How to Get Loan on Credit Card From Home

When it comes to temporary cash shortages, there is no doubting that loans are one of the best ways to deal with such situations. But different kinds of loans offer different benefits, and some take much longer to process than others. And when you are facing a medical or family emergency, debt repayment or some other personal financial need, having instant access to funds is vital. So, what is the best way to get an immediate loan? A rather unconventional but suitable option is a loan on credit cards. 

Why opt for credit card loans?

For starters, this is a pre-approved loan that you can apply for based on your credit card usage, repayment and history. And you can get a loan within your credit limit (Insta Loan), or even beyond it (Insta Jumbo Loan) depending on your eligibility. 

Since the process is online, it is fast, convenient, efficient, and most importantly, you can apply for it without having to step out of your home. What this means is that filling physical forms, standing in queues, submitting documents in-person, and waiting for weeks are things of the past. 

Advantages of Loan on Credit Card 

With the COVID-19 lockdown being established across the country, visiting a bank physically to apply for a loan is risky and troublesome for several reasons, including lack of transportation options and risk of exposure to infected individuals. Additionally, opting for mobile banking could be a hurdle since most banks have limited staff working in their branches. Therefore, the option to apply and secure a loan digitally is a boon. Besides, the convenience does not stop here. Even under normal circumstances, the time taken to complete paperwork submission and other formalities can be much longer. Hence, applying for a loan, digitally, can save you a great deal of time and effort. 

HDFC Bank's Loan on Credit Card can prove beneficial in many aspects. 

• Can be processed from anywhere and at anytime

• Low interest when compared to other private lenders 

• EMI option without hidden costs

• Your credit card can be used as before, without limitations or restrictions. (A new card is issued for the Insta and Jumbo accounts, with separate monthly statements)

• Repayment options and tenures are flexible – from 12 months to 60 months

HDFC Bank's digital edge

You can take a loan on your HDFC Bank credit card in two ways: both digital. The first is via NetBanking, where the loan sanction is instantaneous; the second is through a quick four-step process with approvals promised in two days.

NetBanking Process

• Begin by entering your User ID and password

• Click on the 'Login' button

• Click on the 'Cards' tab in the top menu

• Click on 'Transact'

• Between the two loan options – Insta Loan and the Jumbo Loan - click on 'Insta' for a loan within your credit card limit, and on the 'Insta Jumbo' for a loan above it

• Enter the loan amount and preferred EMI tenure

• Confirm by clicking on 'Continue'

• Your loan will be disbursed within seconds

Four-Step Process – Webform Application

Step 1:

• Enter your customer ID and mobile number

• Click on 'Submit'

Step 2:

• Enter the OTP sent to your registered mobile number

Step 3: 

• Enter the required details (customer name, card number, eligible loan type, loan amount, EMI tenure, and account number for disbursement)

• Click on 'Submit'

Step 4:

• Enter your date of birth for final approval

• Loan processing takes two working days  

HDFC Bank's online/Digital Banking ensures total transparency, speed, easy usage and is hassle-free. So, the next time you require urgent money, apply for the HDFC Bank Loan on Credit Card digitally and from the safety of your home. 

* 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.