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HDFC Bank Credit Card Loan

Are you an HDFC Credit Cardholder? HDFC Bank provides instant loans to credit cardholders at nominal interest rates with flexible repayment options. As an HDFC Credit Cardholder, you can have access to immediate funds through HDFC Credit Card Loan. Read on for more details about the HDFC Bank Credit Card Loan.

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HDFC Bank Credit Card Loan

HDFC Bank offers various credit card loans to HDFC Credit Cardholders, depending on the individual profile. With an online application option, availing of the instant credit card loan is very convenient, and the funds will be available within hours. In addition, HDFC Credit Card Holders need not panic when an emergency need for funds crops up. The required funds will be in your account within a few clicks in the form of an HDFC Bank Credit Card Loan.

Types of HDFC Bank Credit Card Loans 

A credit card loan is a loan that has been preapproved based on your credit card usage, repayment track and credit history. HDFC Bank provides various types of Credit Card Loans according to the requirement and profile of the cardholder. There are three different types of HDFC Bank credit card loan.

Insta Loan

The features of the Insta Loan are given below.

EligibilityIt is a preapproved loan provided to select customers at the bank's discretion. The eligibility for the loan will be conveyed via SMS. 
Loan Amount
  • The loan amount will be up to the available credit limit. The credit limit will be blocked to the extent of the loan amount. The cash withdrawal limit will also be blocked, and the cardholders will not be able to withdraw cash during the loan tenure.
  • The credit limit to the extent of the loan amount and the cash limit will be restored on the closure of the loan account by paying the dues in full.
PurposeThe loan can be utilised for any purpose; it is a multipurpose loan like a personal loan.
Rate of Interest
  • The HDFC Credit Card Loan Interest Rate will be charged on a case to case basis and starts at 15% p.a.
  • The interest will be calculated from the date of disbursement of the loan till the payment due date for the first EMI. For the subsequent EMIs, the interest will be calculated as per the billing cycle. GST will be applicable on the EMI.
Repayment

You can choose the repayment period between 12 months 

to 48 months.

Processing FeeProcessing Fee will be collected up to Rs. 999/- plus GST
Preclosure charges

Preclosure charges will be collected at 3% of the outstanding loan amount plus GST.

Partial prepayment will not be permitted.

EMI calculationYou can calculate the EMI for the Insta Loan using HDFC Credit Card Loan Calculator before applying for the loan. This will enable you to decide on the loan amount and tenure in proportion to your affordable EMI. 
Other Conditions
  • The EMI will be a part of the Minimum Amount Due.
  • The disbursement will be made directly to the savings bank account if you are maintaining an account at HDFC Bank.
  • For others, the disbursement will be done vide Demand Draft.
  • The Customer ID, Date of Birth and Name updated while availing of the credit card should be similar to the Customer ID, DOB and Name as in the savings bank account. The loan request will not be processed if there is any discrepancy.
  • The loan will be disbursed within seconds if you have an account with HDFC Bank, or else it will take 5 to 7 days.
  • Multiple loans on a credit card will be permitted for cardholders with HDFC Bank Savings Account, and the loan will be restricted to only two at any point in time to cardholders who do not hold a savings bank account at HDFC Bank.

Insta Jumbo Loan

The features of the HDFC credit card jumbo loan are given below:

EligibilityIt is a preapproved loan and is provided to select customers at the discretion of the bank.
Loan AmountThe loan can be availed beyond the available credit limit. The credit limit to the extent of the loan amount will not be blocked. You will be permitted to use the credit limit even during the tenure of the credit card loan account.
PurposeThe loan can be used for any purpose. 
Interest 
  • Interest will be charged on a case to case basis and starts at 15% p.a.
  • For the first EMI, the interest will be charged from the date of disbursement of the loan till the payment due date.
  • For subsequent EMIs, the interest will be charged as per the billing cycle. 
RepaymentThe repayment tenure provided will be between 12 months to 60 months.
Processing FeeA processing fee up to Rs. 999/- plus GST will be charged.
Preclosure charges

Preclosure charges will be at 3% of the outstanding principal amount. 

Partial prepayment will not be permitted.

EMI calculationEMI for the Insta Jumbo Loan can be calculated using the HDFC  Credit Card Loan Calculator
Other Conditions
  • A separate bill will be generated for the Insta Jumbo Loan, and the billing cycle and the payment due date will be similar to the credit card.
  • Cibil verification will be done, and only the request of customers with the desired CIBIL score level only will be considered.
  • The Name, Customer ID and Date of Birth updated at the time of providing the Credit Card should match with the details in the savings bank account. If not, the loan request will not be processed.
  • GST will be applicable for EMI
  • At the time of pre-closure, the outstanding liability, pro-rate interest till the date of closure and the outstanding credit card liability have to be paid.

HDFC Smart EMI

Under this scheme, you will be able to convert large purchases into EMI with a flexible repayment option. Given below are the features of HDFC Smart EMI.

EligibilityThe facility is provided only for select customers. You can check your EMI eligibility through the net banking facility.
Loan AmountTo the extent of the purchase. Credit limit to the extent of the loan will be blocked and restored only upon the closure of the loan.
Interest
  • On a case to case basis. Begins at 15% p.a.
  • Interest on the first EMI will be calculated from the date of conversion till the payment due date.
  • For subsequent EMIs, interest will be charged as per the billing cycle.


 

RepaymentA flexible repayment period between 6 months to 24 months will be provided.
Processing chargesUp to Rs. 999/- plus GST.
Preclosure charges3% of the principal outstanding plus GST.
EMI calculationCan calculate the EMI using HDFC Credit Card EMI calculator.
Other conditions
  • Purchases beyond 60 days and billed purchases will not be eligible for EMI conversion.
  • Gold and jewellery purchases cannot be converted to EMI.
  • The reward points credited for the purchases subsequently converted to EMI will be reversed.
  • EMI will be part of the Minimum Amount Due.
  • GST will be applicable for EMI.
  • If preclosed, the pro-rata interest on the outstanding liability and the outstanding credit card liability also have to be paid along with the preclosure amount.
  • HDFC Bank Savings Bank Account holders can avail of several loans on the credit card, but Cardholders who do not have an HDFC Savings Bank Account will be provided only two jumbo loans at any point in time.


 

Benefits of HDFC Bank Credit Card Loans 

The following are the benefits of HDFC Bank Credit Card Loan.

  • Quick processing and disbursement. It will be disbursed within seconds if you have a savings bank account at the bank. Else, it will be disbursed within a maximum of 7 days.
  • Zero documentation.
  • Flexible repayment period ranging from 12 months to 60 months depending on the type of loan availed of.
  • Nominal interest starts at 15% p.a.
  • Provision for accidental death insurance cover to the extent of the principal outstanding is available.
  • For Insta Jumbo Loans, the Credit Limit will not be blocked to the extent of the loan amount, and the loan amount can be beyond the credit limit.
  • EMI calculation before availing of the loan is possible with the HDFC Bank Credit Card Loan EMI Calculator.
  • Cardholders with HDFC Bank Savings Bank Account can avail of multiple loans on the credit card, and for others, it is restricted to 2 loans. 

Eligibility Criteria for Loan on HDFC Bank Credit Card

HDFC Credit Card Loans are preapproved loans and are provided only for select customers. However, you can check the eligibility by following the procedure given below:

  • Log in to the net banking facility with the net banking credentials.
  • Choose Credit Cards under the ‘Cards’ option.
  • Go to ‘Transact’ and click on the type of loan you intend to avail of.
  • Provide your credit card details, and the preapproved limit will be displayed on the screen.

OR

  • You can call the HDFC Credit Card Loan Customer Care helpline to get the loan details.
  • If you are eligible for the loan, you will get an SMS or a call from the HDFC Bank representatives only if you have not registered for the DNC/NDNC/DND option. 
  • The details of the loan, i.e., loan amount, rate of interest, etc., will be provided, and if you are convinced, you can go ahead and raise a request. The loan will be disbursed immediately as there is no documentation required.

Credit Card Documents Required for HDFC Bank Credit Card Loans 

HDFC Bank Credit Card Loans are preapproved loans

Since the bank already has the documents of the existing customers, there will be no need to submit any documents to avail of the loan.

How to Apply for a Loan on HDFC Bank Credit Card?

You can apply for HDFC Credit Card Loan through net banking by following the simple procedure given below:

  • Login to your HDFC Bank Netbanking facility through net banking credentials.
  • Click on the ‘Cards’ option
  • Go to ‘Transact” and register the new card by selecting the ‘Register’ option
  • Fill in the details required and click on the ‘Submit’ tab.

After registering the new card, you can check for the HDFC Credit Card Loan eligibility by following the steps given below.

  • Log in to the net banking facility with the net banking credentials.
  • Click on the ‘Cards’ tab.
  • Go to ‘Transact’ and choose the loan from the dropdown menu.
  • If you opt for Insta Loan or Insta Jumbo Loan, provide the details of the credit card.
  • If you are not selected for a preapproved loan, you will get a message accordingly.
  • If you are eligible for the preapproved loan, an application form will open up, which will show you the maximum loan you are eligible for.
  • Choose the loan amount, tenure and interest rate. Provide your savings bank account details, accept the terms and conditions and click on the continue button.
  • Verify the loan details and click on the confirm button.
  • Choose the OTP mode between SMS and Email.
  • Enter the OTP and click on the continue tab.
  • You will receive an acknowledgement along with a reference number and loan number.
  • The loan will be credited to your account within seconds.

In case you are opting for HDFC Smart EMI

  • Select the Credit Card
  • Under the Transaction Type, select Debit and click on view.
  • The list of transactions that are eligible for EMI conversion will appear.
  • There will be a message ‘Click to know your eligibility’ next to the list of transactions.
  • Click on the message to select the transaction that you want to convert to EMI.
  • The eligible loan amount will be displayed. Enter the loan amount you need.
  • Choose the tenure and rate of interest.
  • Read the terms and conditions and accept.
  • Click on the continue tab.
  • Verify the loan details and click to confirm.
  • You will receive an acknowledgement along with the reference number and loan number.

Navi Personal Loan @9.99% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.

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HDFC Bank Credit Card Loan FAQs

What is HDFC Bank Credit Card Loan?

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HDFC Credit Card Loan is a preapproved loan that will be provided to select customers at the discretion of the bank. You can check your eligibility for the preapproved loan through a net banking facility or by calling the HDFC Credit Card Customer Care helpline.

Who is eligible for a loan on HDFC Bank Credit Card?

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A person holding an HDFC Bank Credit Card will be eligible for the loan. The payment of past Credit Card dues should have been made promptly on time and the credit score should be good.

What are the kinds of loans available on HDFC Bank Credit Card?

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There are four types of loans available on HDFC Bank Credit Card:

  • Insta Loan which is a pre-approved loan up to or lesser than your Credit Card limit
  • Insta Jumbo Loan which is a pre-approved loan given to select cardholders which will be over and above the Credit Card limit. The card limit will not be blocked in this case.
  • Smart EMI wherein big purchases except for the purchase of jewellery can be converted and paid in easy instalments.
  • Balance Transfer wherein the balance on other non HDFC Bank cards can be transferred to HDFC Bank Credit Card and repaid in 12 to 48 EMIs. The card limit will be blocked to the extent of the loan.

How to apply for a Loan on HDFC Bank Credit Card?

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You can apply through internet banking or can give a call or send SMS to HDFC Bank customer care from your registered mobile number. Thereafter you will get a call from the executive of HDFC Bank who will inform you about the eligible amount, interest rate, tenure and other details of the loan. You can also visit the nearest branch of HDFC Bank and apply for the loan.

What are the modes of funds transfer?

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The loan quantum will be directly credited to your HDFC Bank savings account. If you do not have an HDFC Bank savings account, the amount will be given through Demand Draft drawn in favor of the applicant. The name of the applicant will be as per the HDFC Credit Card records. In case of Balance Transfer, the loan amount will be disbursed by way of Demand Draft in favor of the other bank duly mentioning the Credit Card number or loan account number.

How does the balance enquiry of the HDFC Credit Card help?

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The mode of HDFC Bank Credit Card loan payment depends on the type of loan availed.

For Insta Loan and HDFC Smart EMI, the EMI will be a part of the minimum amount due. For the HDFC credit card jumbo loan, an auto-repay facility will be provided for the cardholders with a savings bank account at HDFC Bank. The EMI will be debited automatically from the account on the due date.

For HDFC Credit Card Jumbo Loan provided to cardholders without a savings bank account at HDFC Bank, a separate account will be opened for Insta Jumbo Loan. The EMI should be paid through cheque only. The 16 digit credit Insta Jumbo Loan Account Should be mentioned on the cheque. This payment will be in addition to the credit card dues payable.

Additional Reading: How to check free CIBIL score?