Hdfc Loan on Credit Card Calculator

How HDFC Loan on Credit Card Works

The HDFC Loan on Credit Card is a secured loan where your credit card serves as collateral. Here's how it works:

1. You apply for the loan through HDFC Bank using your credit card details.
2. HDFC evaluates your credit card limit and credit score to determine loan eligibility.
3. If approved, you receive the loan amount which is credited to your bank account.
4. You repay the loan amount plus interest in EMIs over the loan tenure.
5. Your credit card limit is temporarily reduced by the loan amount.
6. Once the loan is repaid, your credit card limit returns to normal.

This product is useful when you need quick funds but don't want to use your credit card for purchases. The loan amount is typically up to 75% of your credit card limit.

Eligibility Criteria

To be eligible for an HDFC Loan on Credit Card, you must meet the following criteria:

• Be a cardholder of any HDFC Bank credit card
• Have a good credit score (typically 750+)
• Have a credit card limit of at least ₹50,000
• Be at least 21 years old
• Have a valid bank account linked to your credit card

Worked Example

Let's look at a practical example to understand how the HDFC Loan on Credit Card works.

In this example, the borrower can take a loan of ₹120,000 against their ₹200,000 credit card limit. The monthly EMI of ₹6,000 includes both principal and interest payments over 2 years.