Family emergencies are often unexpected and come as a surprise. They tend to pose a financial burden on you, especially if your financial reserves are not enough to meet these expenses. And this can result in you dipping into your hard-earned savings, which can probably affect some of your financial goals.
Situations that can put a dent in your savings
Medical emergency – Let's say that you or a family member has been diagnosed with a serious medical condition or critical illness that requires immediate treatment. Unfortunately, medical insurance doesn't cover the expenses, or perhaps you don't have an insurance policy. At such times you may have no choice but to turn to your savings.
Unexpected travel – Sometimes, family emergencies, such as a wedding, sudden illness or death may leave you with very little time to plan your travel arrangements. And if multiple members have to travel, it can burn a hole in your pocket.
Renovation and repair – Home repair and renovation projects may not always be planned. For instance, a sudden plumbing issue or change in weather may require you to get immediate repair work done on your home. Or let's say that home renovation work is already underway, but you have overshot your budget. In this situation, you may need an alternative way to manage additional funds. What do you do?
These are just a few of many situations that may require immediate funds, which you might not have considered to be part of your monthly budget. While these costs may not be very high, borrowing money from friends and relatives - although an option - can be a bit embarrassing for some. And accessing funding options, such as bank loans or breaking a fixed deposit (FD) or mutual fund can be both time-consuming and could impact your long term financial goals. So, what's the best way out?
Instant loan against credit card
This is by far, one of the fastest, most affordable and convenient ways of availing emergency cash. It has a relatively quick and straightforward processing facility which can be self-operated at a bank branch or online. In fact, you can complete the entire loan procurement process in just a few minutes through a digital method. All you need to do is apply for it via the website or through the phone banking facility.
These are the steps to access a loan on credit card:
Log into your online banking account
Click on the 'Credit Cards' section
You will see an 'Instant Loan' tab
Click on it and choose the most suitable money instalment or EMI option
Review your process and click on 'Get Loan.'
That's it! The loan amount will be instantly transferred to your account. You can then go to an ATM and withdraw the required amount or transfer the money to a beneficiary online. Alternatively, you can also apply for this loan at a bank branch.
Benefits of instant loan on credit card
The most significant advantages of this type of loan are:
It is pre-approved and paperless
Self-operated - You don't need third-party assistance
Instant and hassle-free
Can be processed from anywhere, any time - whether you are at home, in the office or at the hospital and need funds immediately, you can get a loan against credit card online within minutes
Lower interest - Compared to private lenders and other options, a loan on credit cards carries a lower interest
You can choose an EMI option that suits your finances
If need be, you can obtain a more substantial amount through multiple cards. For instance, if several members in your family have credit cards, you can get a loan against each card, even if issued by the same bank.
HDFC Bank is known for its superior online "Insta Loan" facility that offers loan against credit card within seconds! You can find more information about this service to ensure it meets your financial needs. With a ready-reckoner table, it will save you valuable time in an emergency and help you decide instantly on your loan amount and EMIs. Click here to get started.
* 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 |