HDFC Bank Parallel Personal Loan
Special Current Offers
Get a second Personal loan from HDFC Bank
Best discounts, Interest rates from 10.75% onwards.
Speedy Process! Quick Disbursals!
Upto 3 independent Personal loans Offered.
Apply HDFC Parallel Personal Loan
Parallel Personal Loan from HDFC Bank
There are no stops to obtaining funds from HDFC Bank; an existing customer can apply for additional finance, granted as independent loan running parallel to the existing Personal loan.
Why look to applying for a loan to other financial institutions when HDFC Bank the leading Personal loan provider is offering you the privilege of fulfilling your needs instantly!
What is a Parallel Personal Loan?
A Parallel Personal loan as it literally denotes is an additional loan granted to a customer currently operating a Personal loan. The HDFC Bank with its wide bandwidth of lending first adopted the policy of rewarding its customers by giving them priority processing for an alternate loan.
What are the advantages of a Parallel Loan Personal from HDFC Bank?
HDFC Bank offers its customer’s incremental loan amounts as required as an additional loan, which runs parallel to the existing loan, The primary advantages of a Parallel personal loan from HDFC Bank, include the following:
Consolidate your relationship with the HDFC Bank.
Being a regular customer with HDFC Bank has umpteen advantages: the Bank gives weight age to building a relationship, taking note of the customer’s credit requirements & the ability to pay back timely. This building of the Banks confidence will in turn ensure easy availability of credit when required, in the form of a Personal loan, Mortgage, Auto loan or credit card.
Quick process & Disbursal of Personal loan requirements with a Parallel loan from HDFC Bank.
When in need of urgent finance a Personal loan holder with HDFC Bank has the advantage of getting funds instantly via a Parallel Loan: the details of the customers having been previously verified, there will be no delays in receiving funds due to processing. If the applicant has recently changed residence or employment, the fresh details will need to be verified as per the policy of HDFC Bank.
A Parallel Personal loan is an independent entity.
A Parallel personal loan has no relation with the pre existing loan. The secondary or parallel personal loan awarded to an applicant will be on the basis of the current status; the terms & conditions may be varied from the previous loan. The applicant has the advantage of operating this loan separately without affecting the previous loan, being free to pay back & close either of the loans whenever convenient.
Choose a suitable tenure & installement with a parallel personal loan.
Based on the loan amount required the applicant can request for a suitable tenure for repayment .If the applicant needs funds for a short term & can afford to pay back the loan in a shorter period of time can opt for a tenure of 12 to 24 months; whereas if there is a financial constraint the pay back can be stretched over a maximum tenure of 60 months. The monthly instalment will be applied accordingly, making it easier for the customer to avail funds & pay back conveniently.
A Parallel Personal loan from HDFC Bank ensures better terms.
If the applicant has changed employer, & has an increase in income since the existing Personal Loan from HDFC Bank has been granted, the rate of interest charged will be as per the present income criteria. The customer now holding a better profile is in a position to receive better terms & conditions for a Parallel loan.
Pay Credit card dues via a Parallel loan from HDFC Bank.
Keep ahead of your obligations, unpaid credit card bills garner an interest rate of 36% per annum rather than pay extra amounts as interests apply for a Parallel personal loan from HDFC Bank.
Before the mounting credit card interest multiply to a level that the repayment of the actual becomes difficult & starts affecting the credit score, plan your finances at times of a crunch & take a parallel personal loan from HDFC Bank.
What is the eligibility criterion for a Parallel personal loan from HDFC Bank?
An applicant’s request for a parallel personal loan from HDFC Bank will be judged on its own merit. The fact that the applicant is presently repaying a Personal loan will have its value, but the request for a parallel loan will be processed as a fresh loan: to be eligible for Parallel personal loan from HDFC Bank an applicant must fulfil the basic criterion, other major terms & conditions include the following:
The CIBIL score of the applicant must be above the required benchmark.
To be eligible for a Parallel loan from HDFC Bank the applicant s current CIBIL score must be above 720 points or more. A dip in the score shows that the candidate has not been using credit judiciously; it is not only the repayment of the credit taken from HDFC Bank that will be monitored but also dealings with other lending agents. The CIBIL status of the applicant will show the recent credit lines the applicant is using & the repayment history.
The applicant must be eligible for the Parallel personal loan.
To secure a parallel personal when in need of finance the aspirant must have the financial ability to pay the surplus EMI. The updated CIBIL record of the applicant will show the current outgoings for the credit being used by the applicant. The net income of the applicant should support the monthly obligations of the applicant & have surplus to pay for the additional loan amount applied for.
The Company the applicant is working with should be approved by the HDFC Bank.
The current employer of the applicant should be approved by the HDFC Bank. If the applicant has changed jobs since availing a personal loan from HDFC bank, the request for a parallel loan will be approved as per the present profile of the applicant. If the applicant is working for a company that is not approved by the HDFC Bank the request for a parallel loan will not be approved. The previous loan sanctioned to the applicant will not ensure a blanket approval.
Continuity of employment is mandatory for the approval of a Parallel personal loan.
The candidate must have a confirmed job & a regular income, proof of the same is to be provided in via documents, a salary slip for the last 3 months & a corresponding Bank statement confirming the credits. If for some reason there is a break in employment, a valid reason for the same is to be given to justify the break.
A parallel loan will be processed 3 months after a personal loan has been granted.
There should be a reasonable gap between a personal loan & the application for a parallel loan. HDFC Bank will monitor the applicant’s repayment track, timely payments before processing an additional personal loan. If the applicant has a good CIBIL score & sufficient income to repay the Emi for an additional loan the time gap will be overlooked.
Apply for a Parallel loan or a Top up loan, which is the better option?
An applicant has the choice of applying for a personal loan Top Up or a parallel loan from HDFC Bank when looking for additional funds, which is more suited; consider the following features when deciding to HDFC Bank for an additional loan amount.
Pre closure facility
With a Parallel loan an applicant has the advantage of paying back & closing, the existing or the additional funds taken as a Parallel loan when desired. The pre closure conditions of HDFC Bank permit an applicant to payback a personal loan after the payment 12 EMI’s, with a Top Up a new loan will be generated prohibiting a payback for the next 12 months.
If the funds are required for a shorter period of time, a parallel loan permits a closure when funds are available at hands.
Restructure of the repayment schedule.
With a Parallel loan, the existing loan EMI & schedule will continue unchanged, whereas with a Top Up afresh repayment schedule will be instated. The principle balance of the existing loan will be topped up with loan amount approved as a Top Up.
The applicant will lose the benefit of the amount paid as interest as per the initial repayment schedule. Having paid the initial installement with the interest component as a major the EMI, s will become balanced by mid of the tenure. The applicant will have to start repaying as per the same pattern again with a Top Up.
A Parallel loan from HDFC Bank ensures better terms & conditions.
The terms & conditions of a Parallel loan will be applied per the current profile of the applicant, if the income has increased & employment terms are presently superior the rate of interest & other terms offered will be better.
Instead of taking a Top Up as per the prior terms, a Parallel loan offers a chance to get finance quicker & as per the terms desired.
What are the features of a Parallel Personal loan?
A parallel loan is offered to all personal loan holders from HDFC Bank, who has been successfully conducting the existing personal loan.
Applicants desirous of funds can apply for Loan amounts from ₹ 50 k to ₹ 30lakhs as Parallel loan from HDFC Bank.
The Tenure or time period offered for the repayment for a Parallel personal loan is from 12 months to 60 months.
An applicant can hold up to 3 parallel loans simultaneously from HDFC Bank.
Minimum documentation is required to be submitted for a parallel personal loan from HDFC Bank:
As the Bank is in possession of the KYC documents of the applicant, the verification process may be waived off & the steady record of the applicant will ensure a speedy approval.
The charges for a parallel personal loan will be as per the rate chart of the HDFC Bank: discounts are offered to the applicant as per the loyalty programme for a parallel personal loan.
|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.|
What is the Process for a Parallel Loan from HDFC Bank?
The process for application of a Personal loan Parallel loan is similar to that of a fresh personal loan from HDFC Bank.
The required Documents are to be submitted with the details completed on the application form. The request for a Parallel loan must be specified in the appropriate box in the form.
The authenticity of the documents submitted is checked & the details of the applicant are submitted for a CIBIL enquiry. The CIBIL score & history being satisfactory the application is forwarded for verification.
The official & residence verification mandate are waived, if the applicant is living in the same residence since the previous credit has been taken from HDFC Bank & the employment details are unchanged. The parallel loan request is forwarded to the Underwriter.
What is the Underwriting Process for a Parallel loan?
The underwriter finally decisions the Personal Loan based on the following inputs.
- The profile of the applicant & stability of residence.
- The company category the applicant is employed with, as per the HDFC Bank company category list.
- The CIBIL score of the applicant, the current obligations of the applicant including the installement of other loans & credit card obligations.
- The monthly income of the applicant as depicted by the salary slip & Bank statement of the applicant submitted to the Bank is consistent.
- The underwriter will confirm the applicant’s eligibility for the loan amount requested taking into account the income of the applicant & the monthly obligations.
- The tenure for the loan amount sanctioned will be applied as per the ability of the applicant to pay the EMI.
- The funds to be received via a parallel loan will be used for a valid reason & not misappropriated.
- The decision will then be informed to the applicant via the contact details given.
What is the process for disbursal for a Parallel loan from HDFC Bank?
An agreement will be signed between the applicant & the HDFC Bank confirming the terms & conditions of the Parallel personal loan sanctioned.
The Loan amount will be credited to the applicants account via electronic clearing system.
The EMI will be presented to the salary account of the applicant as per the loan amount & rate of interest approved for the applicable tenure.
Documents Required for Processing
KYC Documents include:
Proof of Identity - Passport / Driving License / Voters ID (any one)
Proof of Residence - Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
Aadhaar Card Copy.
2 Passport Size photographs.
For Income Documents:
Pan card copy.
Latest 3 months Bank Statement (where salary/income is credited).
Salary Slip for the Last 3 months
Form 16 (latest).
FAQ’S a Parallel loan from HDFC Bank.
What is a Parallel personal loan?
A parallel personal loan is a secondary loan offered to an applicant, who is already running a personal loan. Both the personal loans sanctioned are independent entities & will run parallel to each other.
Is a parallel loan similar to a Top Up?
A Parallel personal loan & a personal loan Top Up are similar to the extent that both offer existing personal loan holders, but that is where the similarity ends.
With a Top up the new loan amount is added to the existing personal loan under a single umbrella. Where as a new loan or a secondary loan is created as a Parallel loan.
When can a loan seeker apply for a Parallel personal loan?
An applicant can apply for a Parallel loan 3 months after the disbursal of a personal loan. For high income customers with a good CIBIL score there is no restrictions to the time limit.
Will a Parallel loan affect my existing personal loan in any way?
A parallel personal loan is disbursed as an independent loan; a separate EMI is presented for a parallel loan & does not affect the primary personal loan in any way.
Will the CIBIL score be checked when applying for a Parallel loan?
The CIBIL score of an applicant is checked every time a credit facility is applied for, & will be checked when an application for a parallel personal loan is submitted.
Can i close my Parallel loan from HDFC Bank when I have the funds?
The pre closure terms of HDFC Bank, as specified in the agreement will be applicable. HDFC Bank allows an applicant to close a personal loan after the payment of 12 EMI’s.
How many parallel loans can an individual apply for to HDFC Bank?
An applicant can be sanctioned 3 personal loans from HDFC Bank.
What is the processing time taken by HDFC Bank for a Parallel personal loan?
An applicant can expect funds to be available within 3 working days via a parallel personal loan. HDFC Bank processes requests for an additional loan on priority, so that the applicant can fulfil the requirement soonest.
Can I change the tenure of my Parallel personal loan anytime?
The tenure for a personal loan remains fixed & cannot be altered.