Policy Requirements for the Personal Loan Top Up are the following;
- Eligibility – The Customer should be able to pay the new EMI comfortably, as per his current income.
- The Previous Loan repayment record should be on time.
A Top up can be applied only after 3 months of disbursal of the parent loan.
Procedure for Personal Top Up
- Complete Documents to be submitted as required for a fresh Personal Loan.
- Verification & underwriting procedures will be conducted as per HDFC Bank system.
- Loan amount sanctioned will be transferred to salary account.
- The new amount disbursed will be added to the Principal Outstanding of the Parent loan, the old Loan closed & a new Personal Loan will be structured.
- The new EMI & Tenure will be worked as per the current Rate of Interest & other charges applicable, Profile of the customer & the policy of the HDFC Bank.