Earlier known as Jumbo cash, HDFC Insta Jumbo Loan is a pre-approved loan that is provided above the credit limit on your HDFC Credit card. The loan amount is not blocked against the credit limit.
Eligibility criteria for HDFC Insta Jumbo Loan
The HDFC Insta Jumbo Loan can be availed by:
- HDFC credit card customer who have an active HDFC Bank savings account.
- You can check your eligibility through net banking, phone banking or you can call the sales officer through your registered contact number or you will be informed via SMS to your registered contact number.
The loan is disbursed through credit to your HDFC bank savings account after it has been sanctioned.
A new card number is created for Insta Jumbo Loan account and a separate monthly statement is sent for the account. But the billing cycle and the payment due date is the same as your credit card account. The EMI will be billed in the monthly account statement which starts from the immediate billing cycle date. Auto pay option for the Insta Jumbo Loan account will be activated from 7 days from the date of booking the loan. Your savings account will be debited for the total amount due on the payment due date as indicated in the monthly statement or within 5 working days from the payment due date. You will however have to maintain sufficient balance in your savings account before the payment due date.
EMI amount is calculated using the reducing balance method and the amount that is payable every month is as follows. The interest rate is calculated at 1.25% per month:
|Month||Loan amount of Rs.50,000||Rs.1,00,000||Rs.2,00,000||Rs.3,00,000||Rs.4,00,000||Rs.5,00,000|
The monthly due includes EMI and service tax on the interest amount of the EMI.
You can also make use of the EMI calculators available online to determine the EMI amount that is due each month. You will just have to choose the type of loan that you are applying for and entering the required loan amount, then choose the repayment term and finally enter the interest rate charged each month and then hit the calculate button. You will get a complete detail of the EMI that you will be paying each month for the repayment term.
Terms and conditions of HDFC Insta Jumbo Loan
The terms and conditions of applying for HDFC Insta Jumbo Loan are as follows:
- Only HDFC Credit card customers are eligible for the loan and the bank reserves the right to decide the eligibility.
- CIBIL verification will be after you have submitted the application form.
- Separate monthly statement will be sent to for the loan.
- EMI will include the principal amount as well as the interest amount.
- Auto pay option will be activated within 7 days of booking the loan. It will be linked to your HDFC Bank savings account.
- You need to maintain sufficient balance in your savings account.
- If you miss the payment or make a partial payment towards the loan, you will be fined with Rs.500 penalty plus service tax.
- Processing fee is charged in the immediate billing cycle after booking the loan.
- Partial prepayment or closure is not allowed.
- Loan can be pre-closed at any time and the prepayment charge is 3% of the balance principal outstanding.
- Service tax is charged on the processing and pre-closure charges.
- Loan once approved cannot be cancelled.
- Interest rate is calculated on a reducing balance method.
- Tenure and the rate of interest is set at the time of booking the loan.
- Only one HDFC Insta Jumbo Loan can be availed at any time.
- If you miss the EMI, the loan account services will be suspended.
- The bank reserves the right to alter, modify or change the terms and conditions at any time.
HDFC Insta Jumbo Loan FAQs
- How is the HDFC Insta jumbo loan different from the HDFC Insta Loan?
- Am I allowed to pre close an HDFC jumbo loan?
- When it comes to the HDFC Insta Jumbo loan, what is the repayment tenure?
- How do I check the status and details of my HDFC Insta Jumbo loan?
- Is the interest rate for the HDFC Insta Jumbo loan flat or reducing?
The HDFC Insta jumbo loan is very similar to the HDFC Insta loan, however, the credit limit will not get blocked. The HDFC Insta Jumbo loan is billed separately and auto debit will be enabled to your savings account.
Yes, you can pre-close your HDFC Insta Jumbo Loan at any given point of time. Please note that you will be charged a prepayment charge of 3%. This will be on the balance principal outstanding.
For this loan, the repayment tenure is between 1 year and 5 years.
You should log in Login to HDFC NetBanking. Select “Cards” and go to the “Credit Cards” page. Here, click on “Transact” and select “Insta Jumbo Loan”.
The interest rate for this loan is a reducing rate of interest. This means that the interest will be charged on the reducing principal each month.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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