I never wanted to get into the EMI trap in my life and i’m clear that i’ll have to pay in full at the end of each month. If i don’t, there is no point in choosing the right credit card just for saving 2% or 3% of the transaction amount. With interest rates as high as 12%-20% on credit card loans and revolving rates, i would end up in net loss even if i pick the best rewarding credit card.
However, my Dad is in need of money every once in a while and he don’t mind about paying the interest rates as he got used to it for quite sometime. I secured him Diners premium recently with a good credit limit that it has eye popping EMI/Loan offers on his card from time to time.
Facts about Insta Jumbo Loan:
- Credit limit unaffected
- Treated like a personal loan, no Service Tax on EMI
HDFC Insta Jumbo Loan Eligibility:
As i mentioned in the previous article on HDFC credit card loans, he had already taken Rs.50,000 on Smart EMI and another Rs.50,000 on Insta Loan at a nice 11.88% Annual interest rate and now Insta Jumbo Loan offer is available for his card account for 1.25 Lakhs. To my understanding, you can increase the probability for Insta Jumbo loan Offer by following below:
- Take Smart EMI or Insta Loans
- Payback existing SmartEMI/Insta Loan on time
- Spend on Shopping/entertainment/travel Websites
- Ask for Limit Enhancement, sometimes you won’t get better limit, but Jumbo loan might get enabled
My dad’s card got the Jumbo Loan offer within a month of requesting a credit limit enhancement. They increased the limit by a very small amount but Jumbo loan (amount equal to old limit) was eligible within a month of this happening. I’m unsure if this is coincidence or there is a formula behind.
Applying for HDFC Insta Jumbo Loan via Net Banking:
So coming to point, my Dad was interested in this offer as he needs some floating money. So i logged into his a/c and submitted the form for full 1.25 Lakhs @ 13.2% for 5 yrs and boom, funds credited into his savings a/c within 5 seconds. There was an OTP verification while submitting the form and nothing else.
Processing fee was waived as per the offer at that time.
It gets more interesting now. Next day i logged into his a/c to see that he’s now eligible for another 50k insta loan @ 11.88%. I’m yet to inform this to Dad 😀
Its clear that more you take HDFC EMI offers, they come up with better eligibility on other loan products at low interest rates. Yes, makes some sense.
Important Note: Insta Jumbo Loan has nothing to do with your credit card and it acts more like a personal loan and is linked to our savings a/c for EMI debits. It is reported as a “Credit Card” to CIBIL with your EMI amount. So any defaults on Jumbo loan will affect your CIBIL negatively.
Got any queries on HDFC Insta Jumbo Loan? Feel free to ask in comments below.