Having a Credit Card is an essential requirement these days. It not only eliminates the need to carry cash, but also enables you to make a purchase when you do not have the required money in your account. And if you are a new entrepreneur, you may need a credit card most, because some people literally funded their business with a credit card.
HDFC Credit Cards are amongst the most popular Credit Cards in the country. You can instantly complete online transactions and enjoy various discounts and cashback offers, with your HDFC Card.
In order to enhance the user experience, HDFC Bank now offers its cardholders with a facility to avail instant pre-approved loan against their HDFC Credit Card. If you are short on cash and need money urgently, this facility allows you to transfer funds instantly to your account.
Instant Loan on your HDFC Credit Card
If you are an existing HDFC Credit Cardholder and meet the eligibility criteria of the bank, you can avail an Instant Loan on HDFC Credit Card. As the name suggests, these instant loans are pre-approved and are thus disbursed to your account instantly. Moreover, you can avail loan amounts higher than your Credit Card limit, subject to meeting the eligibility criteria.
- Just being an HDFC Credit Cardholder does not qualify you for an instant loan; you need to meet the eligibility criteria.
- This facility is available only to eligible HDFC Bank Credit Card customers.
- The maximum amount available is decided as per the customer profile and can be more than the limit available on the Credit Card.
- Loan amount can be availed directly through NEFT/RTGS or Demand Draft.
- Maximum repayment tenor available is 36 months.
- Rate of interest varies according to the customer profile.
- EMI payments are to be made every month along with the Credit Card bill.
- Card’s Credit Limit up to the loan amount will be blocked.
- Money can be used for any purpose as per the need of the borrower.
Types of Instant Pre-Approved Loans on HDFC Credit Cards
You can apply for several different types of pre-approved Instant Loans depending on the type of HDFC Credit Card you hold.
When you avail the facility of Insta Loan, the amount is credited directly to your bank account or can be availed in the form of a Demand Draft. There is no need for any documentation as this is a pre-approved loan and the money can be used for any personal or professional requirement of yours. The maximum amount available as an Insta Loan is the maximum limit on your Credit Card, and the repayments have to be made along with the Credit Card bill every month.
Insta Jumbo Loan:
It is a more advanced version of the Insta Loan wherein you can apply for amounts over and above your existing Card limit. Insta Jumbo Loan comes with its own loan account and repayment schedule, making the repayments independent of your Credit Card. It comes with flexible repayment tenor and attractive interest rates. The money can be used for any financial requirement of yours without any need to inform the bank. Processing fee of Rs. 500 is charged by the bank against this facility.
Balance Transfer on EMI:
If the outstanding amount on your HDFC Credit Card is too high and you wish to reduce your interest burden, you can opt for a Balance Transfer on EMI. Herein, the outstanding dues on your Credit Card are converted into an HDFC Loan on Credit Card. You can make the repayments through easy EMIs without stressing your finances.
With SmartEMI facility, you can convert any purchase that you make on your HDFC Credit Card into a “Smart Loan.” There is no need for any documentation, and this facility is available on instant basis. You also get the option to choose a repayment tenor as per your preferences. Processing fee of 1% is charged by the bank against this facility.
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How to apply for HDFC Loan on Credit Card
The facility of instant loan against your HDFC Credit Card is available to
select customers only. Therefore, you need to check your eligibility first and
then apply for this facility. You can easily check your eligibility through
your HDFC Credit Card net banking. If your card has not already been registered
for net banking, you must do so first.
Following are the steps involved in checking your eligibility and applying for HDFC Loan on Credit Card, i.e. InstaLoan and Insta Jumbo Loan:
- Login to your HDFC net banking account.
- Now, select the tab labelled as “Cards.”
- Towards the left of the screen, you will see an option “Transact.” Click on it.
- Select the Credit Card against which you wish to avail this facility.
- If your Credit Card is pre-approved for an instant loan, you just need to fill-up the application form.
- Enter the loan amount, interest rate, and repayment tenor for the loan.
- Accept the terms and conditions and click on the “Continue” button.
- Now, verify the loan details and press on the “Confirm” button.
- Select the preferable medium to receive the OTP, i.e. your mobile number or Email ID.
- You will then receive an acknowledgement from the bank which will specify your loan account details.
- Simultaneously, the amount will be credited to your Savings Account immediately.
- If your Credit Card is not pre-approved for this facility, you will see a message on the screen.
With the facility of Instant pre-approved loans against HDFC Credit Cards, meet your financial requirements in an efficient manner. Though, it is pertinent to mention that it is still a loan and the facility should be exercised cautiously to keep the interest costs under control.