Why is HDFC Insta Loan So Popular Among Bank Customers?

The timely availability of necessary funds during financial emergencies is extremely essential for every individual. With rapid integration of technology in the financial sector, this requirement is being taken care of quite well. Financial institutions are now offering instant Personal Loans through their website, mobile apps, and online finance marketplaces. But with several options available comes the problem of selecting the best alternative, i.e., which option is most suitable for your requirements.

In the last few years, one option has emerged as extremely popular with borrowers, especially with HDFC Bank customers, i.e., HDFC Insta Loan. Providing several noteworthy benefits and attractive features, this offering is exclusively available to customers holding HDFC Credit Cards.

About HDFC Insta Loan

Insta Loan from HDFC is an exclusive category under HDFC Personal Loan. This facility is offered in the form of a pre-approved loan against an active HDFC Credit Card. As it is a pre-approved offering, the application and disbursal process is completely seamless. The entire process from application to disbursal takes only a few seconds, and the amount is credited to the account of the borrower instantly. It is an unsecured offering, wherein you can use the loan amount as per your preferences and repay through easy EMIs.

Reasons behind the popularity of HDFC Insta Loan

Various reasons can be attributed to the growing popularity of HDFC Insta Loans, such as:

  • Convenience in the application process: To avail HDFC Insta Loan, there is no need to make endless visits and prepare piles of documents. The entire process, right from application to disbursal, can be completed online through the website of the bank or the mobile application. Alternatively, you can also call the customer care helpline of the bank if you do not have access to the internet. As the loan is meant only for existing HDFC customers and is offered on a pre-approved basis, there is no need to provide any documents at all. Moreover, there is no need for a credit check and verification check of existing HDFC customers. During times of emergency, such convenience is highly desirable and appreciated by the borrowers.
  • High-value loans:  There is no upper limit to the maximum amount available as an HDFC Insta Loan. The maximum amount available is directly related to the available credit limit against your Credit Card. This implies that higher is the available credit limit, higher amount of Loan Against Credit Card available to you. Your Credit Card limit will be blocked up to the loan amount at the time of disbursal and will then be restored gradually as you pay the EMIs every month. This will prevent you from overspending on your Credit Card during financial problems. 
  • Extended repayment tenor: Another noteworthy feature of HDFC Insta Loan is the availability of an extended repayment tenor ranging between 12 to 48 months. Therefore, your financials are not stressed with the additional burden of repayments. With extended repayment tenor available, you can opt for an EMI amount as per your convenience and pay-off the loan easily. There is no need for any lump-sum payments.
  • Easy repayments: You need not maintain a sperate schedule for the repayment of EMIs for HDFC Insta Loan. The EMI amount would be added to your Credit Card statement. Though you need to remember that the EMI amount must be paid every month, over and above the credit card dues, i.e., your minimum amount due would be over and above the EMI amount. You can opt to repay the amount through ECS, Net Banking, RTGS, NEFT, cheque, or cash deposit. 
  • Attractive interest rates: Instead of using your Credit Card, which attracts APR of between 42% to 50% per annum, availing an HDFC Insta Loan is a financially wiser decision. The interest rates for Insta Loan start from as low as 1.25% per month or 15% per annum. Lower interest rates make the loan more affordable for you as they reduce your interest outflows.
  • Loan protection cover: HDFC Bank also offers a loan protection cover against the Insta Loan. This loan protection cover acts as an insurance policy that takes care of the repayment of the outstanding loan amount in case of the sudden demise of the borrower. In this case, the surviving family members need to intimate the bank regarding the demise of the borrower. The bank will then initiate the process for claim settlement. This relieves the surviving family members from the worries about repayment of the loan amount.
  • Round the clock assistance: With HDFC InstaLoan, you need not visit the branch for any information required pertaining to the loan. You can access all information about the loan account through your internet banking or mobile banking application. For any queries that you may have, HDFC offers the services of its virtual assistant "Ask EVA" that can provide the answer to all your queries round the clock. 

How to avail HDFC Insta Loan

You can avail HDFC Insta Loan through any of the following channels:

  • Internet banking/Mobile App

  1. Log-on to your Credit Card internet banking account. 
  2. Now, click on the option for credit cards and select “Transact.”
  3. You can now check the details for Insta Loan and apply for the same. 
  4. After you confirm your details, you will receive an intimation on your phone, and the amount will be credited to your account. 

  • Phone Banking

  1. Call the HDFC Credit Card customer care helpline. 
  2. Connect with the executive and intimate regarding your need for Insta Loan. 
  3. If you are eligible for the Insta Loan, the executive will guide you through the entire process. 
  4. You will receive a confirmation message on your registered mobile number regarding the approval and disbursal. 

  • SMS Banking

  1. If you have registered for SMS Banking, you can send a message to the HDFC Bank through your registered phone number. 
  2. You will receive all the details regarding the loan through an SMS. 
  3. You can confirm the same through SMS or request a call back from the bank. 

As the benefits and features offered by HDFC Bank for its Insta Loans are quite interesting, you can certainly consider it when you need money urgently.

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