The best way to describe How To Get a Loan From HDFC Credit Card would be to say that it’s not exactly possible. The interest rates on credit cards are usually significantly higher than what you’d pay with other types of loans, and if you don’t pay off your balance on time each month, your APR will skyrocket even further. Today we will discuss How To Get a Loan From HDFC Credit Card.
If you do decide to get a loan with your credit card, make sure you know exactly how much money you can spend using the card and what the interest rate on the account is before committing to any purchases.
Getting a loan with your credit card might sound like an unlikely idea, but it’s actually surprisingly easy. In fact, credit cards have so many advantages to using them as collateral for loans that it’s hard to believe that more people don’t do it this way. We’ll go over why credit cards make great loan collateral, how you can use one to get a personal loan from HDFC, and what the steps are if you want to get approved and get your money within 24 hours.
So if you want to know how to get a loan with your credit card, read the complete article to understand, it is better if you spend little time now reading and understanding the complete process about How To Get a Loan From HDFC Credit Card or else you will suffer if you blindly take a decision.
How To Get a Loan From HDFC Credit Card?
The first step is getting approved for a credit card. These days, most cards are cash-back or rewards cards, so it’s best to choose one that will actually help you out. For example, consider an airline or travel credit card. these tend to have some of the highest spending limits and best perks.
On top of all that, travel credit cards typically have low-interest rates and offer extended payment plans for large purchases. Another great option is an affordable personal loan—these tend to be offered by community banks with competitive interest rates and no hidden fees.
Check your HDFC credit score first.
Before you apply for any loan, it’s important that you check your credit score. If you haven’t done so recently, now is as good a time as any. Taking proactive steps to monitor and improve your credit score can go a long way toward building strong relationships with lenders.
Having healthy lines of communication between you and potential creditors will make it easier for them to trust you when they give out loans. Just by checking in on these lenders once every few months (or even once per year), you’ll be able to build up enough goodwill that they’ll be willing to lend money if necessary.
Apply for an Online Loan with HDFC bank.
Here are some of the things you should consider when deciding on which bank or lender is right for you. APR – Annual Percentage Rate. This is an annual rate that reflects what interest rate you will pay if you carry a balance on your credit card, and it’s one of two main factors that determine how much it costs to use a credit card (the other factor being service fees).
Different banks have different ranges for their APRs, so choose one in line with what’s most affordable for you. Then make sure it offers no intro or promotional APRs; those are too good to be true and can come back to bite you later.
Prepare yourself before meeting the Loan Officer for a personal loan.
Before you meet with any loan officer, make sure you have all of your personal information in order and prepared. This includes things like having two or three copies of your recent pay stubs, W-2 forms, bank statements, proof of identification for you and anyone else on your application (such as birth certificates), evidence of any assets such as a house deed or car title and anything else that may be requested.
What is the interest rate on HDFC credit card EMI?
Your HDFC credit card EMI’s interest rate depends on two factors. Firstly, it is dependent on how much you are willing to pay towards credit card EMI each month, and secondly, how long you want to borrow for. The longer you want to borrow for, usually means higher monthly outgoings. So if you only wanted a short-term loan, then you could negotiate lower EMI’s due to less risk involved for lenders who fund these types of loans.
How to Apply for HDFC Loan on Credit Card?
How To Get a Loan From HDFC Credit Card -Application for an HDFC loan on a credit card is easy. However, you must first register your credit card.
You can apply for HDFC Loan on a credit card via internet banking. Insta Loan and Insta Jumbo Loan are for selected HDFC customers only. You will see the application form along with the loan limit only if you are pre-approved.
For SmartEMI, you can select the option under the “Transact” category of Credit Cards. If you have any issues, you can also contact the Phonebanking services at 011 61606161.
Mainly HDFC Bank provides 3 types of loans on credit cards. Check out here.
| Particulars | Eligibility |
| HDFC SmartEMI Details | Only Pre-approved cardholders can apply |
| HDFC Insta Loan Details | Only Pre-approved cardholders can apply |
| HDFC Insta Jumbo Loan Details | Only Pre-approved cardholders can apply |
| Documents Required | Loan Amount |
| No additional documents | Rs.500 – Rs.5,00,000 |
| No additional documents | Rs.10,000 – Rs.5,00,000 |
| No additional documents | Rs.30,000 – Rs.10,00,000 |
| Loan Tenure | Processing Fee | Loan Disbursal Time |
| 9 – 36 months | 1% of the loan amount | Within 24 hours if you have a savings account |
| 12-48 months | Up to Rs.700 | Within 24 hours if you have a savings account |
| 12-60 months | Up to Rs.999, | Within 24 hours if you have a savings account |
In this article, we have tried to explain How To Get a Loan From HDFC Credit Card. we have covered some important points which we have to understand before taking any kind of loan from any bank, if we clearly know how the banks provide loans to customers then it makes us easy to take and return the loan amount, otherwise we will suffer later. Hope you enjoyed reading this article and understand something new today. how is my research and review on this please share your thought in the comments section. Thank You.