Does anyone take IDFC First Money Credit Line?

[dhiraz]

I Have a Pre-approved ₹2,23,000 IDFC First Money Credit Line something different from Personal Loan

Instant ∙ Zero paperwork ∙ Zero pre-payment penalty ∙ Withdrawal as many times as you like

Flat 1% processing fee per Withdrawal

@ 17% monthly reducing interest per annum

EMI upto 48 Months

I Just Checked The Option in My IDFC Mobile Banking App After Checking Continuously Receiving Call From IDFC Saying You Can Activate This Credit Line Only for 5k After Activate Do Pre-payment The Credit Line will be Activated For You In the Future You Can Use This Credit Line

Anyone Here Used This Option Please Share Your Experience Should I Activate This Credit Line Currently I Have No Need for Any Kind of Loan but This Thing is Different From Loan and Similar Like Over Draft

 

[AritraSaha]

I Have a Pre-approved IDFC First Money Credit Line something different from Personal Loan

Instant ∙ Zero paperwork ∙ Zero pre-payment penalty ∙ Withdrawal as many times as you like

Flat 1% processing fee per Withdrawal

@ 17% monthly reducing interest per annum

EMI upto 48 Months

I Just Checked The Option in My IDFC Mobile Banking App After Checking Continuously Receiving Call From IDFC Saying You Can Activate This Credit Line Only for 5k After Activate Do Pre-payment The Credit Line will be Activated For You In the Future You Can Use This Credit Line

Anyone Here Used This Option Please Share Your Experience Should I Activate This Credit Line Currently I Have No Need for Any Kind of Loan but This Thing is Different From Loan and Similar Like Over Draft

Plz don't activate if not you don't required it.
It will be reported as personal loan.

 

[dhiraz]

Plz don't activate if not you don't required it.
It will be reported as personal loan.

Ok, Thanks!

Have You Taken It?

 

[AritraSaha]

I only have their cc. Maybe will open their students account.🤞

 

[akshayhs]

17% is too much in my opinion.

 

[dhiraz]

17% is too much in my opinion.

Yes, Also Option In Cred Cash @18.99% per annum

 

[4uziaul]

17% is too much in my opinion.

Mobikwik Xtra, Cred Cash aur bhi sab hai na P2P platform sab ka paise yahin se nikalenge 🤣

 

[akshayhs]

Yes, Also Option In Cred Cash @18.99% per annum

Everyone gets a different interest rate based on your credit score (I guess). For me, SBI Encash is at 15.5%, IDFC credit line is at 16.49% and famous Finserv is offering at 13%. CRED is at 18% for me. I have tried CRED cash once but then realized except for Finserv everybody else is asking for too much. (SBI is bearable)

On top of all of this, there's GST on the interest debited.

 

[dhiraz]

Everyone gets a different interest rate based on your credit score (I guess). For me, SBI Encash is at 15.5%, IDFC credit line is at 16.49% and famous Finserv is offering at 13%. CRED is at 18% for me. I have tried CRED cash once but then realized except for Finserv everybody else is asking for too much. (SBI is bearable)

SBI Encash Only For SBI Credit Card Holders Right?


Is this like Loan on Credit Card, Personal Loan or Credit Line?

 

[akshayhs]

SBI Encash Only For SBI Credit Card Holders Right?


Is this like Loan on Credit Card, Personal Loan or Credit Line?

Yes, Encash is available (if you are eligible) as extra funds on top of your existing credit limit. It is a credit line where you can withdraw the available limit to your bank account and pay it off along with your statement generated amount.
I am not sure if it's a credit line or personal loan because I haven't tried it yet although I have an offer on my SimplyClick that is available for withdrawal until 31/07. (Limit on SimplyClick is 32k, but the credit line's available limit is 77k. I am assuming the 32k can be spent on credit card separately and 77k is available in cash)

 

[AritraSaha]

One small hack( maybe a bug)🤫
You can pay your cc bill using cc(0 fee).😋

You need 2 rupay card.(one card also work)🙂

Use the card , pay the bill using
gpay-->other upi-->paytm.

Rotate the money..😝
Zero interest rate loan...🤑

*disclaimer- your cc might get cancelled or this bug can be fixed..🥸

 

[dhiraz]

One small hack( maybe a bug)
You can pay your cc bill using cc(0 fee).

You need 2 rupay card.(one card also work)

Use the card , pay the bill using
gpay-->other upi-->paytm.

Rotate the money..😝
Zero interest rate loan...🤑

*disclaimer- your cc might get cancelled or this bug can be fixed..

Know Many Tricks Of CC To Bank

Thanks To @Abhishek012 😉

One Simple Trick Use Snappy Charge on Axis Ace 1.23% & Get Cashback of 2%

After 49 Days Pay With HDFC Platinum Debit Card & Get 1% Extra

Also Direct Add Funds in Fi Money Account Using Rupay CC Through Bhim & PayZapp

 

[Indian]

I too having this offer 17% interest and 1% processing fees , 1st to 8th we can select the EMI Date , but reluctant to avail as how they report in cibil , one person said reported as PL and one said Overdraft , branch people does not know about first money. Going to wait for any of our members used this facility and update.

 

[AritraSaha]

Know Many Tricks Of CC To Bank

Thanks To @Abhishek012 😉

One Simple Trick Use Snappy Charge on Axis Ace 1.23% & Get Cashback of 2%

After 49 Days Pay With HDFC Platinum Debit Card & Get 1% Extra

Also Direct Add Funds in Fi Money Account Using Rupay CC Through Bhim & PayZapp

He is a total CHAD.
🫡

 

[dhiraz]

He is a total CHAD.
🫡

CHAD?

What is this CHAD 😅

Many People Saying In Indie Account Thread

Megastar => Megachad

 

[AritraSaha]

CHAD?

What is this CHAD 😅

Many People Saying In Indie Account Thread

Megastar => Megachad

 

[AritraSaha]

This is GIGACHAD

 

[Wildcard]

I had taken cred cash which was given as a credit line from IDFC bank. From the assigned 5L credit line I had withdrawn 1L. It was reported as 5L personal loan in CIBIL.
Even after full payment , personal loan was shown active in CIBIL.
In CIBIL, they report as a personal loan of amount equal to the credit line assigned irrespective of amount withdrawn.
Also you have to request them to close the credit line to mark personal loan closed in CIBIL.

 

[P B R G]

I had taken cred cash which was given as a credit line from IDFC bank. From the assigned 5L credit line I had withdrawn 1L. It was reported as 5L personal loan in CIBIL.
Even after full payment , personal loan was shown active in CIBIL.
In CIBIL, they report as a personal loan of amount equal to the credit line assigned irrespective of amount withdrawn.
Also you have to request them to close the credit line to mark personal loan closed in CIBIL.

It's same for all Credit lines. The assigned limit is reported as the credit limit and the amount withdrawn is reported as sanctioned limit. Amount outstanding is the amount total due at the time of reporting to bureaus. When you clear outstanding amount the outstanding amount will become zero in bureaus but but the account will remain open and active. That is because your credit line is still active even though you have zero outstanding. Once you close the credit line then only the account will be marked as closed.

 

[P B R G]

Btw anyone using Indusind Rezerv cash?