HDB Credit Card – Features, Eligibility & Application Process

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.

Key Highlights of HDB Credit Card

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:

• Loan Amount: Eligible customers can avail themselves of loans starting from ₹50,000 to pay off existing credit card dues.
  
  

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.

• Instant Loan Decision: The application process provides an instant loan decision within 60 seconds, ensuring quick access to funds.
  
  Example: Ankit applied for a balance transfer loan with HDBFS. In less than 60 seconds, he received approval, allowing him to immediately transfer his credit card balance and reduce his financial burden.
  
  
• Reduced Interest Rates: By transferring your credit card balance to HDBFS, you can benefit from interest rates reduced by up to 50%, making debt repayment more affordable.

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.

• Flexible Repayment Tenure: Customers can choose between 6- and 12-month EMI options, allowing for manageable and convenient repayment schedules.

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.

• Hassle-Free Documentation: The process involves minimal and quick documentation, making it user-friendly and efficient.
  
  
• Quick Processing and Disbursal: Once you get approval, the loan amount is swiftly disbursed to the card issuer, ensuring timely settlement of outstanding dues.

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.

Features of HDB Credit Card

HDB Credit Card Fees and Other Charges

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.

Note:

• Accidental Death Benefit: Provides coverage up to the specified amount in case of accidental death of the primary applicant.
  
  

• Natural Death Benefit: Covers the principal outstanding loan amount plus interest loan amount plus interest, up to ₹2,00,000, in the event of the primary applicant’s natural death.
  
  

• In-Patient Hospitalization Cover: It provides coverage up to ₹50,000 for hospitalization due to accidents for the primary applicant.
  
  
• Hospital Daily Cash (Including COVID-19): It provides a daily cash benefit of ₹1,000 for a maximum of 10 days, applicable to the primary applicant and eligible family members in case of hospitalisation due to illness, including COVID-19.
  
  

• Income Protection Cover: A one-time benefit of ₹20,000 is payable upon detecting specific diseases or injuries for the primary applicant and eligible family members.
  
  
• Loan Repayment to Loan Provider: In case of accidental death or permanent total disability of the primary applicant, the outstanding loan principal amount will be paid to HDBFS up to the specified limits based on the loan type.

HDB Credit Card Pros and Cons

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:

• Insurance Coverage: Insurance benefits, such as coverage for illnesses (like COVID-19) and disability or death benefits up to ₹10 lakhs, are given to cardholders based on the card variation.
  
  
• Loan Facilitation: The card provides quick and easy access to financial aid by streamlining the HDBFS loan application process.
  
  

• Eligibility Assessment: Through the presentation of the Aabhar Card, cardholders can rapidly determine their loan eligibility and comprehend the application procedure.

Cons:

• Not a Credit Card: A pre-approved credit limit and other conventional credit card features, such as reward points or cashback, are unavailable with the Aabhar Card.
  
  

• Associated Costs: Potential candidates may consider the fees associated with each Aabhar Card type.

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 for HDB Credit Card

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.

Required Documents to Apply for HDB Credit Card

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:

• Passport 
• Voter ID
• Driving License
• PAN Card
• Aadhar card or proof of possession of Aadhar number (voluntarily).=
  
• Utility bills (e.g., electricity, telephone, post-paid mobile phone, piped gas, water bill) not older than two months.
  
• Registered rental agreement

• Letter of allotment of accommodation from the employer.
  
• Leave and license agreements with employers allotting official accommodation.

Date of Birth Proof: Documents such as: 

• Driving License
• PAN Card
• Passport
• Birth Certificate
• 10th or 12th mark sheet bearing date of birth

• Bank Account Statement or Passbook: An updated statement or passbook within the last 90 days.

• Passport-Sized Photograph: A recent photograph of the applicant.

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.

How to Apply for HDB Credit Card

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 Credit Card Customer Care

• Customer Care Number: +91 44 4298 4541
• Availability: Monday to Friday, 10:00 AM to 6:00 PM
• Note: This service is unavailable on national and regional holidays.
• Email Address: customer.support@hdbfs.com
• WhatsApp Service: Text "Hi" to 7304926929 to access account information and services.
• Mobile App: Download the "HDB On The Go" app for account management and loan applications.
• Missed Call Service: Existing customers can give a missed call to 080-69856108 from their registered mobile number for balance enquiries, EMI status, and loan details.

Conclusion

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. 

Frequently Asked Questions Related to HDB Credit Card

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.

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LoansJagat Team

We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?