is loan on call safe?

[Ekavya]

I took a few credit card loans over the past few months. And now I regularly get calls from different banks, NBFCs to take loan. Usually I don't respond to them as there can be a High chance of being scammed. But yesterday I got a call from ICICI and I was told that I can get a loan with 11-12% Interest. I hung up the call. But then I realised that the interest rate was significantly low compared to my current running loans. Right now I don't need any loans but in future if I need to take a loan can I trust these Phone calls claiming to be from Banks? What precaution should I take to avoid being scammed?

 

[kiwi195]

I would not suggest claiming a loan on call because interest rates can be falsely claimed by the marketing person calling you and it could also be a scam. I would recommend you ask the person to guide you through the application or official website (verify it yourself before going ahead) where the terms and conditions are clearly stated

 

[desiviru]

My suggestion to you is take it. But first consult ICICI nearby branch for its genuinity.

Recently on my Millennia Card HDFC offered me Jumbo loan of Rs.10 Lakh @0.99%/month only or 11.88% and without any processing fee of 999+GST and I took it even though I didn't need any of it. This is 2X of what my actual card limit is. The loan is on reducing principal terms.

Best part is my CC limit is free which is a good feature of Insta Jumbo loan from HDFC.

I calculated everything before accepting it. My EMI which is yet to be billed and comes out to be Rs.22184 per month. As this is Jumbo loan so there will be no GST on interest part like in case of personal loans or Credit card loans which restricts CC limits. EMI in this constitutes of two things. 1. Principal 2. Interest

Now my total outflow is Rs.22184*60= Rs.13,31,040. Interest is Rs.66,208/year which comes out to be 6.6208% finally.

I checked with Rs.22184 amount as RD for 60 months and best interest is offered by Unity bank for 60 months at 8.15%. My interest income would have been Rs. 3,14,051 with the RD. Currently have put that in FD with SFBs with total interest Rs.5,68,170 in 5 years (estimated) in 3 different account (all senior citizen accs). Total income: 2,37,130 (568170-331040). So as compared with RD of Rs.22,184 for 60 months, I am losing ~Rs.78000 but can't put 13L+ at risk with Small Finance Banks in single RD.

So when we calculate EMI with RDs, we actually lose lot more than we save. But end of day loan is just at 6.62%. I will try to use this amount for investment in other areas where it can atleast fetch 15%. This was the first loan and reduced rate is offered as I am part of Preferred Banking of HDFC.

 

[Ekavya]

My suggestion to you is take it. But first consult ICICI nearby branch for its genuinity.

Recently on my Millennia Card HDFC offered me Jumbo loan of Rs.10 Lakh @0.99%/month only or 11.88% and without any processing fee of 999+GST and I took it even though I didn't need any of it. This is 2X of what my actual card limit is. The loan is on reducing principal terms.

Best part is my CC limit is free which is a good feature of Insta Jumbo loan from HDFC.

I calculated everything before accepting it. My EMI which is yet to be billed and comes out to be Rs.22184 per month. As this is Jumbo loan so there will be no GST on interest part like in case of personal loans or Credit card loans which restricts CC limits. EMI in this constitutes of two things. 1. Principal 2. Interest

Now my total outflow is Rs.22184*60= Rs.13,31,040. Interest is Rs.66,208/year which comes out to be 6.6208% finally.

I checked with Rs.22184 amount as RD for 60 months and best interest is offered by Unity bank for 60 months at 8.15%. My interest income would have been Rs. 3,14,051 with the RD. Currently have put that in FD with SFBs with total interest Rs.5,68,170 in 5 years (estimated) in 3 different account (all senior citizen accs). Total income: 2,37,130 (568170-331040). So as compared with RD of Rs.22,184 for 60 months, I am losing ~Rs.78000 but can't put 13L+ at risk with Small Finance Banks in single RD.

So when we calculate EMI with RDs, we actually lose lot more than we save. But end of day loan is just at 6.62%. I will try to use this amount for investment in other areas where it can atleast fetch 15%. This was the first loan and reduced rate is offered as I am part of Preferred Banking of HDFC.

You took it on call? Do you have to share OTP with them?

 

[creidthungry]

You took it on call? Do you have to share OTP with them?

Jumbo Loan of HDFC, you can avail on netbanking by using OTP. money gets instantly transferred to your HDFC bank account. As far as your question on laon is concerned, you can approach the bank, and they have people dedicated for loans they will help you and you get the loan at 10.5 to 11 % reducing rate of interest.

 

[Ekavya]

Jumbo Loan of HDFC, you can avail on netbanking by using OTP. money gets instantly transferred to your HDFC bank account. As far as your question on laon is concerned, you can approach the bank, and they have people dedicated for loans they will help you and you get the loan at 10.5 to 11 % reducing rate of interest.

In the past once I took HDFC Jumbo loan using NetBanking. But Int was high. My ICICI Offers Show that I am eligible for a P-Loan but Int is still high (15-16% Something). But a few days ago I got a call from ICICI (as they told me ) that I can avail the same loan with reduced interest rate (10 something) only on Call. But On call loan always seems unsafe to me. So I declined though Int rate was Less.