You can’t decide which loan to take if you need a loan and have received Insta and Jumbo loan offers. So, in this post, we have shared information regarding Insta Loan vs the Insta Jumbo loan. It will help you to understand which is better and the difference between Insta and Insta Jumbo Loan.
HDFC offers a pre-approved Insta and Insta Jumbo loan on your credit card. It depends on how well you have managed credit cards in the past. Furthermore, it also checks your home loan, personal loan history, and past dealings with credit cards and measures your borrowing ability.
You will always get offers of these two types of loans against your HDFC credit card. The amount will instantly be credited to your account if you request for Insta or Jumbo Loan through net banking or a phone call.
But before proceeding, once you check the difference between Insta and Insta Jumbo Loan. Both are credit card debt and not personal loans. HDFC Bank offers this to their customers from time to time.
Insta Loan Vs Insta Jumbo Loan
HDFC Insta Loan and Insta Jumbo Loan is a pre-approved loan available on your credit card and does not require any documents, and you can use it for any purpose. Below are the top three major differences between Insta and Jumbo Loans:
Insta Loan:
- Insta Loan is given within your card’s credit limit.
- The EMI amount will be added to your monthly statement as your credit card bill. It is similar to a jumbo loan in many ways, but it comes with your account statement.
- It may take some time to process an Insta loan. Fastest loan disbursal.
Insta Jumbo Loan:
- Insta Jumbo loan does not block your credit card limit. So, it can be beneficial for credit cardholders who use their credit cards a lot.
- It is similar to an Insta loan but comes with a separate account statement and the same billing cycle.
- It does not take time to process an Insta loan.
So, Insta Loan is given within your card’s credit limit, and the EMI amount is added to your monthly statement. But, the Insta Jumbo loan does not block your credit card limit, and the billing cycle will be the same as your credit card. So, it can be beneficial for credit cardholders who use their credit cards a lot.
Interest rate
The interest rates and loan amounts will depend on the bank. It’s not fixed; interest rates may change.
| Loan Type | Avg. | Min. | Max. |
|---|---|---|---|
| Insta Loan | 16.46% | 11.88% | 22.52% |
| Insta Jumbo Loan | 16.46% | 11.88% | 22.52% |
| Personal Loan | 15.52% | 11.00% | 21.00% |
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How To Get it Online?
Both Loans are pre-approved loans, and the maximum tenure of this loan is five years, and it is an instant loan; you get attractive interest rates and easy EMI options. You can proceed to get the loan through HDFC Net banking and phone call.
So, if you have an account and active net banking with HDFC, this loan amount will be credited to your account in a matter of seconds. Visit the official website of HDFC and login with your User ID and password.
Step 1: Click on the Card tab, which will appear at the top of the Dashboard.
Step 2: Select “Transact“, appearing on the left column.
Step 3: Click on Insta Loan or Insta Jumbo Loan.
Step 4: Enter the loan amount and tenure on the next page. It will show the rate of interest and EMI amount with tenure. Select your SB account, and agree to the terms & conditions. Click on Continue.
Step 5: Review the details and click on Confirm.
Upon confirmation, Insta or Insta Jumbo loan amount will instantly be credited to your account.
Via Phone Call:
Also, you can approach your Relationship Manager (RM) to get Insta or Insta Jumbo Loan. They will help you move forward. On confirmation of the loan, they send a link to your registered mobile.
Step 1: Click on the link your Relationship Manager will send you on your mobile at that time. Do not click on any other link.
Step 2: Select loan type, i.e. Insta or Insta Jumbo Loan, loan amount, tenure, and your account number and tap on proceed.
Step 3: You will get your loan details along with the code number of your Relationship Manager. Tap on Confirm.
Instantly, it will be credited to your bank account.
How to Get an HDFC Credit card?
To obtain an HDFC credit card, you can visit the branch or apply online through their official website. They’ll check for credit card eligibility, and if OK, they’ll send the credit card to your address. You can make cashless payments for your purchases with credit card limits and get interest-free payments for 20 to 45 days.
FAQs
A: Yes, if you are a salaried person and your monthly income is Rs 25,000, you can get it easily. Even if there is a business, you can get it.
A: There is no fixed time, But if you pay your credit card bills on time and have a good credit score, you can get it.
A: If you are an HDFC Bank customer, you can log in to your net banking account and check your pre-approved offers in the Cards section. Also, the bank will send notifications or calls.
A; If you use your credit card a lot, then a jumbo loan will benefit you. Because it does not block the credit card limit.
Conclusion:
We have mentioned Insta vs Jumbo Loan above, which will help you decide. Bank provides these offers when you use an HDFC credit card. But, in my opinion, it avoids any loan without valid reasons. Debt grips a person slowly, and it isn’t easy to recover. But, these are beneficial when you have a substantial income source and can amortize at any time.
