Introduction: HDFC Bank provides its customers with the facility to transfer the outstanding balance amount from other credit cards to their new HDFC Bank credit card or the one which is existing. By making use of this facility of the balance transfer, you will be able to transfer the outstanding balance amount or loan to the HDFC Credit card.
HDFC card Balance transfer features
Few features of this HDFC Bank Credit card balance transfer are listed below:
HDFC Bank customers have the flexibility of fixing or setting up their monthly EMIs or instalments very low such as Rs.27/- for each amount of Rs.10,000/-.
Conversion of Outstanding balance amount into EMIs
You will be able to make payment of your outstanding balance amount of any credit card belonging to other banks or even loans by transferring it to your HDFC credit card. The amount of loan which is transferred will get blocked against the credit limit which can be paid back in a few quick and simple monthly instalments.
Repayment facility which is easy
The monthly instalment dues or the amount including GST will be billed to you in your credit card monthly statement which would be generated and this will happen immediately from the billing cycles and some of the minimum amounts which are due will be appeared in the monthly statement of your HDFC Bank credit card. This minimum amount due payment is essential to maintain the card active and regular. All the other charges and the interest will be applied to the outstanding balance amount.
Documentation not required
The HDFC bank will not ask you for any submission of documents for applying for Balance transfer facility.
Quick loan disbursal
Loan amount disbursal process is easy and quick. This loan amount can be drawn using a demand draft which would be drawn in favour of any other name of the bank or credit card number or account number of the loan.
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Competitive rates and tenure which is flexible
HDFC Bank will also provide you with a competitive interest rate and you will also be able to receive an option to choose the tenure for payment between 9 to 48 months.
A charge of 1% of balance transfer which would be subjected to a minimum of Rs.250/- will be charged as a processing fee for availing HDFC Balance transfer facility.
Required documentation and Eligibility criteria
For applying for the balance transfer feature for a Credit card with HDFC bank, it is essential to have a very good credit history. The credit score is one of the important parameters which are taken into consideration by HDFC Bank in case of the balance transfer. Apart from this, you can get in touch with the services of Phone banking through the number 011-61606161 and the executives from the bank will help you by guiding through the balance transfer process.
HDFC Bank will not ask for any kind of documentation if you want to apply for a balance transfer on credit card.
How to balance transfer
For the application of balance transfer facility for your credit card, you can consider following the steps below:
- Login to HDFC Netbanking.
- Click on the “Cards” tab.
- To the left, under the column called “Transact”, click on “balance transfer on EMI”.
- Once you click that, you will be asked to enter the HDFC Credit card details and other credit card details and you will have to enter them.
- Once you provide the amount, the transfer of balance is done on an immediate basis or the maximum time it takes would be 2 to 4 hours to reflect the same on your account.
Cancellation of balance transfer facility on HDFC Bank credit card
Once your loan is approved, you will be able to cancel the facility of balance transfer within 3 working days from the time when the amount of loan has been booked. After 3 business days, you will be unable to cancel this balance transfer facility but you can consider pre-closing it. For this, the HDFC bank will charge you a pre-closure fee which would be around 3% of the principal amount of the balance.
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