1.5L Loan Requirement. HDFC Loan Against Card or SBI Personal or Withdraw Axis Reserve Cash?

[ashwinsid]

Say if someone is in urgent need of Rs.1.5 lakhs which they can repay within 1 month or maximum 2 months, which of the following loan options make sense? Interest rates are not checked as they dont want to get CIBIL hit (websites ask PAN number to check eligibility)

1. Pre approved personal loan from SBI.
2. HDFC Insta/Jumbo loan against credit card
3. Withdraw cash using Axis Reserve and pay it in next billing cycle (Axis reserve doesn't have cash withdraw charges but not sure what will be the other costs involved).

Thank you!

 

[Rohan]

3. Withdraw cash using Axis Reserve and pay it in next billing cycle (Axis reserve doesn't have cash withdraw charges but not sure what will be the other costs involved).

+1

Anyone tired this?

 

[D₹V]

Say if someone is in urgent need of Rs.1.5 lakhs which they can repay within 1 month or maximum 2 months, which of the following loan options make sense? Interest rates are not checked as they dont want to get CIBIL hit (websites ask PAN number to check eligibility)

1. Pre approved personal loan from SBI.
2. HDFC Insta/Jumbo loan against credit card
3. Withdraw cash using Axis Reserve and pay it in next billing cycle (Axis reserve doesn't have cash withdraw charges but not sure what will be the other costs involved).

Thank you!

Pre approved loan from SBI would be great.

But CIBIL hit will be there I believe.

Even if there is no CIBIL hit, loan account will be reported to CIBIL.

And even if you use card as for rotation, usage will be reported & CIBIL score will be effected.

And for cash withdrawal via card, interest will be always there which is too high.

IMO, you should wisely choose the way which saves your money.

 

[sxchzy]

Say if someone is in urgent need of Rs.1.5 lakhs which they can repay within 1 month or maximum 2 months, which of the following loan options make sense? Interest rates are not checked as they dont want to get CIBIL hit (websites ask PAN number to check eligibility)

1. Pre approved personal loan from SBI.
2. HDFC Insta/Jumbo loan against credit card
3. Withdraw cash using Axis Reserve and pay it in next billing cycle (Axis reserve doesn't have cash withdraw charges but not sure what will be the other costs involved).

Thank you!

simply do a wallet load like mobikwik payzapp snappay bharazt nxt

 

[NShah]

Pre approved loan from SBI would be great.

But CIBIL hit will be there I believe.

Even if there is no CIBIL hit, loan account will be reported to CIBIL.

And even if you use card as for rotation, usage will be reported & CIBIL score will be effected.

And for cash withdrawal via card, interest will be always there which is too high.

IMO, you should wisely choose the way which saves your money.

No cibil hit
No foreclosure charges or it will automatically closed after prepaying
You can close it anytime

@ashwinsid

 

[Lobogris]

Pre approved loan from SBI would be great.

But CIBIL hit will be there I believe.

Even if there is no CIBIL hit, loan account will be reported to CIBIL.

And even if you use card as for rotation, usage will be reported & CIBIL score will be effected.

And for cash withdrawal via card, interest will be always there which is too high.

IMO, you should wisely choose the way which saves your money.

Why this constant worry about CIBIL “hit”? What’s the point of have a good score if you can never use it as needed? I have 23 enquiries in past 2 years, 20 plus credit cards, several open and closed loan and other accounts and my score is always around 780 to 800. I apply for whatever account or card I feel like without worrying about CIBIL too much. Having said that, a personal loan isn’t a great idea except in an emergency. People should try and build some savings.

 

[zenchill]

Take the cheapest option which I believe would be SBI PL and its pre approved so that's the one,
All 3 loans will reflect in CIBIL but that should not be a problem in the larger scheme of things.
Foreclosing a loan if at all it dents your score would be minimal.

 

[D₹V]

Why this constant worry about CIBIL “hit”? What’s the point of have a good score if you can never use it as needed? I have 23 enquiries in past 2 years, 20 plus credit cards, several open and closed loan and other accounts and my score is always around 780 to 800. I apply for whatever account or card I feel like without worrying about CIBIL too much. Having said that, a personal loan isn’t a great idea except in an emergency. People should try and build some savings.

Yes sir, this point should also be noted.