In a cashless society, credit cards reign supreme. From paying for your purchases to funding your travels, it seems that a credit card comes in handy more than you can imagine. However, while getting approved for a credit account is much easy, it cannot be denied that obtaining a loan is more challenging. However, with the HDFC Bank Insta Loan on credit card, you no longer have to fear rejections any longer.
The HDFC Bank Insta Loan – Pre Approved Loan Against Credit Card Limit offer provides a wide range of privileges and benefits for just about any cardholder. Apart from its attractive interest rates and flexible repayment terms, this bank program gives users the chance to get their pre-approved loans in a quicker and hassle-free manner.
It also gives account holders the freedom to use their loan in a variety of ways – from paying medical expenses to funding a dream wedding. Interested to know what HDFC Bank has to offer? Read more about the HDFC Bank Insta Loan and see the possibilities it can offer below.
HDFC Bank Insta Loan: Advantages
True to its name, the HDFC Bank Insta Loan has the capacity to immediately release funds straight onto your respective credit cards. Since the loan is already pre-approved, fund disbursement can take minutes at the most – a far cry from traditional loans that require days or even weeks before funds are disbursed.
What makes the process so much easier is that long document processing and approval is a thing of the past. Here, applicants will no longer need extensive documentation as long as the Insta Loan is already pre-approved.
Moreover, since the loan amount is within your credit card limit, you don’t have to fear about going overboard on your finances and incurring more debt. Through this program, cardholders may easily manage their finances all from one account.
Payment terms are also within reach. Successful borrowers may repay loans in affordable monthly installments starting from 12 to 48 months at a calculated interest rate of 1.25% per month.
The best thing about borrowing funding from HDFC Bank is its comprehensive loan protection coverage. In the event that the account holder is unable to pay due to accidental death, the remaining amount due for repayment will no longer have to be paid. Meanwhile, the amount paid by the borrower will be insured and settled to the next of kin.
HDFC Bank Insta Loan Disadvantages
While this bank program offers a plethora of advantages and benefits, the one downside that the Insta Loan presents is the potential blocking of your credit limit. Since the pre-approved loan amount is taken against the existing credit card limit, cardholders may feel confined or restricted with their spending. However, this step assures users that they will not go beyond the allotted limit.
There may also be other fees associated with the loan such as the processing fee of Rs. 599 as well as an APR range of 11% to 30%. Bear in mind that compared to normal credit cards and traditional loan offers, the HDFC Bank’s Insta Loan may present a slightly higher interest rate.
Applying For An HDFC Bank Insta Loan
Individuals who are interested in applying for the Insta Loan should be current cardholders from HDFC Bank. Your banking credentials are required in order to course the application and to gauge eligibility by logging in to NetBanking. Upon entering the website and entering the desired loan amount, the applicant will receive a confirmation of approval. Interested applicants may also contact the bank via PhoneBanking.
Users with approved applications should expect the loan amount to be coursed directly to their credit card.
How To Contact HDFC Bank
For more information on the HDFC Bank Insta Loan on Credit Card, feel free to reach out to their telephone number at 91-22-6652-1000. You may also make an appointment with the bank at their registered address located at HDFC Bank House, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400 013.
The Bottom Line
If you are interested in getting a loan with flexible repayment terms and no documentation requirements, look no further than the HDFC Bank Insta Loan on Credit Card. This loan provides fast and easy approvals that deliver funding straight to your credit card, allowing you to meet your financial needs wherever you might be.
*Note: There are risks involved when applying for and using a loan. Consult the bank’s Terms and Conditions page for more information.