HDFC bank offers instant loans against credit cards for customers using HDFC Credit Card. Students and individuals who are using credit cards can apply for a personal loan online or by using the app. The loan is pre-approved and available for HDFC Bank customers. The bank claims to disburse the loan to your HDFC bank savings account in a few seconds. You can also get an HDFC bank education loan against a credit card or by applying separately. You can use the loan amount for any type of requirement like education, travel, shopping etc. To know all the major features and other details of HDFC loans against credit cards, continue reading further.
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HDFC Loan Against Credit Card: Major Features
HDFC Bank provides personal loans against credit cards at attractive interest rates which is the lowest in the market. The loan is approved by the bank with minimum documents. You just need to submit the credit card details and phone number. You can also apply for HDFC Bank personal loan for education. More than 40 lakh customers have taken personal loans against credit cards. The bank will verify the card and immediately transfer the money to your HDFC Bank savings account. Check some of the major features of HDFC loans against credit cards in the table below:
| Particulars | Details |
| Loan Scheme | Jumbo Loan Insta Loan |
| Rate of Interest | 16.33% (average interest rate) |
| Repayment Period | 12 to 60 months |
| Eligibility | Must be an HDFC Credit Card customer |
| Maximum Amount | Below the card limit under the Insta Loan Scheme Equal or above card limit under the Jumbo Loan Scheme |
Also Read: Check here all about ICICI Bank personal loan and understand all the major features of the loan
HDFC Loan Against Credit Card: Interest and EMI
The interest rate on an HDFC personal loan against a card depends on the loan amount, credit report & score, loan scheme etc. The average interest on HDFC credit card loans is 16.33%. The interest rates for this loan are competitive and lower than regular credit card interest rates which makes it an attractive choice for short-term borrowing. Check more details below:
| Insta Loan | Jumbo Loan |
| Minimum IRR: 11.88% | Minimum IRR: 11.88% |
| Maximum IRR: 22.32% | Maximum IRR: 21.96% |
| Average IRR: 16.33% | Average IRR: 15.67% |
| APR: 17.66% | APR: 16.30% |
Eligibility Criteria
HDFC Bank offers loans against credit cards to eligible cardholders who have a good credit history and a consistent repayment track record. The eligibility criteria include being an active HDFC credit cardholder with a good credit score, sufficient available credit limit, and a stable income source. The loan amount is determined based on the cardholder’s credit limit and can be repaid in easy monthly instalments.
- The applicant must have a bank account and an active HDFC credit card
- The income of the applicant must be stable
- The credit score must be good i.e. above 750
Documents Required
Since the HDFC loan against a credit card is a pre-approved loan, no major documents are required. However, if you do not have a savings account with HDFC Bank, you need to submit the following documents:
- Fully filled and signed by the applicant.
- Identity Proof like PAN Card, Aadhaar Card, Passport etc.
- Latest Salary Slips (for salaried individuals)
- Bank Statements of the last 3-6 months
- Latest HDFC Credit Card Statement
- Bank account statements for the last 3-6 months
Also Read: Planning to pursue MBBS abroad? Check here all about education loan for MBBS in Germany
This was all about the HDFC loan against a credit card. Before applying for a loan, try to compare a usual personal loan and a loan against a credit card. Find out which loan has a low rate of interest and then finalise the one. Check some FAQs below:
FAQs
The HDFC Loan Against Credit Card is a pre-approved loan offered to select HDFC credit cardholders. It allows cardholders to borrow funds based on the credit limit of their existing HDFC credit card.
You can apply for the loan through HDFC’s NetBanking portal, mobile banking app, or by contacting HDFC customer care. The process is quick and requires minimal documentation since it is a pre-approved loan based on your credit card usage and history.
The repayment tenure for HDFC personal loans against a credit card typically ranges from 6 to 48 months. You can choose a tenure that best suits your financial situation, and the loan amount, along with interest, will be repaid in equated monthly instalments (EMIs).
Yes, the loan amount availed will be blocked against your credit limit. For example, if you have a credit limit of INR 1 lakh and take a loan of INR 50,000, your available credit limit will reduce to INR 50,000 until the loan is repaid.
The interest rates for HDFC personal loans against credit cards vary based on your credit card type and the loan amount. The interest rate is lower than the regular credit card interest rate.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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