The new concept of getting credit on credit cards is becoming popular in the Indian market and HDFC Bank has also introduced its own version of it – HDFC Jumbo Loan.
For this loan, no document is required when a person requests it since the bank already has all the information about the client as the KYC formalities are done. The amount of the loan depends on the cardholder’s credit history as the bank has access to it, making it a pre-approved loan.
It can be considered the latest version of a personal loan because the duration and characteristics of this credit offer are the same. This type of loan is rather cheaper for the applicant as they are only charged interest and there are no additional charges like processing fees among others.
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