///PERSONAL LOAN TOP UP LOAN

Apply HDFC Top Up Personal Loan Now

HDFC BANK PERSONAL TOP UP LOAN

If a Personal Loan is already running from HDFC Bank additional funds if required can be processed as a ‘Top Up’ to the Current Personal Loan Amount.

The additional amount required once approved, a fresh agreement is signed by the customer as per the current terms & conditions. On disbursal of the Top Up amount to the customer’s account the previous personal loan is closed. The principal balance of the original personal loan is clubbed together with the Top Up amount & a new Emi & Tenure are derived.

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.

RATE CHART OF TOP UP PERSONAL LOAN PROCESS FOR SALARIED CUSTOMERS.

Charges Applicable Details
Rate of Interest 11.29%-22% per annum @ monthly reducing balance.
Processing fees Minimum 999/- up to 2.5% maximum.
Pre Closure Charges After 12 months -4% of the principal outstanding.
After 36 months- 2% of the principal outstanding.
Loan cancellation charges Nil (However the processing charges will not be re funded.
After 36 months- 2% of the principal outstanding.
Loan cancellation charges Nil (However the processing charges will not be re funded.
Interest will be charged on the interim period of loan closure.
Cheque Bounce Charges Rs 550/- per cheque Bounce.
Charge for late payment 2% per month from date of unpaid EMI
Cheque swapping charges Rs 500/-
Amortization Schedule charges Rs 200/-
Stamp Duty At actual as per applicable law
CIBIL report copy charge Rs 50/- per copy.
Tenure of Loan 12 months to 60 months.
Loan amounts 50,000/- to 25, 00,000.

*Yourloanadvisors.com provides services to its esteemed customers free of charge.

ADVANTAGES OF A PERSONAL LOAN TOP UP

  • The Customer track record of the previous personal loan will be recognised; hence the Loan will be processed favourably within the shortest time period.

  • A single EMI to track & maintain is easier .hassle of paying 2 EMI’s will be saved.

  • An Increase in the Income of the Applicant or enhancement of the Customer profile can get the customer better terms & conditions for the enhanced personal loan.

  • If maximum loan amount is required then the eligibility of the applicant will increase as the previous personal loan will be closed & only the remaining

DISADVANTAGES OF A PERSONAL LOAN TOP UP

  • Applicant will not be able to close the current personal loan before 12 months/as per the current HDFC Bank policy: the track of the previous loan will be irrelevant.

  • EMI chart for the total loan amount will be a fresh one.

  • The current ROI is higher it will be applicable to the complete loan amount.

ADVISE FORM YOUR LOAN ADVISORS

A Top Up is advantageous if initiated during the first year.

If the current ROI is lower than the ROI for the Parent Loan.

Else it may be wiser to take a Parallel Loan.

DOCUMENTS REQUIRED FOR PROCESSING OF YOUR PERSONAL LOAN TOPUP

Income Documents;

  • Salary Slip for the Last 3 months.

  • Bank Statement from Salary account for the last 3 months showing 3 salary credits.

  • Form 16 for the last financial year.

  • Pan card copy.

KYC Documents;

  • Photo Identification proof.(Passport/Driving Licence/Voter I.D./Adhaar Card/Ration Card)

  • Current Address Proof.(Bank Statement, Utility Bill, Rent Agreement)

  • Company I.D.

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