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HDFC Insta Jumbo Loan
As an HDFC Bank credit card holder, you're eligible to apply for the Insta Jumbo Loan facility. This loan is pre-approved by the bank for its credit card customers and is often higher than their credit limit.Interest rates start at 11.88%, with loan terms available for up to 60 months. No documents are necessary for HDFC Bank savings account holders, who can receive funds in just a few seconds upon confirmation.
HDFC Insta Jumbo Loan Overview
Feature | Details |
|---|---|
Eligibility | HDFC Bank Credit Card holder |
Disbursal Time | 1 second |
Documentation | No documentation required |
Loan Amount | Over and above credit card limit |
Loan Type | Personal loan |
Benefits | No credit limit blocking, competitive interest rates, no paperwork, and flexible repayment terms. |
Steps to Avail | 1. Log into Netbanking, 2. Navigate to Insta Loan, 3. Enter Loan Details, 4. Confirm and Submit |
Features | Instant credit access, easy repayment methods, automatic EMI payment, no paperwork, along with competitive rates and flexible loan tenure. |
HDFC Jumbo Loan Eligibility Criteria
To check your eligibility:
- Log in to HDFC Net banking.
- Select "Cards".
- Under "Credit Cards," go to "Transact,"followed by "Insta Jumbo Loan."
- Enteryour Credit Card details.
- View your pre-approved loan limit.
Or:
- Call the HDFC Credit Card helpline.
If eligible:
- An HDFC Bank executive will contact you (if you haven't registered for DND/NDND/DNC).
- They will go over the loan details with you, including the amount, interest rate, and other conditions.
- You can book the loan immediately (no documentation needed).
Alternatively:
- You will receive an SMS with loan details (if you haven't registered for DND/NDND/DNC).
- To avail the loan, send the shortcode mentioned in the SMS.
HDFC Jumbo Loan Features
The HDFC Insta Jumbo Loan features several key aspects that enhance its convenience and attractiveness for borrowers:
1. Instant Approval and Disbursement:
- The loan receives pre-approval based on your credit score and creditworthiness.
- Once approved, the funds are disbursed directly to your HDFC Bank savings accout.
2. No Documentation Required:
- There’s no requirement to submit additional documents beyond your credit card information.
- This streamlines the application process and saves time.
3. Flexible Repayment Tenure:
- You can choose a repayment tenure that suits your financial situation, typically ranging from 12 to 60 months.
4. Competitive Interest Rates:
- The interest rates for the Insta Jumbo Loan at HDFC Bank are highly competitive.
- The exact rate may vary based on individual factors.
5. Separate Monthly Statement:
- You'll receive a separate monthly statement for the Insta Jumbo Loan, making it easy to track your repayments and interest charges.
6. No Impact on Credit Card Limit:
- You can enjoy the Insta Jumbo Loan without it affecting your regular credit card limit, allowing for unrestricted purchases.
7. Online Application and Management:
- You can apply for the loan and manage your account conveniently through HDFC Bank's online banking platform.
8. Insurance Coverage:
- The loan may come with insurance coverage that protects you in case of unforeseen circumstances.
9. Quick and Easy Process:
- The entire application and approval process is designed to be quick and hassle-free.
10. Personalised Service:
- HDFC Bank provides personalised customer service to assist you with any queries or concerns related to the loan.
HDFC Bank Jumbo Loan Interest Rates
When considering HDFC Bank Jumbo Loans, you'll find that interest rates are affected by your credit score, the desired loan term, and any ongoing bank promotions. On average, these rates range from 11% to 21% per year, but can vary based on your credit profile. Be aware that a processing fee, typically between 2% and 2.5% of the loan amount, may also be charged.HDFC Insta Jumbo Loan Application Procedure
- Check Your Eligibility: Evaluate your qualification for an HDFC Jumbo Loan based on your credit card limit and history of payments. You can find out by using NetBanking, Mobile Banking, or contacting HDFC Bank.
- Log In to Net Banking or Mobile Banking: Go to the HDFC Bank website or app and log in to your account.
- Choose the Loan Option: Identify the Insta Jumbo Loan offer and review its details, including the loan amount, interest rate, and repayment terms.
- Confirm Loan Details: Ensure you fully understand all aspects of the loan, including the interest rate, EMI payments, and processing fee.
- Provide Confirmation: Confirm your acceptance of the terms and conditions before submitting your application. You might need to enter an OTP to confirm.
- Loan Disbursal: If your loan is authorized, the money will be deposited into your account with HDFC Bank.
HDFC Insta Jumbo Loan Repayment Terms
For customers who hold an existing HDFC Bank savings account:
- Automatic payments: Your savings account will be automatically charged for the full payment on the due date.
- Sufficient balance: Make sure you have enough money in your savings account.
For customers without a HDFC Bank savings account:
- Demand draft: HDFC Jumbo Loan Payment can be done by depositing a demand draft with the loan account number as the beneficiary.
- NEFT/RTGS: Make a direct payment from another bank account using the Jumbo Loan Account number.
General information:
- EMI billing: Your EMI will be billed to a virtual Jumbo Loan Account number.
- Billing date: The billing date is mentioned in the amortisation schedule.
- EMI payment: Deposit the entire EMI payment into the Jumbo Loan account number.
- Payment reminders: You'll receive reminders via SMS, email, and the amortisation schedule.
Terms and Conditions of HDFC Bank Jumbo Loan
For Customers with HDFC Bank Savings/Current Account
- Your loan amount will be credited directly to your savings/current account.
- Your account details must match your credit card details for instant approval.
- EMI payments will be automatically deducted from your savings/current account on the due date.
- Make sure you have enough money in your account to cover the EMI.
- Late payment fees apply (Rs. 500 + GST) for missed or partial payments.
For Customers Without HDFC Bank Savings/Current Account
- You will obtain a separate account number specifically for your loan.
- You can make EMI payments by check, cash, NEFT, or IMPS (mention the loan number on the check).
- Late payment fees apply (Rs. 500 + GST) for missed or partial payments.
- If your loan is approved through a demand draft, it may take up to 7 business days to arrive.
Loan Cancellation
- You can only cancel your loan before the demand draft is used. Contact customer care to request cancellation.
Prepayment
- You can only prepay the entire loan after it's approved.
- A prepayment charge applies (currently 3% of the outstanding balance).
- Additionally, you will need to cover any accrued interest and the balance on your credit card.
Other Important Points
- The rates and processing fees indicated when you submit your application will be the ones applied to your loan.
- Once your loan is approved, the term will remain as initially set and cannot be changed.
- You cannot use the loan for fixed deposits, recurring deposits, stock markets, mutual funds, or foreign remittances.
- You can only have a maximum of two Insta Jumbo Loans at a time.
- Missing your EMI payments could result in the temporary suspension of your loan and credit card services.
- At any time, the bank can change these terms and conditions as needed.
- These terms and conditions are in addition to the terms and conditions of your HDFC Bank Credit Card Agreement.
HDFC Insta Jumbo Loan FAQS
1. What is HDFC Insta Jumbo Loan?
Insta Jumbo Loan is a loan offered to selected HDFC Credit Card holders. It gives you extra money on top of your credit limit without affecting your card usage.
2. What can I use the loan for?
You are free to use the loan for any purpose you choose, except for speculative activities.
3. How long do I have to do HDFC jumbo loan payment?
The loan can be paid back in instalments over a duration of 12 to 60 months.
4. What are the fees and charges of HDFC bank jumbo loan?
You'll pay a processing fee of Rs. 999 + GST for any loan amount.
5. Can I pay off the loan early?
Yes, you can. But you'll have to pay a pre-closure charge of 3% of the remaining balance + GST.
6. Do I need to submit any documents?
No, the Insta Jumbo Loan application does not require any paperwork. It's pre-approved.
7. Can I negotiate the interest rate?
No, the interest rate is set by the bank and cannot be negotiated.
8. What is the expected duration to receive the money?
If you have an HDFC Bank Savings Account, the funds will be available online in one second; if not, a demand draft will take 7 business days to arrive.
9. How can I check my HDFC Jumbo loan details?
You can check your HDFC Jumbo Loan details through HDFC Bank's NetBanking, Mobile Banking app, or by contacting HDFC customer support.
10. What are the charges for preclosure of HDFC jumbo loan?
The preclosure charge for an HDFC Jumbo Loan is typically 3% of the outstanding principal amount.
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.
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