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Ankit Sharma had always been cautious with his finances, but his credit card debt began to accumulate over time. By the time he noticed, he had accumulated a total of ₹150,000 in credit card balances, with interest rates of up to 36% annually. Each month, his pay cheque of ₹50,000 barely covered the ₹5,000 interest charges, leaving him with little for emergencies or savings. The pressure was mounting.
One evening, while browsing for solutions, Ankit came across HDB Financial Services' Credit Card Balance Transfer offer. It promised rapid loan decisions, flexible repayment options, and much lower interest rates. Ankit immediately filled out the online application. To his surprise, within 60 seconds, he was approved for a loan with an interest rate of just 14.99%—a significant reduction from the original 36%.
Ankit used the loan to pay off his ₹150,000 credit card debt in full, drastically reducing his monthly payments. Instead of managing multiple credit card bills, he had one simple EMI of ₹8,000 for the next 24 months. The loan was disbursed directly to his credit card issuer, and the process was quick and hassle-free, requiring minimal paperwork.
Within just 6 months, Ankit’s financial situation had significantly improved. The debt was under control, and he no longer had to worry about accumulating interest or late fees. With a single manageable EMI, Ankit could focus on building his savings and planning for the future.
For him, HDBFS represented a second opportunity for financial independence rather than merely an economic service.
To assist people in efficiently managing and lowering their credit card debt, HDB Financial Services provides a credit card balance transfer service. Here are the main points of interest:
Example: Ankit Sharma had ₹150,000 in credit card debt. He secured a loan of ₹150,000 from HDB Financial Services to pay off his outstanding dues, eliminating the burden of multiple credit card payments.
Example: Ankit’s credit cards had interest rates of 36% annually. After transferring his balance to HDBFS, his new loan interest rate was reduced to 14.99%, making his monthly repayments significantly more affordable.
Example: Ankit chose a 12-month EMI plan to repay his ₹150,000 loan. His monthly EMI was ₹12,500, which was much more manageable than paying interest on his credit card debt, allowing him to regain control of his finances.
Customers may improve debt management and lessen financial stress by combining their credit card obligations into a single loan with better terms by utilising HDBFS’s Credit Card Balance Transfer Facility.
Feature | Details | Example |
Insurance Coverage | Provides coverage for disability, death, and illnesses like COVID-19, with up to ₹10 lakhs in payouts. | ₹5 lakhs death coverage, ₹2 lakhs disability coverage. |
Loan Facilitation |
HDB Financial Services provides the Abhar Card, a loyalty program that offers customers various benefits, including insurance coverage and loan facilitation. The Abhar Card is available in different variants, each associated with specific fees and benefits.
Card Variant | Applicable Loans | Price (Including GST) | Accidental Death Benefit | Natural Death Benefit | In-patient hospitalisation cover | Hospital Daily Cash (Including COVID-19) |
Up to ₹1,00,000 for CDL/DPL/TWLUP to ₹5,00,000 for Car/CV/TRL
Note:
Simplifies and speeds up access to financial aid by streamlining the HDBFS loan application process.
Personal loan approval for ₹5 lakhs was processed quickly with minimal paperwork. |
Eligibility Assessment | Allows cardholders to verify their eligibility for various loans and financial services easily. | Check eligibility for a ₹20 lakh home loan instantly through the Aabhar Card platform. |
Levels of Card | Different levels of the Aabhar Card offer personalised benefits based on consumer needs. | Higher-tier cardholders may receive ₹15 lakhs in insurance coverage or higher loan limits. |
Financial Security | Provides security through extensive insurance and financial support. | Cardholders are eligible for ₹2 lakhs in financial aid if they lose their job due to health reasons. |
Income Protection Cover
Loan Repayment to Loan Provider |
Blue Aabhar Card | Consumer Durable Loan (Card) | ₹1,049 | Up to ₹5,00,000 | Principal outstanding + Interest or ₹2,00,000, whichever is lower | ₹50,000 | ₹1,000 per day (max 10 days) | ₹20,000 | Up to ₹1,00,000 for CDL/DPL/TWL |
Platinum Abhar Card | Car Loan, Commercial Vehicle Loan (CVL), Tractor Loan (TRL), Construction Equipment Loan (CE) | ₹1,299 | Up to ₹5,00,000 | Principal outstanding + Interest or ₹2,00,000, whichever is lower | ₹50,000 | ₹1,000 per day (max 10 days) | ₹20,000 | Up to ₹5,00,000 for Car/CV/ TLR |
Aabhar Protect Plus | All loan types | ₹1,999 | Up to ₹5,00,000 | Principal outstanding +Interest or ₹2,00,000, whichever is lower | ₹50,000 | ₹1,000 per day (max 10 days) | ₹20,000 | Up to ₹1,00,0 00 for CDL/DPL/TWLUP to ₹5,00,000 for Car/CV/TRL |
Aabhar Personal Protect | All loan types | ₹1,999 | Up to ₹5,00,000 | Principal outstanding + Interest or ₹2,00,000, whichever is lower | ₹50,000 | ₹1,000 per day (max 10 days) | ₹20,000 | Up to ₹1,00,000 for CDL/DPL/TWLUP to ₹5,00,000 for Car/CV/VTRL |
Aabhar Gold | All loan types | ₹1,999 | Up to ₹5,00,000 | Principal outstanding + Interest or ₹2,00,000, whichever is lower | ₹50,000 | ₹1,000 per day (max 10 days) | ₹20,000 |
*T&C Apply
The Aabhar Card, a loyalty program offered by HDB Financial Services, is intended to give users several advantages. Here are some of its pros and cons to consider:
Pros:
Cons:
The Aabhar Card lacks the traditional elements of a credit card, including revolving credit and rewards programs, but it offers valuable advantages like insurance coverage and fast lending procedures.
Eligibility Criteria | Details |
Existing HDBSF Customer | Must have an active loan or financial product with HDB Financial Services. |
Age Requirements (Primary Applicant and Spouse) | Must be between 18 to 65 years of age. |
Age Requirements (Children) | Covered up to 25 years of age. |
Age Requirements (Parents) | Covered up to 85 years of age. |
Loan Association | The type of Aabhar Card version may depend on the loan product (e.g., consumer durable loan, digital product loan, two-wheeler loan, car loan, etc.). |
Please note that the Aabhar Card has no pre-approved credit limit and neither a credit card nor an EMI card. It is a loyalty card that gives HDBFS clients extra perks.
To apply for an HDB Financial Services Aabhar Card, applicants usually need to provide the following documents:
Proof of Identity and Address: Acceptable documents include:
Date of Birth Proof: Documents such as:
Please note that depending on the exact loan product linked to the Aabhar Card and individual circumstances, the documentation requirements may change. The best and most current information can be found by visiting the official HDBFS website.
Here is a step-by-step guide to applying for HDB Credit Card:
Step 1: Visit the "Apply Now" section on the website, or click on this link.
Step 2: Enter your personal details along with your mobile number for OTP verification.
Step 3: Provide your professional details.
Step 4: Your credit card balance transfer application will be processed, and a representative will get in touch with you shortly.
Step 5: Upload the required documents.
Download the 'HDB On The Go' Android app
Step 1: Verify your mobile number with OTP.
Step 2: Click on 'Apply for a New Loan.'
Step 3: Enter the required loan and applicant details.
Step 4: Enter the required address information.
Step 5: Complete the image/signature.
Visit your nearest HDB Financial Services branch and get in touch with our representative there.
Call the customer support number +914442984541 and apply for an instant credit card balance transfer facility.
HDB Financial Services offers useful substitutes such as the Aabhar Card and the Credit Card Balance Transfer service in place of conventional credit cards. Customers can receive financial benefits, manage debt more skillfully, and find affordable repayment choices with the use of these tools. By providing its clients with insurance coverage, flexible payback schedules, and lower interest rates, HDBFS guarantees a smooth and safe financial experience.
Q. What is a credit card balance transfer?
A credit card balance transfer allows you to consolidate outstanding credit card debts into a single loan, helping you avoid high interest rates and penalties. HDB Financial Services offers a transfer starting at ₹50,000 with quick approval in 60 seconds, lower interest rates (up to 50% less), and easy EMI options, making debt repayment more manageable.
Q. Are there any foreclosure and part-prepayment charges?
Yes, there are fees associated with foreclosure and partial payments. Once the six EMIs have been paid, you can pay off your loan in full. Please bring a prepayment request form in the appropriate format along with any necessary supporting documentation to any of our branches.
Q. Features of HDB Credit Card?
The Aabhar Card by HDB Financial Services is a loyalty program offering benefits like up to ₹10 lakhs in insurance for disability, death, and illnesses like COVID-19. It streamlines the loan application process, making it easy to access financial aid and verify loan eligibility. With different card tiers, users enjoy enhanced financial services and security through comprehensive insurance coverage.
Other Credit Cards | |||
