HDFC Insta Jumbo Loan is a pre-approved loan available to HDFC Credit Card customers. In other words, it is a credit limit set for the cardholder that is higher than their current credit limit. This money is deposited into their HDFC savings account in one lump sum.
This loan is processed without any documentation or verification as it is pre-approved. Applicants can conveniently apply online and upon approval, the amount is instantly disbursed into their savings account.
They can use it for anything they want and pay it back in equal monthly instalments. The best thing about this loan is that you can use your current credit limit by using this Jumbo Loan amount, which means you can use your Credit Card and the Insta Jumbo Loan amount at the same time. The application and disbursement processes are also very straightforward.
Here are some basic differences between HDFC Insta Jumbo Loan and a simple personal loan:
|
HDFC Insta Jumbo Loan |
Normal Personal Loan |
|
|
Interest Rate |
Start at 15% |
Start at 10.75% |
|
Repayment Tenure |
Up to 5 years |
Up to 5 years |
|
Application Process |
Instant disbursal, may take up to a few hours |
It May take up to 7 business days for approval and disbursal |
|
Loan Amount |
Low, since it is a pre-approved offer |
Can get loans of up to Rs. 50 lakhs, based on your need |
|
Documentation |
Nil; based on your existing account details with HDFC Bank |
Requires a list of documents for eligibility check |
|
Other charges |
Charges GST on the EMI amount |
Fixed EMI amount, with no additional charges |
Verdict: You should opt for the HDFC Insta Jumbo Loan if you are in urgent need of cash. Otherwise, a normal personal loan is the best option.