HDFC Loan on Credit Card

Currently HDFC Bank offers three types of loans against credit card. These are:

Types of Loans

Insta Loan

If customer applies for Insta loan under HDFC Loan on credit card then the loan amount that they can avail will be up to the credit limit. The rate of interest charged will vary from customer to customer.

Insta Jumbo Loan

Customers who apply for Insta Jumbo loan can get a loan amount over the credit limit. They may avail a loan up to six times the credit limit. The rate of interest charged will be dependent on the customer’s profile.

SmartEMI

Cardholders have the option to convert large ticket purchases into EMIs. Under this scenario they will be charged an interest rate on the amount based on the tenure chosen.

Benefits of HDFC Loan on Credit Cards

• Quick loan disbursement
• Convert big ticket purchases into EMI
• Documents are not required, loans are pre-approved by the bank
• Tenure can range from 9 months to 60 months
• Attractive interest rates
• Avail a Insta Jumbo loan without blocking credit limit

Application for a HDFC loan on credit card is easy. However, customers must first register their credit card.

Register HDFC Credit Card

The steps to register HDFC Bank credit card are:

• Log into the NetBanking portal of HDFC Bank
• Click on the ‘Cards’ tab
• Select ‘Transact’ from the menu situated on the left hand side
• Now, click on ‘Register New Card’
• Provide the required details and then click on submit

Apply for HDFC Loan on Credit Card

To apply follow for a loan follow these steps:

• Login to the net banking account
• Click on Cards
• Now, select Transact

As the bank gives three types of loans against credit card the steps for all three variants are:

Insta Loan or Insta Jumbo Loan

• Select the credit card against which you want the loan
• Since Insta Loan or Insta jumbo loan are available to only those customers whom the bank deems fit. Therefore, you will see the application form along with the loan limit only if you are pre-approved. Otherwise, you will see a message that informs you aren’t approved
• Provide all the information like the loan amount, the tenure and choose the savings account where you want the loan amount, finally, accept the terms and conditions and hit continue
• Verify the loan details and then press on Confirm
• Select how you want to receive OTP [email or SMS], and then click on continue
• Provide the OTP and then click on Continue
• Finally, customer will receive an acknowledgement, a reference number and a loan account number. Also the loan amount will be credited to the chosen bank account

SmartEMI

• Click on SmartEMI
• Select the credit card and then click on Debit and finally on view
• A list of transactions will be shown. The transactions that are eligible for EMI will have a check box against them under the column SmartEMI. Select all the transactions that you want to convert and click on confirm
• Eligible loan amount will be shown to the customer
• Select a tenure and rate of interest
• Accept the terms and conditions after reading them
• Click on continue
• Check the details and then confirm

Customers will receive an acknowledgement, a reference number along with a loan number.

• Processing fee will be applicable on loans against credit cards
  • 500 for Insta Loan and Insta Jumbo Loan
  • 1% of the loan amount for Smart EMI
• The loan amount is disbursed instantly into the customer’s account. They can even ask for the funds via a demand draft
• EMIs will be billed as part of monthly Credit Card statement. The amount must be paid by the due date
• In case of Insta Loan and SmartEMI, the spending/credit limit is reduced as per the amount of the transaction. However, in case of an Insta Jumbo Loan, the credit limit isn’t blocked

Can I take a loan on HDFC credit card?
Yes, customers can avail a loan via their HDFC credit card. The different types of loans available to customers are:

• Insta loan
• Insta Jumbo Loan
• SmartEMI

What is Insta Loan on HDFC credit card?
Insta loan is a pre-approved loan given to select HDFC Bank credit cardholders. Via this scheme customers can get a loan against the credit/spending limit on their credit card. The amount is given quickly to the customer post application submission.

Is HDFC Insta Jumbo Loan good?
Under certain circumstances like an emergency the Insta Jumbo loan can prove to be quite beneficial. The amount is quickly disbursed as well.

What is the interest rate for HDFC credit card loan?
The interest rate differs from case to case. Customers can check the available rate of interest by logging into their net banking account.

How much Loan can I get on HDFC credit card?
The loan amount is dependent on the customer’s profile. The loan amount can be found on the net banking website.