HDFC Bank Parallel Personal Loan

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For Additional Funds
Secondary Personal Loan from HDFC Bank
Best Discounts
Interest Rates from 10.75% Onwards
Speedy Process!
Quick Disbursals of Funds!
Parallel Loan
Three Independent Personal Loans Offered
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    With The Representative APR of 11.25% of a Personal Loan For ₹ 2 Lakhs To Be Repaid Over 60 Months, The EMI
    Will Be ₹ 4373.46 Per Month For The Entire Tenure.
    Get A Hassle Free And Quick Personal Loan Online Process
    Parallel Personal Loan from HDFC Bank
    HDFC Bank, the leading Personal Loan provider, values your time and financial needs. As an existing HDFC Bank Personal Loan customer, you can apply for additional finance when funds are needed. This amount is granted as an independent or Parallel Personal Loan designed to cater to your unique financial situation.
    HDFC Bank, with its wide lending bandwidth, was the first financer to adopt the policy of rewarding its customers by giving them priority processing for an additional loan.
    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.
    HDFC Bank Parallel Loan Features
    • HDFC Bank offers a parallel loan to existing personal loan holders with a successful repayment track.
    • A parallel personal loan is unsecured and issued without any collateral.
    • HDFC Bank offers loan amounts from ₹50k to ₹30 lakhs as a parallel loan.
    • The tenure or repayment period for a parallel loan is 12 to 72 months.
    • An applicant can hold up to 3 parallel loans simultaneously from HDFC Bank.
    • Minimum documents needed for a parallel personal loan from HDFC Bank.
    • A previous relationship with HDFC Bank ensures speedy processing of a parallel loan.
    What is the Process for a Parallel Loan from HDFC Bank?
    The Process to Apply HDFC Parallel Personal Loan is as Follows:
    • The required Documents must be submitted with the details completed on the application form. The request for a Parallel loan must be specified in the appropriate box on the form. An applicant can Apply Parallel Personal Loan Online.
    • The authenticity of the documents is checked, and the applicant's details are submitted for a CIBIL enquiry. The CIBIL score and history are satisfactory, and the application is forwarded for verification.
    • The official and residence verification mandate is waived if the applicant has lived in the same residence since the previous credit was taken from HDFC Bank, and the employment details are unchanged. The parallel loan request has been forwarded to the underwriter.
    Underwriting Process for a Parallel Loan
    The underwriter finally makes the Personal Loan based on the following inputs.
    • The profile of the applicant and stability of residence.
    • The company category the applicant is employed with, as per the HDFC Bank Company Category List.
    • The applicant's CIBIL Score and current obligations, including the instalment of other loans and credit card obligations.
    • The applicant's monthly income is consistent, as depicted by the salary slip and bank statement submitted to the Bank.
    • The underwriter will confirm the applicant’s eligibility for the loan amount requested, considering the applicant's income and monthly obligations.
    • The tenure of the loan amount sanctioned will be applied according to the applicant's ability to pay the EMI.
    • The decision will then be informed to the applicant via the contact details given.
    • The funds to be received via a parallel loan will be used for a valid reason and will not be misappropriated.
    Disbursal Process for a Parallel Loan
    • The applicant and HDFC Bank will sign an agreement confirming the terms and conditions of the Parallel personal loan sanctioned.
    • The loan amount will be credited to the applicant's account via an electronic clearing system.
    • The EMI will be presented to the applicant's salary account according to the loan amount and interest rate approved for the applicable tenure.
    Parallel or Top-up Loan The Better Option?
    When seeking additional funds, an applicant can Apply for a Personal Loan Top-up or a Parallel Loan in HDFC Bank. Which is more suitable? Consider the following features when applying to HDFC Bank for an additional loan amount.
    Pre-closure Facility
    • Parallel Loan: HDFC Bank allows the pre-closure/repayment of funds granted as a Personal loan after paying 12 EMI with a parallel loan, the applicant can repay the existing loan after a year.
    • Top Up: A new Loan account is generated with a top-up, combining the existing loan and the additional funds granted. An applicant will have to complete the mandatory payment of 12 EMI before the repayment of the Loan is allowed.
    • The Correct Option: Apply Parallel Personal Loan if funds are needed for a limited period to pay back the amount before completing the tenure. However, a top-up is the answer if surplus funds are required with longer repayment terms.
    The Monthly Instalment for Repayment
    • Parallel Personal Loan: The applicant will pay an additional EMI for the amount granted as a parallel loan, and the EMI for the previous loan will continue as per the schedule. A parallel loan is a suitable choice if the extra amount is conveniently affordable for the customer.
    • Personal Loan Top-Up: A top-up to the existing personal loan enables an applicant to pay a single EMI for the existing principal amount of the top-up. A fresh loan account is generated, and the applicant can request an extended tenure with a lower EMI.
    • Decision: With a top-up, the applicant will forfeit the benefit of the interest already paid according to the original repayment schedule. If the EMI for a parallel loan is affordable, the parallel loan will save on the interest payable.
    Eligibility for Loan Amount
    • Parallel Loan: The applicant must have the financial capacity to pay the EMI for a parallel loan. Eligibility for an additional loan will be calculated based on the current EMI and credit card obligations.
    • Top-Up Loan: With the top-up process, the additional funds granted are added to the principal balance of the existing loan. The principal amount paid back to the Bank is considered when calculating the eligibility for the top-up.
    • The choice: A top-up loan can be beneficial if additional funds are needed. The existing loan is closed, and a new loan is issued with the balance of the existing loan and the approved top-up amount. This allows the applicant to apply for the maximum amount needed.
    Lower Interest Rates and Better Terms
    • Parallel Loan: The terms and conditions of a parallel loan will be based on the applicant's current profile. If the applicant's employment and profile are downgraded, it is advisable to continue with the existing loan and Apply for a Parallel Loan.
    • Top-Up Loan: If the income has increased and the current employment terms are better, the offered interest rate and other terms will also be better. With a top-up, the new terms will be based on the increased income for the remaining balance of the existing loan and the top-up amount.
    • We advise: If you have recently changed employment, check the status of your employer in HDFC Bank's Company Category List if your employer is included in the top category, enhanced terms will be offered for a top-up loan. If not, check the market for the best parallel loan offers.
    Vintage of the Loan
    • Parallel Loan: If the EMI paid for the current loan has crossed half the tenure mark, the maximum interest for the loan has been repaid. Therefore, applying for a parallel loan is advisable if additional funds are needed.
    • Top-Up Loan: A top-up to your current HDFC Bank works well if the loan is in its primary stages with 6 EMI being paid. The interest portion repaid is minimal at this stage, and the new repayment schedule will not increase costs.
    • The answer: If you have already repaid more than half of your loan, you have already paid the maximum amount of interest. If you get a top-up loan, you will have a new repayment schedule, and interest will be charged to the remaining balance of the existing loan. Getting a parallel loan to meet additional funding needs can help save costs.
    HDFC Bank Parallel Loan Charges
    The charges for a Parallel Personal Loan will be based on the HDFC Bank rate chart. Discounts are available based on the applicant's participation in the loyalty program.
    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 refunded.)
    Interest will be charged on the interim period of loan closure.
    Cheque Bounce Charges Rs 550/- per cheque Bounce.
    The 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 (Actuals applicable)
    Documents Required for Processing
    KYC Documents include:
    Proof of Identity - Passport / Driving License / Voter ID
    Proof of Residence - Leave and License Agreement / Utility Bill (not more than three months old) / Passport.
    Aadhaar Card Copy.
    2 Passport Size photographs.
    For Income Documents:
    Pan card copy.
    Provide a bank statement for the last three months with salary credits.
    Salary Slip for the previous three months
    Form 16 (latest).
    FAQ'S
  • What is a Parallel Personal Loan?
  • A Parallel Personal Loan is a secondary loan offered to an applicant already running a personal loan. The two personal loans sanctioned are independent entities and will run parallel.

  • Is a Parallel Loan Similar to a Top Up?
  • A Parallel Personal Loan and a Personal Loan Top-up are similar in that both offer existing personal loan holders, but that is where the similarity ends.

    A Top-up adds the new loan amount to the existing personal loan under a single umbrella. Alternatively, a new or 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 three months after the disbursal of a Personal Loan. The time limit is not restricted to high-income customers with a good CIBIL Score.

  • 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.

  • Will the CIBIL Score be Checked When Applying for a Parallel Loan?
  • An applicant's CIBIL Score is checked every time a credit facility is applied for and 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?
  • As specified in the agreement, the pre-closure terms of HDFC Bank will be applicable. HDFC Bank allows an applicant to close a personal loan after paying 12 EMI’s.

  • How Many Parallel Loans can an Individual Apply for to HDFC Bank?
  • An applicant can be sanctioned three Personal Loans from HDFC Bank.

  • How Long Does HDFC Bank take to Process a Parallel Personal Loan?
  • An applicant can expect funds to be available via a Parallel Personal Loan within three working days. HDFC Bank processes requests for an additional loan on priority so that the applicant can fulfil the requirement as soon as possible.

  • Can I Change the Tenure of my Parallel Personal Loan at any time?
  • The tenure for a parallel loan is fixed at the time of disbursal and cannot be changed.

  • Can an Applicant Apply for a Parallel Personal Loan from an Alternate Lender?
  • An applicant can look for options and compare the terms offered for a Personal Loan from other lenders before deciding.

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