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Case Study: Jumbo Loan

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115. Jumbo Loan

Jumbo Loan is a preapproved loan that is provided on your credit card. This loan amount can be more than the credit card limit. The loan amount availed is not blocked against the credit card. Prominent banks like HDFC are offering this service.

This loan can be used for a variety of purposes such as school fee or college fee, medical expenses, travelling, home renovation, home and kitchen appliances, electronic gadgets or any unexpected expenses. These loans can be paid back through EMIs on a monthly basis. The applicant will get two separate bills. One for the credit card and the other one will be for the jumbo loan.

There are certain eligibility criteria’s that an applicant has to adhere to in order to avail the loan. …show more content…

There is no need for documentation.
The duration of the loan ranges from 1 year to 5 years.
The loan amount is not blocked if it is above the credit limit.

Features of HDFC Insta Jumbo Loan
• The loan amount can be availed above the credit card limit without the amount being blocked.
• This loan can be used on expensive items in order to break-up the expenses. Then, these amounts can be paid back through easy monthly instalments.
• The bank also gives the option of transferring loan against other credit cards through balance transfer on EMI. This means, you can transfer outstanding payments on other bank credit card to your HDFC savings account and pay them back through EMI’s.
• The loan can be availed for emergency purposes such as medical expenses or other unexpected expenses.
• The bank gives flexible repayments options in the form of low interest rates and long tenures.

Terms and Conditions of HDFC Insta Jumbo Loan
• Only HDFC credit card users are eligible for this loan. Also, the eligibility criteria’s of this loan is at the sole discretion of the bank.
• CIBIL verification shall be done after the application form has been submitted.
• A separate monthly statement will be given for the loan

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