EMI Through Credit Card: Have you ever tried to pay your home loan EMI through a credit card? Because paying EMI through credit card is convenient for those who want a window of 45–50 days, EMI has to be paid within 30 days, but credit card billing cycles are 45–50 days.
Well, I am glad to say that HDFC Bank offers various ways to pay your home loan EMI. One such method is to pay the EMI with your credit card.
In this article, we will guide you through the process of paying your HDFC home loan EMI via credit card and everything you need to know about it.
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Why pay HDFC Home Loan EMI through Credit Card?
Paying your HDFC home loan EMI through credit card has some benefits.
- It helps you earn reward points, cashback, or discounts on your credit card.
- It can help improve your credit score if you make credit card payments on time.
- Also, it gives you a payment window of 45–50 days.
Quick Snapshot
| HDFC Home Loan Rate of Interest | Starting from 8.50% |
| Tenure | Upto 30 years |
| Annual Spend based benefit on Credit Card | Spend ₹50,000 and above in each calendar quarter and get ₹500 worth gift vouchers |
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Step by Step Process to Pay HDFC Home Loan EMI through Credit Card
Here are the steps to pay your HDFC home loan EMI through your credit card:
Step 1: Register for the Auto Debit facility
To enable the Auto Debit facility, you have to log in to your HDFC Bank net banking account and register for the facility. You can also visit the nearest HDFC Bank branch and apply for the Auto Debit facility.
Step 2: Add HDFC Home Loan account to Auto Debit facility
Once you have registered for the Auto Debit facility, you have to add your HDFC home loan account to the list of accounts eligible for auto-debit. To do this, you have to provide your home loan account number and other necessary details.
Step 3: Add your Credit Card to the BillDesk Gateway
Next, you have to add your credit card to the BillDesk gateway. BillDesk is a secure payment gateway that lets you make payments for various services, including home loan EMI payment.
Step 4: Make the Payment
To make the payment, you have to select the credit card payment option on the BillDesk gateway and enter the amount to be paid. You will then be redirected to the payment gateway of your credit card provider. Follow the instructions to complete the payment process.
Things to Keep in Mind while Paying HDFC Home Loan EMI through Credit Card
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Here are some important things to keep in mind while making the payment:
Credit card payment charges
There may be charges associated with paying your HDFC home loan EMI through credit card. You must check the charges with your credit card provider and the HDFC Bank before making the payment.
Credit limit
Ensure that you have enough credit limit on your credit card to cover the entire EMI amount. If you do not have enough credit limit, the payment may be declined, and you may face additional charges.
Timely payment
Ensure that you make the payment on time to avoid any late payment charges. The Auto Debit facility ensures that your EMI is paid on time, but you must have enough balance in your credit card account to cover the payment.
Conclusion
Paying your HDFC home loan EMI through credit card is a convenient and rewarding option. The Auto Debit facility, along with the BillDesk gateway, ensures a smooth payment process.
However, ensure that you have enough credit limit and make timely payments to avoid any additional charges.
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FAQs
Can I pay HDFC home loan EMI with credit card?
Yes, You can pay your loan EMI using a debit card, credit card, Net banking and UPI.
What happens if I pay credit card bill in EMI?
Banks charge interest on the credit card bill amount that gets converted into EMIs.
Can I make a partial payment for my HDFC home loan EMI through my credit card?
No, you cannot make a partial payment. You have to pay the entire EMI amount through your credit card.
How do I know if my payment is successful?
You will receive a confirmation email or message from HDFC bank on your registered email ID or phone number.
Are there any additional charges for paying my HDFC home loan EMI through my credit card?
HDFC Bank may charge a convenience fee for paying your EMI through your credit card. Additionally, your credit card provider may charge a processing fee
Can I use any credit card to pay my HDFC home loan EMI?
No, you can only use the credit card that you have registered with HDFC Bank.
Can I opt-out of the Auto Debit facility anytime?
Yes, you can opt-out of the Auto Debit facility by submitting a request to HDFC Bank.
