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

 

[Deleted member 11974]

instead of this go for loan on credit cards if you have a pre approved offer
the interest rates range from 11-13%
or if you have a home loan ask for a top up on it

 

[funatlearn]

instead of this go for loan on credit cards if you have a pre approved offer
the interest rates range from 11-13%
or if you have a home loan ask for a top up on it

+1 , also for personal loans , you can negotiate upfront

 

[Card_Crafter]

instead of this go for loan on credit cards if you have a pre approved offer
the interest rates range from 11-13%
or if you have a home loan ask for a top up on it

Never taken a loan on credit card. How do banks report this to bureaus? Another loan account or no reporting at all?

 

[Deleted member 11974]

Never taken a loan on credit card. How do banks report this to bureaus? Another loan account or no reporting at all?

no reporting at all
no paperwork instant disbursement
and if you have good relations with bank you can get loans at 9-10%
and some banks block a part of your credit limit
some disburse over and above the card limit

 

[Deleted member 11974]

i personally have had better rates on crediot cards compared to these personal loan apps and credit lines and what not

 

[srikant]

Can it simply exist as a "credit line"? I.e., a credit limit without any interest as long as there are no withdrawals?

 

[Deleted member 11974]

Can it simply exist as a "credit line"? I.e., a credit limit without any interest as long as there are no withdrawals?

for which one are you asking
loan on cc gets disbursed to your bank acc

 

[srikant]

for which one are you asking
loan on cc gets disbursed to your bank acc

Oh, got it. I was talking about "FIRSTmoney". Just realized they say "Direct to bank account", so it's not a credit line in the way I was thinking...

 

[Deleted member 11974]

Oh, got it. I was talking about "FIRSTmoney". Just realized they say "Direct to bank account", so it's not a credit line in the way I was thinking...

Bajaj finserv provides a over draft facility which only charges interest on money withdrawn basis

 

[Card_Crafter]

Bajaj finserv provides a over draft facility which only charges interest on money withdrawn basis

Jupiter Edge is similar but no interest, only processing fee.

 

[Deleted member 11974]

uni is also on the same lines check it out if any one needs

 

[paxauquabriba-4876]

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

@ 17% monthly per annum ?

What was the emi quoted & APR ?

How that monthly reducing interest works ; any good calculator website ?

Btw what if you pay before 1st emi date ; so bank makes money on processing fees since no prepayment penalty ?

Finally can non-idfc customer apply as standalone personal loan ?

 

[praful47]

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.

What is Sbi encash ?