Accidentally took instant loan instead of jumbo loan on HDFC credit card

[RishiKiDev]

Even that was a surprising thing to me. I believe this is because it was disbursed to my HDFC account itself, where all my credit card, loans & bank accounts are under the same Customer ID. She was able to check it. I will try again this afternoon to call customer care and request speaking to a senior representative.

Yes do try that. Also you can email them just to be on the safe side.

Get the IndusInd Legend for your regular spends till the time your limit gets released or loan gets paid.

 

[ank_sh1]

I would say apply for an IndusInd Legend LTF card from their website.

They will give credit limit same as your highest limit credit card and its approval rate is very high.

That's my best recommendation for your case.

For some unknown reason, IndusInd & ICICI hate me🤣, they have denied credit cards every time I apply. My Cibil is good (776), I have a decent salary, 100% on-time payment, Utilisation < 20% on all my credit cards. Still, they find a reason not to give me CC.

 

[RishiKiDev]

For some unknown reason, IndusInd & ICICI hate me🤣, they have denied credit cards every time I apply. My Cibil is good (776), I have a decent salary, 100% on-time payment, Utilisation < 20% on all my credit cards. Still, they find a reason not to give me CC.

Try going offline method. Find a good Indusind employee they will definitely help you out.

 

[ank_sh1]

you tell them that you had just moved it to your other account and threaten them to go to rbi if they dont agree to close the loan

Yes brother, will try doing that in this afternoon's call. I will mail them to be on a safer side as well

Try going offline method. Find a good Indusind employee they will definitely help you out.

Yeah, I guess this is the only option left with me now.

 

[D₹V]

raise a query with nodal desk tell them there was a mistake at your end
they might do

Yes, he should escalate.

After all it's HDFC 's mistake in URL.

 

[anilkrsh]

Ask for limit enhancement

 

[althafkakkat]

Hi, in in Bank of India there is a loan scheme cold star suvidha express personal loan. Rate of interest around 10% you can easily get if salary is credited to Bank of India account for continuous 3 or 6 months from body corporate. Employer need not be registered with Bank of India. It is unsecured, then with that phone you can close the HDFC loan and avail lower rate of interest as well. Contact your nearest bank of India manager.

 

[ank_sh1]

Yes, he should escalate.

After all it's HDFC 's mistake in URL.

Sure bro, will do that. I have also asked my RM to escalate this.

 

[ank_sh1]

Ask for limit enhancement

Yeah limit enhancement, I will send the request on 1st week of November.

 

[MOhit __]

RM won't be able to assist you because you haven't taken out a loan with her assistance.

 

[prmuch]

Hello members,
I had this pre-approved loan offer limit of 2.6L on my HDFC Diners Privilege Credit Card. I had multiple pre-approved loan offers from other providers as well. I did require some funds for some personal use and decided to take it from HDFC as it had the lowest processing fee of 499 compared to others of 2.5% of the loan amount. I knew that HDFC had two types of loans one was a Jumbo Instant Loan that wouldn't block the credit limit whereas another was a normal instant loan that would block the credit limit. When clicking on the link on my email from HDFC bank, it navigated me to a page (https://applyonline.hdfcbank.com/loan-against-assets/insta-jumbo-loan/insta-jumbo-form.html#nbb) which had insta-jumbo-loan in the URL, thus I assumed it to be Jumbo loan that wouldn't block my credit limit. But to my surprise, after taking the loan for a tenure of 60 months, it just blocked most of my credit limit i.e. 2.6L out of 3.5L. Since this card is my daily driver, I don't have any usable limit left, second thing, my credit utilisation is going to be >80% and third is that I am stuck for 5 years with this credit block.

I am not sure what to do in this position as I cannot pre-close the loan because of a decent amount of pre-closure charges and also the fact that I have already used that fund somewhere. Any recommendations or any possibilities of converting this Insta Loan to a Jumbo Loan? If I'd been aware that this was an Insta Loan and blocked my credit limit, I would never have taken it.

Thanks for your suggestion in advance.

If the loan was a digital loan, taken over a digital medium, then as per RBI guidelines, they have to mandatorily give you a cooling-off period (min 3 days) during which you can close the loan by repaying principal amount along with proportionate interest for that period. (You can look for RBI circular on Digital Lending dates September 02, 2022). In case no such option was provided to you, you can file a complaint with banks grievance redressal. If you do not receive satisfactory reply within 30 days, file a complaint with RBI Ombudsman online.

 

[Pramtesh]

Hello members,
I had this pre-approved loan offer limit of 2.6L on my HDFC Diners Privilege Credit Card. I had multiple pre-approved loan offers from other providers as well. I did require some funds for some personal use and decided to take it from HDFC as it had the lowest processing fee of 499 compared to others of 2.5% of the loan amount. I knew that HDFC had two types of loans one was a Jumbo Instant Loan that wouldn't block the credit limit whereas another was a normal instant loan that would block the credit limit. When clicking on the link on my email from HDFC bank, it navigated me to a page (https://applyonline.hdfcbank.com/loan-against-assets/insta-jumbo-loan/insta-jumbo-form.html#nbb) which had insta-jumbo-loan in the URL, thus I assumed it to be Jumbo loan that wouldn't block my credit limit. But to my surprise, after taking the loan for a tenure of 60 months, it just blocked most of my credit limit i.e. 2.6L out of 3.5L. Since this card is my daily driver, I don't have any usable limit left, second thing, my credit utilisation is going to be >80% and third is that I am stuck for 5 years with this credit block.

I am not sure what to do in this position as I cannot pre-close the loan because of a decent amount of pre-closure charges and also the fact that I have already used that fund somewhere. Any recommendations or any possibilities of converting this Insta Loan to a Jumbo Loan? If I'd been aware that this was an Insta Loan and blocked my credit limit, I would never have taken it.

Thanks for your suggestion in advance.

Call customer care. Ask them to transfer the call to senior. Tell him the situation. Also tell him that you want JUMBO Loan to be processed,He will raise your request for waiver of preclosure fee on approval basis (could be partially)
Since it's month end every bankers has their sales target. So they will definitely try to do his best

Also as it's month end. You might get waiver on processing fees.

 

[ank_sh1]

Hi, in in Bank of India there is a loan scheme cold star suvidha express personal loan. Rate of interest around 10% you can easily get if salary is credited to Bank of India account for continuous 3 or 6 months from body corporate. Employer need not be registered with Bank of India. It is unsecured, then with that phone you can close the HDFC loan and avail lower rate of interest as well. Contact your nearest bank of India manager.

No offence to BOI or any employee but I would go for a nationalised bank service only after I am dead. I am ready to pay some extra % and go for a private and trusted bank like HDFC/Axis/Kotak. Service-wise, private banks can beat no one. Had terrible terrible experiences in past with nationalised banks (IOB). Extra/unknown charges, No customer service, terrible system downtimes, Worst branch visit experiences and the list can go on...
I just have a account opened up in SBI and

 

[ank_sh1]

If the loan was a digital loan, taken over a digital medium, then as per RBI guidelines, they have to mandatorily give you a cooling-off period (min 3 days) during which you can close the loan by repaying principal amount along with proportionate interest for that period. (You can look for RBI circular on Digital Lending dates September 02, 2022). In case no such option was provided to you, you can file a complaint with banks grievance redressal. If you do not receive satisfactory reply within 30 days, file a complaint with RBI Ombudsman online.

I will convey this first thing tomorrow, and see what they respond

 

[ank_sh1]

Call customer care. Ask them to transfer the call to senior. Tell him the situation. Also tell him that you want JUMBO Loan to be processed,He will raise your request for waiver of preclosure fee on approval basis (could be partially)
Since it's month end every bankers has their sales target. So they will definitely try to do his best

Also as it's month end. You might get waiver on processing fees.

Agreed, there might me a chance. I will try this as well

 

[Amandeep singh]

Hello members,
I had this pre-approved loan offer limit of 2.6L on my HDFC Diners Privilege Credit Card. I had multiple pre-approved loan offers from other providers as well. I did require some funds for some personal use and decided to take it from HDFC as it had the lowest processing fee of 499 compared to others of 2.5% of the loan amount. I knew that HDFC had two types of loans one was a Jumbo Instant Loan that wouldn't block the credit limit whereas another was a normal instant loan that would block the credit limit. When clicking on the link on my email from HDFC bank, it navigated me to a page (https://applyonline.hdfcbank.com/loan-against-assets/insta-jumbo-loan/insta-jumbo-form.html#nbb) which had insta-jumbo-loan in the URL, thus I assumed it to be Jumbo loan that wouldn't block my credit limit. But to my surprise, after taking the loan for a tenure of 60 months, it just blocked most of my credit limit i.e. 2.6L out of 3.5L. Since this card is my daily driver, I don't have any usable limit left, second thing, my credit utilisation is going to be >80% and third is that I am stuck for 5 years with this credit block.

I am not sure what to do in this position as I cannot pre-close the loan because of a decent amount of pre-closure charges and also the fact that I have already used that fund somewhere. Any recommendations or any possibilities of converting this Insta Loan to a Jumbo Loan? If I'd been aware that this was an Insta Loan and blocked my credit limit, I would never have taken it.

Thanks for your suggestion in advance.

Hi bro. Next time take help of hdfc bank representative so he /she also get some credit and u also, Get right loan on right time .... HDFC Bank always show the code option "Are U helped by representative of hdfc bank "
Plz take care of this

 

[ank_sh1]

Hi bro. Next time take help of hdfc bank representative so he /she also get some credit and u also, Get right loan on right time .... HDFC Bank always show the code option "Are U helped by representative of hdfc bank "
Plz take care of this

Hi Amandeep ji,
Yeah, I took care of this. I have a really good relationship with my RM. He is more like a friend, and we sometimes meet even without any work. Even if I avail of any services from HDFC, I provide his EMP code. Sometimes before availing and sometimes after. This week I was busy with office work so decided to inform him after availing of the service. Maybe if I had informed him prior, he could have stopped me or checked it before getting it processed. This is my other mistake.

 

[Deleted member 9785]

Nothing was mentioned on the login page, I guess its because of the new UI. I saw some older YouTube video and they had that mentioned on the page itself. Also on the new UI, there is no KFS popup, at least didn't show up on my desktop. After selecting tenure, it just sent an otp and the amount was transferred to my account.

To answer akshayhs, My Cibil is 776 & ROI on the loan that I took was 17.28% Reducing rate.

I tried connecting to customer care this evening but was on IVR for atleast 15-20 minutes so just declined it. I will try again tomorrow and post any updates in this forum.
The request I am planning to make if they don't cancel the loan is to at least increase the credit limit to ~7L so that my utilisation will be ~30-40%. I have heard that the limit they give is 3 times of Monthly salary and with that calculation, they can provide a limit of up to 5.5L. Still, I will try my luck here.
The last option would be to pay the pre-closure fee of 3%.

not a good decision. You ay 18% extra GST also so your interest rate is more than 20%. You should have taken from IDFC type cards or personal loan

 

[ank_sh1]

not a good decision. You ay 18% extra GST also so your interest rate is more than 20%. You should have taken from IDFC type cards or personal loan

Yes, I agree I have already done a big financial blunder. The GST part, I just realised and now I am regretting more.

 

[ank_sh1]

Update:
I just called HDFC customer care. Thanks to everyone for all their recommendation and suggestions. Not possible to include every commentators name in this post but, everyone helped me get this sorted.

Initially, they denied, After that I followed you guys recommendation and said following points:
1. as @D₹V said, I said that there was issue in HDFC URL and I will escalate this much beyond you guys can think.
2. as @prmuch said, I told them about the RBI circular and said I will escalate this to redressal and RBI eventually, and then they put my call on hold and after 2 minutes said that there is a cooling period of 7 days and for you, 3 days have passed so if you again maintain balance back in the account and raise the cancel request, bank will be able to proceed with Cancellation.

I took another 10 minutes of time, maintained the required balance, and called them again, sadly had to explain all the situations again including above points 1 & 2, and she finally raised a cancellation request and said that the loan would be closed by 2nd November.

Once again, Thanks a lot everyone for saving me from this financial blunder.

I will post another update by the 2nd or 3rd of November to let you guys know the update.