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.
The HDFC Insta Jumbo Loan can be availed by:
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.
The terms and conditions of applying for HDFC Insta Jumbo Loan are as follows: