HDFC Bank offers loans against your HDFC credit card, providing quick and hassle-free access to funds without the need for additional documentation. These loans can be used for various purposes like travel, education, medical emergencies, or even home renovations. The HDFC credit card loan is a convenient option for those who need short-term funds but don’t want to apply for a separate loan.
Types of HDFC Credit Card Loans:
- Loan on Credit Card (Instant Loan): This loan is offered against your credit limit. A portion of your available credit limit is converted into a loan, and you repay it in Equated Monthly Installments (EMIs).Key Features:
- Loan Amount: Based on your credit card limit, typically starting from ₹10,000.
- Interest Rate: Starting from 1.1% to 1.5% per month (varies by borrower profile).
- Tenure: Flexible repayment options ranging from 12 to 60 months.
- Processing Fee: Up to 2.5% of the loan amount.
- Balance Transfer on EMI: This allows you to transfer the outstanding balance of your other credit cards to your HDFC credit card and repay the amount in EMIs at lower interest rates.Key Features:
- Loan Amount: Minimum ₹10,000.
- Interest Rate: Starting from 0.99% per month.
- Tenure: 6 to 48 months.
- Processing Fee: 1% to 2% of the amount transferred.
- Jumbo Loan: A pre-approved loan offered to HDFC credit cardholders over and above their existing credit limit.Key Features:
- Loan Amount: Starts from ₹50,000 and can go up to ₹5 lakh or more, depending on eligibility.
- Interest Rate: Typically lower than the credit card interest rate, starting around 11.5% to 15.5% p.a..
- Repayment Tenure: 12 to 60 months.
- Processing Fee: Up to 2.5% of the loan amount.
Eligibility Criteria for HDFC Credit Card Loan:
- You need to be an existing HDFC credit cardholder.
- Your credit history and card usage will influence the loan approval and terms.
- No new documents are required since the loan is based on your existing credit relationship with HDFC Bank.
Benefits of HDFC Credit Card Loan:
- Quick Approval: The loan is pre-approved, so you can get funds almost instantly.
- Flexible Repayment: EMI-based repayment makes it easier to manage your budget.
- No Additional Documents: Since the loan is linked to your credit card, no additional paperwork is needed.
- No Collateral Required: These are unsecured loans, meaning you don’t need to provide any assets as security.
How to Apply:
- You can apply for an HDFC Credit Card Loan through NetBanking, the HDFC Bank mobile app, or by calling customer service.
- If pre-approved, the loan is disbursed directly to your bank account within a few hours.
Conclusion:
HDFC Credit Card Loans are an excellent option for individuals looking for quick, short-term funds with minimal hassle. With flexible repayment tenures, competitive interest rates, and no documentation requirements, it’s a convenient financial solution for urgent needs. However, it’s important to ensure that you can manage the repayments to avoid falling into a debt trap.
