Credit Cards have made life easy. You can buy what you need by just swiping you card and pay for it later. But what if you wanted to make a large purchase or needed funds in a hurry? That’s where Loan on Credit Cards come in handy. You can get an instant loan into your account or receive the funds as a Demand Draft. No documents. No waiting.
You can get a Loan on Credit Card for an amount that is within your Credit Card spend limit (Insta Loan) and even for amounts that may exceed the limit (Insta Jumbo Loan). You can even pay for your purchases through Smart EMIs.
Credit Card Loans come with many benefits. Here are five of them:
- Pre-approved, hassle-free
All Credit Card Loans are pre-approved and unsecured. You don’t have to submit any documents or collateral to avail a Loan on Credit Card. All you need is a good repayment and credit history on your card.
- Easy repayment
With Loan on Credit Card, you have a variety of options to clear your EMIs. You can either make the payments by opting for the EMI amount to be deducted from your monthly Credit Card limit, or you can opt for the amount to be automatically deducted from your Savings Account on a separate card number created just for this purpose.
- Quick and flexible
Credit Card Loans are instantly disbursed. In fact, there is no application or processing or waiting time like in the case of conventional loan products. Sometimes, the bank may offer you the option to convert your purchases to EMIs after you have bought the items.
- No guarantor
As mentioned earlier, Credit Card Loans are unsecured and collateral free. So, you are spared the hassle of pledging a security or providing guarantor or post-dated cheques.
- Added boost – Balance transfer
Banks like HDFC Bank provide you the option to transfer the balance outstanding from other cards to one single card and pay the balance off in EMIs on your Loan on Credit Card. This way, you do not have to worry about paying off separate loans on different accounts. Using this facility, you can consolidate all your loans in a single account and pay them off in EMIs.
Wondering how to pay off your Loan on Credit Card? Click here to know more!
Looking to apply for a Loan on Credit Card? Click here to get started.
* Terms & conditions apply. Loan on Credit Card disbursal at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
Sr. No. | Loan on Credit Card Disbursals are Basis Below Conditions | |
1 | If you have an existing HDFC credit card, you can directly avail loan on your credit card. | |
2 | If you don't have HDFC Bank Credit Card, you must first apply for a new credit card with us. Post which, you can check the eligibility and apply for Loan on credit card |