HDFC Insta Loan

The key features of HDFC Insta Loan are:

• This is a pre-approved loan that will be instantly credited to your HDFC Savings Bank Account.
• For customers who do not have an HDFC Savings Bank Account, the loan will be disbursed vide Demand Draft in the name of the applicant as per HDFC Credit Card Records. And, the customers who want to open a savings account can easily apply with HDFC Bank video KYC. Also applicable to applying for personal loans.
• The credit limit on your card will be blocked to the extent of the loan amount.
• The cash withdrawal facility for your card will be withdrawn and will be restored only on clearing the Insta Loan in full.
• The pre-approved loan will be based on your spending, transaction pattern, and repayment of your earlier Credit Card dues.
• The quantum of the loan will be either equal to or below your credit card limit.
• The EMI for the Insta Loan along with the GST will be billed in the monthly statement generated immediately after the loan is disbursed.
• The EMI will be a part of the Minimum Amount Due (MAD) appearing on your monthly Credit Card statement.
• Interest of 1.25% p.m. and other applicable charges are levied on the balance outstanding.
• Flexible repayment options are available ranging from 12 months to 60 months.
• Select cardholders will be provided with this Insta loan facility.

• Quick disbursement of loan to bank account as it is a pre-approved loan.
• HDFC Bank Savings Account holders can apply for multiple loans on their credit cards.
• Non-HFC Bank Savings Account holders can get only 2 Insta jumbo Loans at any point in time.
• This scheme requires no documentation and the turnaround is almost instant.
• You can calculate EMI with the Credit Card Loan EMI Calculator of the bank.
• The loan can be utilised for any purpose with no restriction on end-use like an unsecured Personal Loan except for a speculative purpose.

The EMI for HDFC Insta Loan can be calculated online using our or HDFC Bank’s EMI Calculator by entering a few details, i.e. the Loan Amount, Interest Rate, and Tenure.

Apart from calculating the prospective EMI, the Calculator also shows the complete amortization schedule for the loan repayment.

There is a fixed EMI structure for HDFC Insta Loan. Below is the EMI Table for the HDFC Insta Loan set by the bank at a 1.25% interest rate per month.

No documents are required for HDFC Insta Loan as it is a pre-approved loan for select HDFC Bank customers only. The bank already has all the required documents of their existing customers, so they do not need to furnish any additional documents to avail of this loan.

The following are the eligibility criteria to avail of the Insta Jumbo Loan:

• The applicant should hold an HDFC Credit Card.
• The repayments of the existing Credit Card should have been made promptly on the due date.
• The applicant should have a good income, good repayment capacity, and a good credit score.
• The loan is based on the Credit Card spending, transaction pattern, and previous payment history.

You can check the eligibility for the Insta Loan by following a few simple steps as mentioned below:

• To begin with log in to HDFC Net banking. Choose the 'Cards' option. Then proceed to 'Credit Cards' and later click on 'Transact' and then choose 'Insta Loan'. Give details of your Credit Card and the pre-approved limit will appear on the screen.
• You can also get the details of the loan by Phone banking. You can call the HDFC Credit Card helpline.
• If you are eligible for the loan and have not registered for DND/NDND/DNC an executive of HDFC Bank will give you a call and explain the loan details. The information regarding the loan amount, interest rate, and other loan details will be given and you can immediately book the loan since no documentation is required.
• If you are eligible for the loan and have not registered for DND/NDND/DNC you will get an SMS on your registered mobile number regarding the loan amount, interest rates, and other loan details. If you are interested in availing of the loan and accept the terms and conditions listed in their website, you can send the shortcode mentioned in the SMS.

Along with the rate of interest, the HDFC Insta Loan comes with the following fees and charges:

• Processing fee: Up to Rs. 799 + GST for all loan amounts for salaried customers and Rs. 899 + GST for all loan amounts for self-employed customers and customers belonging to Ludhiana, Noida, Faridabad, and Ghaziabad regions and for customers with an existing Insta Loan or for those who have availed Insta Loan previously.
• Penal interest on skipping the payment due date: 2% on payment amount, minimum Rs. 300.
• Part prepayment: Not permitted.
• Foreclosure charges: 3% of the balance principal outstanding + GST. Along with pre-closure charges, pro-rata interest applicable and the outstanding Credit Card balance also have to be paid.

• Fill in the online application form available on the Home Page of MyMoneyMantra or access the form by visiting the Personal Loan section available under the Loans tab.
• Enter all the required details, such as your name, contact details, loan amount requirement, and so on.
• An OTP will be sent to your mobile number. Enter it to verify your identity and then enter the remaining details.
• You will get access to the personal loan offers of our 100+ lending partners.
• Apply instantly by clicking on the e-connect button for a personal loan. Your loan application will begin instantly.
• Our personal loan experts will contact you soon to answer your queries and assist you throughout the remaining process.
• A doorstep pick-up of the documentation will be arranged by us and after submitting the documents, we will follow up with the concerned lender for timely loan disbursal.

You can reach HDFC Loan customer care regarding any queries and complaints about the loan through call, email, post, or branch visit.