PARALLEL LOAN 2018-09-21T13:20:30+00:00

Apply HDFC  Parallel Loan Now

HDFC Bank Parallel Loan

The term Parallel loan is used to define an additional Personal Loan given to the customer. The previous or existing Loan continues. An applicant running a Personal Loan with HDFC Bank who requires additional funds can apply for an additional amount as a Parallel Loan.

Policy Requirements for a Top Up are the following.

  • Applicant should have the Financial Eligibility for payment of an additional EMI.

  • The Existing Personal loan should have a timely payment track.

  • A customer can take up to 3 parallel loans.

PROCEDURE FOR A PARALLEL LOAN

  • Standard procedures & documentation requirements for HDFC Bank will be followed as for a Fresh Personal Loan.

  • After approval a separate loan agreement will be signed & amount will be disbursed to salary account.

  • A new Emi will be introduced in addition to the EMI for the previous loan as per the loan Amount its rate of interest & tenure applicable.

RATE CHART OF HDFC BANK PARALLEL 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.
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.
Service Tax/Other Taxes At actual applicable presently or in the future.
Legal,reposession & incidental charges At actual.
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 PARALLEL LOAN

  • A Parallel loan is a separate entity so the amount & tenure can be regulated as per requirement.

  • The Parent Loan can be closed if desired if more than 12 EMI’S have been paid.

  • As in the EMI structure the interest portion is greater in the initial tenure, initiating a Parallel Loan is advantageous rather than clubbing it with the previous loan.

DISADVANTAGES OF A PARALLEL LOAN

  • Applicant will have an Extra EMI to pay & follow up.

  • Eligibility can be affected if additional loans are required.

ADVISE FORM YOUR LOAN ADVISORS

[/fusion_fontawesome]If additional Loan amount required is small a parallel loan taken for a short tenure will be beneficial.

[/fusion_fontawesome]If the Previous Personal loan taken is in its primary stages it may be better to take a Top up.

[/fusion_fontawesome]Applicant has the option of getting a better ROI, & other terms & other terms for the new Parallel Loan

Documents Required to Process Your Personal loan from HDFC Bank

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.