Benefits of an HDFC Parallel Personal Loan
HDFC Bank offers its customers 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.
As a regular customer with
HDFC Bank, you are not just a number. The Bank understands your credit requirements and appreciates your ability to pay back in a timely manner. This trust and confidence built by the Bank ensures easy availability of credit when required, in the form of a
Personal Loan, Mortgage, Auto loan or credit card, making you feel valued and appreciated.
Quick Process and Disbursal of a Parallel Loan
When needing urgent finance, a Personal Loan holder with HDFC Bank can benefit from the instant availability of funds via a Parallel Loan. The customer's details have already been verified, ensuring no delays in fund disbursement. Even if the applicant has recently changed residence or employment, the fresh information will be verified per HDFC Bank's policy, ensuring a quick and hassle-free process.
A Parallel Personal Loan is an Independent Entity.
A Parallel Personal Loan has no relation to the pre-existing loan. The secondary or Parallel Personal Loan awarded to an applicant will be based on the current status the terms and conditions may vary from the previous loan. The applicant has the advantage of operating this loan separately without affecting the previous loan, being free to pay back and close either of the loans whenever convenient.
Choose a Suitable Tenure and EMI.
The applicant can request a suitable tenure for repayment based on the loan amount required. If the applicant needs funds for a short term & can afford to pay back the loan in a shorter period can opt for a tenure of 12 to 24 months, whereas if there is a financial constraint, the payback 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 of funds and pay them back conveniently.
For Improved Terms and Conditions
If the applicant has changed employer and has increased income since the existing
Personal Loan from HDFC Bank was granted, the interest rate will be as per the present income criteria. The customer, now holding a better profile, can receive better terms and conditions for a
Parallel Loan.
For the Payment of Credit Card Dues
Keep ahead of your obligations unpaid
Credit Card bills garner an annual interest rate of 36%. Rather than pay extra amounts as interest,
Apply for a Parallel Personal Loan from HDFC Bank.
Before the mounting credit card interest multiplies to a level that the repayment of the actual becomes difficult and starts affecting the credit score, plan your finances at times of a crunch and take a
Parallel Personal Loan from HDFC Bank.
HDFC Bank Parallel Loan Eligibility Criteria
Each request will be evaluated independently when applying for a
Parallel Personal Loan from HDFC Bank. While the fact that the applicant is already repaying a
Personal Loan will be taken into consideration, the request for a
Parallel Loan will be treated as a new loan application. Therefore, the applicant must meet all the necessary criteria to be
Eligible for a Parallel Personal Loan from HDFC Bank.
CIBIL Score Requirement.
To be Eligible for a Parallel Loan from HDFC Bank, the applicant's current CIBIL score must be above 720 points or more the credit repayment taken from HDFC Bank and dealings with other lending agents will be monitored. The CIBIL status of the applicant will show the recent credit lines the applicant is using and the repayment history.
Financial Eligibility
To secure a
Parallel Personal Loan 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 applicant's net income should support the applicant's monthly obligations and have a surplus to pay for the additional loan amount applied for. Use our
EMI Calculator to confirm your EMI before applying.
Company Category
"HDFC Bank Will Approve a Parallel Loan if the bank approves the applicant's current employer. If the applicant has changed jobs after taking out a Personal Loan From HDFC Bank, the request for a parallel loan will be approved based on the applicant's current profile. However, if the applicant works for a company not endorsed by HDFC Bank, the request for a parallel loan will not be approved. The previous loan sanctioned to the applicant will not guarantee automatic approval."
Job Continuity
The candidate must have a secure job with a regular income. This must be supported by documentation such as salary slips for the past three months and corresponding bank statements showing the income credits. A valid reason must be provided if there has been a gap in employment.
Vintage of the Existing Loan
There should be a reasonable gap between a personal loan and the application for a parallel loan. HDFC Bank will monitor the applicant’s repayment track and timely payments before processing an additional Personal Loan. The time gap will be overlooked if the applicant has a good CIBIL Score and sufficient income to repay Emi for a further loan.
The underwriter finally makes the Personal Loan based on the following inputs.
91-9711165183
