the following reasons:
Travel or Vacation
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:
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
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’
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
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.
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
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
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:
Additionally, you can get details on various types of credit cards and loan offerings on Bajaj Markets.
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Yes, you can get an instant credit card loan. Be sure to check your eligibility on the bank website before applying.
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.
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.
This facility allows you to convert your purchases to affordable EMIs with flexible repayment options at low interest rates.
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.
To apply for an HDFC credit card loan offer, you can use the net banking account, call customer care or visit the nearest branch.
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.
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.
Yes, when you avail loan against a credit card by HDFC, the bank will levy a processing fee depending on your loan type.