HDFC Bank Personal Loan Top Up
A Personal Loan Top-up refers to an additional amount added to an existing loan account. HDFC Bank, a leading provider of Personal Loans, enables individuals to utilise this benefit and access additional finance on a priority basis as a top-up loan when needed.
The Loan seeker can apply for a new loan as a secondary or parallel loan, or ask for a Top-Up to the existing Loan. As the Applicant has a pre-existing relationship, the HDFC Bank will fulfill the request readily.
Advantages of an HDFC Top-Up Loan
Quick Process
If funds are required in an emergency, a customer can
Apply For an HDFC Top Up Personal Loan. The KYC details, which have been previously verified, facilitate a faster process, and the file will not have to undergo all the stages of the process. Therefore, the approved loan amount will be disbursed to the customer as quickly as possible.
Better Terms & Conditions
The terms of the Top-Up will be applied as per the current profile. Suppose an applicant has changed employment and is eligible for a discount on the HDFC Top Up Loan Interest Rate. In that case, the applicable rate for the balance of the Personal Loan with the Top Up will be as per the discounted interest rate.
Convenient Documentation
The HDFC Loan Top Up is based on an existing loan. Therefore, the required documents for processing the Personal Loan Top Up are minimal. However, if there has been a job change, the income documents must be submitted to confirm the current income and employment status. A fresh residence proof is required if the Applicant has changed their residence or purchased a new one.
Consolidate All Loans To Pay a Single Installment
With an
HDFC Bank Personal Loan Top Up, the Applicant can pay back all other credit lines and consolidate the Amount under a single loan. Moreover, all outstanding dues for
Credit Cards and other loans are settled via a
Personal Loan Top Up. Thus, the Applicant is comfortable paying a single amount as per the
HDFC Top Up Loan EMI Calculator, thereby saving the hassle of following up on various payments.
Options For a Longer Tenure & a Lower EMI
Suppose an applicant feels burdened by paying an increased EMI. With the HDFC Top Up Loan Personal Loan, the bank approves and creates a new loan by combining the principal balance of the previous loan with the additional amount sanctioned. The applicant can request an increase in tenure to make the EMI more affordable.
Take a Balance transfer with an HDFC Personal loan Top Up?
HDFC Bank offers applicants the opportunity to transfer the principal balance of their Loan from an external bank with this maneuver, the Applicant receives a discounted interest rate. The Applicant can also request a Top Up as an additional benefit with the
Personal Loan Balance Transfer. Thus, the Applicant receives funds at the lowest rate of Interest with the convenience of paying a single EMI
Pay Your Credit Card Debts with a Personal Loan Top Up from HDFC Bank
Banks charge an interest rate of 36% for unpaid credit card dues.
Apply HDFC Bank Top Up Personal Loan to settle
Credit Card dues and reduce penalty charges by up to 50%. The Bank pays the entire credit card amount directly, and the customer can repay the Bank via easy monthly installments. Thus, with a
Personal Loan Top Up, the credit card bills are paid instantly. The customer is relieved of the high charges and benefits from an increased
CIBIL Score.
Features of an HDFC Top Up Personal Loan
- An applicant can Apply for a Personal Loan Top-Up to HDFC Bank after a minimum period of 3 months from the date of disbursal of the primary Loan.
- HDFC Bank sanctions a Personal Loan amount up to a maximum of 35 lakhs. Therefore, the total funding an applicant can receive as a Top-Up, in addition to the existing loan, is up to ₹35 lakhs.
- The Tenure applicable to a Personal Loan post the Top Up is 12 to 60 months. The Applicant may apply for the desired Tenure; the Bank will sanction it as per the applicant's eligibility and ability to pay the EMI.
- Applicants are offered a discounted HDFC top up loan processing fee for the additional loan amount applied.
- The HDFC Personal Loan Top Up Interest Rate offered ranges from 10.99% to 14% at a reducing balance, as per the HDFC Company Category List and the approved loan amount.
- Upon approval of a Top Up, HDFC Bank combines the principal balance of the existing Personal Loan with the additional loan amount sanctioned as a Top Up to form a single loan.
How To Check HDFC Personal Loan Top Up Eligibility?
To check the eligibility for a Personal Loan, take note of the following:
- The request for the additional loan amount is processed per the Applicant's existing professional and personal status.
- If the Applicant has changed jobs, HDFC Bank views the Loan application based on the current employer's status in the HDFC Bank Company Category List.
- The Applicant's current income will determine the loan amount the Bank approves as a Top-up, and whether the Applicant can comfortably pay the EMI with their current income and obligations.
- An HDFC Top-up Loan may not be approved if the Applicant has recently acquired additional secured or unsecured credit, such as a home loan or a credit card, or has applied for additional credit multiple times within a short period.
- The applicant's CIBIL score should be 720 points or above. There should be no latest bounces or delays in repayment of any credit lines with HDFC Bank or any other financial institution.
- There should be no break in the Applicant's employment; a job continuity of at least 6 months is mandatory to be eligible for a Personal Loan Top Up from HDFC Bank.
- The repayment track of the Primary Loan with HDFC Bank should be devoid of any delayed payments or defaults. Therefore, the Applicant should pay his dues promptly to secure an additional loan from HDFC Bank.
What is the HDFC Personal Loan Top Up Procedure?
How to get top up loan in HDFC?
- The Applicant is required to submit all the relevant documents with the completed application form or HDFC Personal Loan Online Apply.
- The Bank will verify the authenticity of the submitted documents, and the CIBIL score of the Applicant will be accessed to verify the status and other Credit lines being used.
- The Bank conducts a physical verification of the Applicant's office and residence, as per the information and documentary evidence submitted with the application form.
- The underwriter will then decide on the request based on the inputs received.
- The Applicant is informed about the status of the request, including the loan amount approved as a Top-up and the associated terms and conditions.
What is The Procedure for Disbursing Funds for a Top Up Loan in HDFC?
An Applicant can disburse an HDFC Top Up Personal Loan Online or physically sign the agreement, further:
- HDFC Bank terminates the existing loan account of the customer.
- Furthermore, the Bank transfers the approved amount as a Top-Up to the Applicant's Bank account via ECS.
- Thus, a New Personal Loan HDFC Bank is structured with the principal balance of the existing Loan and the top-up amount.
- A unique loan account number and a fresh EMI for the total loan amount for the applied tenure are presented to the Bank account on the designated date.
What is the Difference Between an HDFC Bank Parallel Loan, and a Top-up on Existing Personal Loan HDFC?
An Applicant can choose to apply for a Top-Up on their Personal Loan HDFC or a Fresh Loan the implications for both are different. The choice depends on the applicant's needs and financial circumstances. The significant differences are as follows:
- A new personal loan has its own identity, whereas an HDFC Loan Top-Up is a sum added to the existing loan.
- The applicant can apply for a fresh Personal Loan from an external lender with varied terms. A top-up is an amount added to an existing HDFC Bank loan, and the terms applicable are those outlined in the current policy.
- With an HDFC Loan Top-up, the applicant pays a single EMI with a fresh loan, an additional installment is instated for the loan.
To Apply for Top Up Loan HDFC or a New Loan? Significant Inputs, Terms, and Conditions Helpful Towards Reaching a Decision are as Follows:
Vintage
The application for a Personal Loan Top is admissible after the repayment of three installments. A new loan is the answer if funds are required in an emergency.
Eligibility
The eligibility for the loan amount increases with a Top-Up, as the principal of the existing loan carried forward to the new loan account is reduced by the installments paid. If an extra amount is needed, Apply for a Top-Up.
Interest Rate
Compare all market offerings to find the lowest interest rate before
Applying for a Loan Top-Up. The
HDFC Top Up Loan Rate of Interest is the lowest for prime applicants.
Foreclosure
The foreclosure option for a
Personal Loan is allowed after the payment of 12 EMIs. If funds are needed for a limited time, an
HDFC Parallel Loan will better serve this purpose, as a top-up will extend the foreclosure option for the existing loan.
Lower EMI
The EMI for a Personal Loan HDFC with a Top-up is lower, as the existing loan is restructured, and the applicant can request a longer tenure for an affordable EMI. For a parallel loan, an additional EMI is paid.
Below is a Representative Example of a Personal Loan Top-Up
Details of the Existing Loan with HDFC Bank
| Loan Amount |
₹2 lakhs |
| Tenure |
36 months |
| No of EMI'S paid |
6 |
| Current EMI |
₹ 6,835.53 |
| Rate Of Interest |
14% |
| Top Up Amount Approved |
₹ 1 lakh |
Calculations Post Personal Loan Top Up
| Top Amount Approved |
₹ 1 lakh |
| Principal Balance of the Existing Loan |
₹ 1,72,186.60 |
| Total Loan Amount Post The Top Up |
₹ 2,72,186.60 |
| Rate Of Interest |
14% |
| Tenure of Fresh Loan |
36 months |
| EMI for the fresh loan post-Top Up |
₹ 9,302.69 |
What are the Charges Applicable for a Personal Loan from HDFC Bank?
The
HDFC Top Up Personal Loan Interest Rate is similar to that of the
HDFC Personal Loan. The interest rate currently offered by HDFC Bank will apply to the Top Up loan.
A discounted processing fee is deducted from the approved loan amount. The existing loan is foreclosed without any charges. Listed below is the Rate chart for a
HDFC Bank Top Up Loan:
| Charges Applicable |
Details |
| Rate of Interest |
10.99% to 20% per annum, with a monthly reducing balance. |
| Processing Fees |
Minimum 999/- up to 2% maximum. |
| Pre-closure Charges |
After 12 months, 4% of the principal is outstanding.
After 36 months, 2% of the principal is outstanding.
|
| Loan Cancellation Charges |
Nil (However, the processing charges will not be refunded)
Interest will be charged on the interim period between the loan closure and the next scheduled payment date.
|
| Cheque Bounce Charges |
Rs 550/- per cheque Bounce. |
| The charge for Late Payment |
2% Per Month from the Date of Unpaid EMI |
| Cheque Swapping Charges |
Rs 500/- |
| Amortization Schedule Charges |
Rs 200/- |
| Stamp Duty |
As per Applicable Law |
| CIBIL Report Copy Charge |
Rs 50/- per copy. |
*Yourloanadvisors.com offers its services to esteemed customers at no charge.
Documents Required To Apply For a HDFC Personal Loan Top Up
Income Documents
Salary Slip For The Last Three Months.
Bank Statement from Salary account for the last three months showing three salary credits.
Form 16 for the last financial year.
Pan card copy
KYC Documents
Photo Identification proof. (Passport/Driving Licence/Voter I.D./Aadhaar Card/Ration Card)
Current Address Proof. (Bank Statement, Utility Bill, Rent Agreement)
Company I.D.
91-9711165183
