Overview of HDFC Credit Card Loans

HDFC Bank offers pre-approved loans to its existing credit card holders with monthly interest rates starting at 1.25%. With flexible repayment options up to 5 years, these loans aim to ease financial management for borrowers. What sets the HDFC Credit Card Loan apart is the zero documentation requirement and preclosure/foreclosure options. Approved loan amounts are instantly transferred to the applicant's HDFC Bank savings account, while loans via demand draft might take up to 7 working days for disbursement.

2024 Highlights of HDFC Credit Card Loans

• Interest Rates: Commencing at 1.25% per month.
• Loan Types: Insta Loan (up to available credit limit), Jumbo Loan (beyond credit limit).
• Repayment Term: Ranges from 1 to 5 years.
• Processing Fee: Up to Rs 999 plus GST.

Benefits of Choosing HDFC Credit Card Loans

• Instant Disbursement: Loan amounts are credited to the HDFC Bank account quickly upon approval.
• No Extra Documentation: These pre-approved loans eliminate the need for additional paperwork.
• Flexible Repayment Plans: Borrowers can opt for repayment durations that align with their financial capacities.
• Part-Prepayment Facility: Allows partial payments to decrease the total outstanding loan amount.
• Preclosure Option: Borrowers can opt to settle the loan early.

Comparative Interest Rates

While HDFC’s loans offer rates from 1.25% per month, it’s wise for cardholders to evaluate other personal loan rates:

• Axis Bank: 11.25% onwards.
• IndusInd Bank: 10.49% onwards.
• IDFC First Bank: 10.99% onwards.
• ICICI Bank: 10.80% onwards.
• Kotak Mahindra Bank: 10.99% onwards.
• Tata Capital: 10.99% onwards.
• Federal Bank: 12.00% onwards.
• MoneyTap: 13.00% onwards.
• Kreditbee: 16.00% - 29.95%.

Fees and Charges for HDFC Loan

Processing Fee: Up to Rs 999 plus GST.

Preclosure Charges: 3% of the outstanding principal plus GST.

Application Process for HDFC Credit Card Loans

• Via Net Banking: Login, navigate to ‘Card’, select ‘Credit Card’, proceed to ‘Transact’ to find the ‘Insta Loan’ option.
• Phone Banking: Call HDFC’s 24x7 support to apply.
• Digital Banking: Visit HDFC’s website, enter mobile number and credit card details to apply.

Types of Loans through HDFC Credit Card

• Insta Loan: Up to the available credit limit.
• Jumbo Loan: Beyond available credit limit.

Eligibility Criteria for HDFC Credit Card Loans

• Insta Loan: Limited to certain cardholders, eligibility is based on internal guidelines.
• Jumbo Loan: Requires a good CIBIL score and is subject to internal criteria.

Documentation

No additional documents needed due to pre-approval status.

Why Apply via Paisabazaar?

• Inclusive Offers: Access to multiple banks and NBFCs.
• Compare & Select: Analyze offers from various lenders.
• Personalized Solutions: Tailored loans increase approval likelihood based on credit score.
• Digital Process: Streamlined online application from home.
• Expert Guidance: Get help and unbiased advice from professionals.

Conclusion

HDFC Credit Card Loans offer a practical and adaptable financing solution for existing cardholders. They come with competitive interest rates, minimal paperwork, and swift disbursement, serving personal, travel, medical, or other financial needs effectively. Understanding these loan options, eligibility, and application processes ensure that borrowers can leverage the financial flexibility offered by HDFC Bank.