About HDFC Insta Jumbo Loan
HDFC Insta Jumbo Loans are pre-approved loans provided for HDFC Bank Credit Cardholders. HDFC Bank values your time and hence has come out with this Insta Jumbo Loans facility wherein, you get a pre-approved Personal Loan over and above your Credit Card limit and the money will be credited to your savings account within seconds.
You can use the loan amount for any purpose (except for speculative reasons) without any restriction on end-use. This loan can be helpful during immediate financial needs.
The Credit Card limit will not be blocked like HDFC Insta Loan and you can continue to use your Credit Card for your purchases. This is the main advantage of HDFC Insta Jumbo Loan.
Key Features of HDFC Insta Jumbo Loan
The Key features of HDFC Insta Jumbo Loans are:
- This is a pre-approved loan which will be instantly credited to your HDFC Savings Bank Account. Your regular Credit Card limit will not be blocked and you can continue to use your card.
- The pre-approved loan will be based on your spending, transaction pattern and repayment of your earlier Credit Card dues.
- The quantum of the loan will be either equal to or above your regular Credit Card limit. A new card number will be given for the loan account and a separate statement will be generated. The billing cycle and payment due date will be similar to your Credit Card statement. The equated monthly instalments (EMIs) for Instant Jumbo loan will be billed in the first monthly jumbo loan statement generated after disbursing the loan.
- An Auto Pay will be activated for the Insta Jumbo loan account within 7 days from the date of booking the loan. Your savings account will be debited on the due date mentioned in the monthly jumbo loan statement or within 5 working days from the payment due date. You should maintain sufficient balance in the account before the due date for the smooth functioning of the loan account.
- No documentation required for availing the loan
- Interest will be charged at 1.25% per month. The monthly payment dues will include EMI and GST on the interest amount of EMI.
- Flexible repayment option available ranging from 12 months to 60 months
- Select cardholders will be provided with this Insta Jumbo loan facility
Terms & Conditions for HDFC Insta Jumbo Loan
The following are the terms & conditions of the loan. The loan will be disbursed on acceptance of the terms & conditions mentioned below.
- The sanction of the loan will be at the sole discretion of the Bank
- A processing fee of 999 exclusive of GST will be charged for all the loans
- For the first EMI, interest will be charged from the loan booking date till the payment due date. For subsequent EMI the interest will be as per the statement billing cycle.
- If you obtain the loan, it will be understood that you have accepted all the terms & conditions and you will be bound by them.
- Only select cardholders are eligible for the loan. HDFC reserves the right to decide the eligibility as per the internal policies of the Bank.
- CIBIL verification will be done after loan application and only cardholders with a good credit score will be considered for further processing.
- Customer ID, Date of Birth, and Name updated in the Credit Card system should match with information updated in the savings bank account to get instant credit of the loan amount.
- If the loan is availed through Demand Draft, it will take 7 working days to deliver the Demand Draft. If the Credit Card billing date falls between this period then the first EMI will be billed to this statement.
- A separate billing statement will be sent for Insta Jumbo Loan account and the billing cycle date and payment due date will be the same as your regular Credit Card statement.
- EMI = Principal + Interest. Hence, the first EMI will include interest charged for a month irrespective of the loan disbursement date.
- An amortization table will be sent along with the Insta Jumbo Loan statement which will give you details of principal and interest amount separately for the entire repayment period.
- You can see your monthly repayment schedule with the help of HDFC EMI Calculator. Interest rate shown in Net banking is per annum. In the EMI calculator choose the interest per annum and mention the interest rate given in Net banking.
- The loan amount will be disbursed to the savings account for customers with HDFC Bank savings account. The savings accounts eligible for the loan disbursement are HDFC Bank Savings Account and HDFC Bank Salary Account.
- An Auto Pay will be activated within 7 days from the date of loan disbursement for customers with HDFC Bank savings account. The EMI will be debited to the account on the payment due date or within 5 days from the payment due date. Sufficient balance in the account should be maintained before the due date.
- If there is no balance in the account on the payment due date, a penal interest of 2% on the amount with a minimum of 300 will be collected.
- Customers who do not have an HDFC Savings Account can make EMI payment by way of Cheque. A separate 16-digit number given for the Insta Jumbo Loan Account has to be mentioned on the cheque. The EMI for the loan account has to be paid apart from the bill amount on the primary HDFC Credit Card.
- If the payment is not done on or before the payment due date a penal interest of 2% on the amount subject to a minimum of 300 will be collected.
- Non-payment or partial payment of EMI outstanding will attract a late payment fee of 500 plus GST irrespective of EMI amount outstanding. No finance charges will be collected for non-payment or partial payment of EMI outstanding.
- Processing charges will be levied in the immediate billing cycle post the disbursement
- Partial prepayment or partial -closure is not allowed on this loan
- Tenure confirmed at the time of booking the loan cannot be changed. Pre-closure of the loan is permitted with a charge at 3% of the balance principal outstanding.
- Along with the foreclosure charges, pro-rata interest at the time of pre-closure and the Credit Card balance outstanding at the time of pre-closure also should be paid for pre-closure of the loan.
- Since the pre-closure charges are prone to change from time to time, confirm the charges to be paid by contacting the HDFC Credit Card helpline if you decide to pre-close the loan. HDFC Bank reserves the right to change the pre-closure charges. Additional interest on the principal outstanding from the last billing date till the pre-closure has to be paid.
- GST will be applicable for processing charge and pre-closure charge
- Applicable GST depends upon the place of provision (POP) and the place of sale (POS). If both the POP and POS are the same then the GST applicable is CGST and SGST/UTGST. Otherwise, it is IGST.
- GST on fees and charges/interest transactions billed on statement date will reflect in the next monthly statement.
- Prior to completion of loan tenure or pre-closure of the loan whichever is earlier the Auto Pay instruction cannot be cancelled.
- HDFC Savings Account in active status in the individual name is mandatory to avail the loan for customers without HDFC Savings Account. The loan amount will be disbursed by way of Demand Draft which will be sent to the billing address. The loan once approved and processed cannot be cancelled.
- Interest rate and processing fee as confirmed at the time of application have to be paid and the interest is calculated on the reducing balance.
- Tenure for repayment of loan confirmed at the time of application cannot be changed
- Processing charges are non-refundable
- The loan should not be used for speculative purpose
- Only 2 Jumbo Loans can be availed at any point in time
- If your HDFC Credit Card gets closed before all the instalments are charged, the loan outstanding will get debited to your card account.
- Your loan account services along with the related Credit Card will be suspended in case of default in payment of EMI on the due date. The further usage of the card may also be terminated. The continuation of the loan is at the sole discretion of the bank and the outstanding will be payable on demand to the bank.
- HDFC Bank reserves the right to modify, add, or alter all/any of the terms & conditions mentioned here or to replace wholly/ in part this scheme by another offer, whether similar to the offer or not or to withdraw it altogether at any time without previous notice.
- HDFC Bank cannot be held responsible/ liable for any actions/ claims/ demands/ losses/ damages/ costs/ charges/ expenses, which may be suffered/ sustained/ incurred by the offer by the applicant. All disputes (if any) arising out of or related with or as a result of the offer or otherwise shall be subject to the exclusive jurisdiction of the competent Courts/Tribunals in Chennai only.
- The terms & conditions contained in the Card Member Agreement apply over and above the terms & conditions for this loan. In case you do not agree to any of the details above or require any further assistance you can contact the HDFC Card helpline.
HDFC Insta Jumbo Loan Eligibility
The following are the eligibility criteria to avail the Insta Jumbo Loan:
- The applicant should hold an HDFC Credit Card
- The repayments of the existing Credit Card should have been made promptly on the due date
- The applicant should have a good income, good repayment capacity, and a good credit score
- The loan is based on the Credit Card spends, transaction pattern, and previous payment history
- You can check the eligibility for the Insta Jumbo Loan by following a few simple steps as mentioned below:
- Log in to HDFC Net banking and choose the 'Cards' option. Then go to Credit Cards. Proceed to 'Transact' and then to 'Insta Jumbo Loan'. Mention your Credit Card details and your pre-approved loan limit will be available on the screen.
- You can also call HDFC Credit Card helpline to get the loan details
- If you are eligible for the loan and have not registered for DND/NDND/DNC an executive of HDFC Bank will give you a call and explain about the loan details. The information regarding the loan amount, interest rate and the other loan details will be given and you can immediately book for the loan since no documentation is required.
- If you are eligible for the loan and have not registered for DND/NDND/DNC you will get an SMS on your registered mobile number regarding the loan amount, interest rates and the other loan details. If you are interested in availing the loan and accept the terms & conditions listed on their website, you can send the short code mentioned in the SMS.
Documents Required for HDFC Insta Jumbo Loan
No documentation is required to avail HDFC Insta Jumbo Loan.
Fees and Rates for HDFC Insta Jumbo Loan
- A processing fee of 999 exclusive of GST will be collected for all loan amounts.
- No partial payment or partial closure is allowed for this loan. Only pre-closure is allowed. A pre-closure charge at 3% of the outstanding principal amount along with applicable GST will be collected. Along with pre-closure charges, pro-rata interest applicable and the outstanding Credit Card balance also have to be paid.
Frequently Asked Questions - HDFC Insta Jumbo Loan
What is Insta Jumbo Loan?
Insta Jumbo Loan is a pre-approved loan provided for select HDFC Credit Card holders over and above the Credit Card limit. The credit limit will not be blocked and you can continue to use your card for other purchases.
What are the purposes for which the loan can be used?
The loan can be used for any purpose except for speculation.
What is the rate of interest charged on the loan?
Interest at 1.25% p.m. will be charged on the loan.
What is the tenure available for the loan?
The loan can be repaid within 12 months to 60 months.
What are the fees and charges for the loan?
A processing fee of 999 excluding GST will be collected for all loan amounts. If the loan is pre-closed, a pre-closure charge at 3% of the outstanding balance will be collected.
What are the benefits of the Insta Jumbo Loan?
The benefits of the Insta Jumbo Loan are:
- It is a pre-approved loan and will be credited instantly to the savings account on booking
- The loan does not require any documentation
- The interest rate is set depending upon the creditworthiness of the customer
- Quick and hassle-free processing
- Nominal processing fees
- The loan amount will be over and above the credit limit. The regular Credit Card limit will not be blocked.