HDFC Insta Loan on a credit card is a loan HDFC Bank offers to its customers. It is the fastest and easiest way to get a loan if you need money quickly or are short on cash. A loan amount within your credit card’s limit is available to you. It’s a pre-approved Loan on HDFC Bank Credit Card which you can avail anytime you need.
Existing HDFC Bank credit card holders can get pre-approved loans with repayment terms of up to five years and interest rates starting at 1.25 percent per month. Customers can avail of this loan without any documentation as it is a pre-approved loan.
Additionally, the bank asserts that the HDFC Loan on Credit Card is credited to the applicants’ HDFC Bank savings account within seconds of approval. Through the Demand draft also customers can apply for this loan, The HDFC Loan on Credit Card amount will be disbursed after the draft is delivered, which can take up to seven working days for existing cardholders.
To know if you are eligible, you can check it through NetBanking, Phone banking, or visit your branch, or an executive will call you and let you know your eligibility. Also, You might get an SMS to your registered contact number to know if you are eligible to avail HDFC Insta Loan.
Types of HDFC Credit Card Insta Loan
|HDFC Credit Card Loan||HDFC Credit Card Jumbo Loan|
|Loan amount||Depends on the available credit card limit.||Depend Over and above the available Credit limit.|
|Tenure||1-5 years||1-5 years|
|Credit limit||Affect the credit limit depending on multiple factors.||Does not impact the existing credit Limit.|
Feature of HDFC Credit Card Insta Loan
The HDFC Insta Loan’s most notable features are
- It is a Pre-approved loan that is disbursed instantly whenever you apply for a loan.
- It is best on the credit limit of your HDFC Credit card.
- According to HDFC Credit Card Records, customers who do not have an HDFC Savings Bank Account will receive the loan via Demand Draft. Additionally, HDFC Bank video KYC makes it simple for customers to apply for a savings account. They are also applicable to personal loan applications.
- Your card’s cash withdrawal feature will be disabled and restored only after the Insta Loan is paid off completely.
- Your spending habits, pattern of transactions, and ability to pay back credit card debt will be taken into account when determining your pre-approval for a loan.
- Your loan amount will be equal or below to your HDFC Credit card limit.
- The monthly statement that is generated right after the loan is disbursed will include charges for the Insta Loan’s EMI and GST.
- Your monthly credit card statement will also include the EMI as part of the Minimum Amount Due (MAD).
- The outstanding balance is subject to additional charges, including monthly interest of 1.25 percent.
- However, there is a choice of flexible repayment terms that range from 12 to 60 months.
HDFC Credit Card Insta Loan Eligibility Criteria
There are two types of HDFC Credit card instant loans. Eligibility for both of the loan are given below
1. HDFC Credit Card Insta Loan
- HDFC Bank Credit Card holders are qualified to apply for the HDFC Credit Card Insta Loan.
- Based on internal guidelines, the lender determines eligibility.
2. HDFC Credit Card Jumbo Loan
- HDFC Bank Credit Card holders are qualified to apply for this Loan.
- Based on internal guidelines, the lender determines HDFC Credit Card Jumbo Loan eligibility.
- Bank checks the civil score of the customer and only CIBIL-good customers are considered for further processing.
Documents required for HDFC Credit Card Insta Loan
As we said earlier it’s a pre-approved loan for HDFC credit card holders which they can avail anytime they want. Bank already does have the documents of existing customers. So, there is no need for documentation to get an HDFC Insta loan. The credit card limit plays a role in receiving this Insta loan.
Interest Rates for HDFC Credit Card Insta Loan
The monthly interest rate for HDFC Credit Card Loans starts at 1.25%. Before applying for an HDFC Bank credit card loan, cardholders should also check the HDFC Personal Loan Interest Rates. For the same credit profile, personal loan interest rates typically exceed credit card interest rates.
How to Apply for an HDFC Credit Card Insta Loan
HDFC Bank credit card holders can use the following methods to apply for the bank’s credit card instant loan
1. Net Banking
Existing HDFC Bank Credit Card holders can use the net banking portal anywhere, anytime, and do the following steps to avail of the Insta loan-
- Go to “Card” and click
- “Credit Card”
- Select “Transact” to access the “Insta Loan” option.
2. Phone Banking
Customers having HDFC Credit cards can avail of this HDFC Insta Loan on a call 24/7. Phone banking options give the customer an easy way to apply for a loan.
Read More: HDFC Credit Cards for Airport Lounge Access
3. Digital Banking
Existing Customers can likewise visit the bank’s site to avail of the HDFC Insta loan with just a few clicks. They can check their eligibility for the HDFC Credit Card Personal Loan facility by entering their registered mobile number and the last four digits of their credit card, providing the amount of the loan, and clicking “submit.”
4. Demand Drafts
Customers can also get the Insta loan through Demand Draft. Keep in mind that the demand draft can not arrive until seven working days after posting.
HDFC Insta Loan Charges
The HDFC Insta Loan has the following fees and costs along with the interest rate:
|Processing Fee||Upto Rs.799 +GST for Salaried
Upto Rs.899 +GST for others
|Penal Interest on Skipping Due Date Payment||2% on the payable amount
Minimum Amount Rs.300
|Part Prepayment||Not Permitted|
|Foreclosure charges||3% of the balance principal outstanding + GST
Closure charges Pro-rata Interest + Outstanding credit card balance.
From the above information we can conclude that whenever you are short of money or need instant money for an urgent need, you can get an instant loan through your credit card from HDFC lenders. HDFC instant loan can be availed through the available credit limit on your credit card. It requires no documentation for the existing customers. It’s a hassle-free process where you can apply through net banking, phone banking, and demand draft as well.
HDFC Insta Loan Against Credit Card – FAQs
What is an HDFC Instant Loan on a credit card?
Ans. HDFC Insta Loan on credit card loan that HDFC Bank offers to its customers. It is based on the credit limit available on your credit card.
What is the Tenure and interest rate for this Loan?
Ans. HDFC offers an interest rate of 1.25%. The tenure for this loan can be 12 months to 60 months.
Who is Eligible for the HDFC instant loan on a Credit card?
Ans. HDFC Bank Credit Card holders are eligible to apply for the HDFC Credit Card Insta Loan.
What are the documents that are needed to apply for an HDFC Credit card instant loan?
Ans. HDFC Credit card instant loan is a pre-approved loan so, You don’t need any documents to avail of this loan.
Is HDFC Credit card Insta Loan an online process?
Ans. You can avail of HDFC Credit Card instant loan online as well as offline process. This loan is via net banking, phone banking, SMS service, and demand draft as well. You can also visit the bank to avail of the HDFC Insta credit card loan. You can also contact HDFC Customer Service for any query.