HDFC Bank Top Up Personal Loan
Special Current Offers
Increase the current loan amount
Pay a single installment
Discounted processing fee
Get the best rate of interest
Take a top Up with a personal loan balance transfer
Apply HDFC Bank Top Up Personal Loan
Personal Loan Top Up from HDFC Bank
Already running a personal loan from HDFC Bank, you can apply for extra loan amount when needed as a Top Up on the existing loan. Additional finance is available under the umbrella of the previous loan as a Top Up.
A Personal loan Top up is an additional loan amount added to a pre existing loan. HDFC Bank the leading provider of Personal loans, offers individuals who are availing this benefit to apply for a Top Up when in need of finance.
The Loan seeker can apply for a fresh loan as a secondary or parallel loan or simply ask for a Top Up to the existing loan. As the applicant has a pre existing relationship with the Bank the request can be fulfilled readily.
Advantages of a Personal Loan Top Up.
The customer being known to the Bank will give an edge over a new relationship. HDFC Bank is in receipt of the KYC documents previously & knows the details of the customer. This will help in the speedy process of the Loan: the file will not have to go through all the prescribed process stages thus the loan amount approved will reach the customer soonest.
Better terms & conditions.
The terms of the Top Up will be negotiated as per the present terms & conditions: if an applicant has changed employment & is now eligible for a discount the rate of interest applied for the personal loan with the Top Up will be as per the discounted rate of interest.
Minimum Documentation required for a Personal Loan Top Up.
As a Personal loan Top Up with HDFC Bank is done on the basis of an existing Personal loan, the basic details of the applicant already exist with the Bank; therefore the documents required for processing the Personal Loan Top Up will be minimal. If there has been a change of job, the income documents need to be submitted to confirm the present income & employment & the residence proof if the applicant has shifted residence or bought a new one.
Consolidate all Loans to pay a single Installement.
With a Personal Loan Top Up from HDFC Bank, the applicant can pay back all other credit lines & club the amount under a single loan. Any dues pending of credit cards & other utility loans can be paid back via a personal loan Top Up. This will give the applicant a comfort of paying a single EMI thus saving the hassle of following up on various payments. HDFC Bank also offers the best the best rate of interest for financial borrowings as compared to other banks or NBFC,s.
Opt for a longer tenure & a lower EMI.
Feeling burdened with the thought of an increased EMI. Opt for the maximum tenure post a Personal Loan Top Up. A fresh loan will be constructed with the principle balance of the previous loan & the fresh amount required. With an increase of tenure the new EMI will be similar to the previous one, thus the applicant will be able to get an extra loan amount with no extra burden.
Take a Balance transfer with a Personal loan Top Up?
HDFC Bank offers applicants the opportunity to transfer the principal balance of their Personal loan from an external bank, with this manoeuvre the applicant receives unlimited savings in the rate of interest: as an additional benefit with the Balance transfer of the Personal Loan the applicant can also request for an additional amount as a Top Up. Thus the applicant receives funds at the lowest rate of interest & has the convenience of paying a single EMI
Pay your Credit Card Debts with a Personal Loan Top Up from HDFC Bank.
Any pending dues of a credit card are charged a rate of interest of 36% per annum: take a Top Up on an existing personal loan to clear the bills of your credit card. In turn a Personal Loan can be repaid in easy installement, the rate of interest applicable on the personal loan Top Up is 50% of that payable on credit card dues.
Features of a Personal Loan Top Up
An applicant can apply for a Personal Loan Top Up to HDFC Bank after a minimum period of 3 months post the disbursal of the primary loan.
HDFC Bank sanctions Personal Loan amount up to a maximum of 35 lakhs, therefore the total Loan amount in addition to the pre existing loan & the Top Up amount can be disbursed up to a total of 35 lakhs.
The Tenure applicable to a Personal Loan post the Top Up is from 12 months to 60 months. The applicant may apply for the desired Tenure; the same will be sanctioned as per the eligibility of the applicant & the ability to pay the EMI.
A discounted processing fee is offered for processing of a Personal Loan Top Up from HDFC Bank.
The principle balance of the existing Personal Loan & the additional loan amount sanctioned as Top Up will be combined to form a single loan.
What is the eligibility criterion for a personal Loan Top Up from HDFC Bank?
The repayment track of the Primary Loan with HDFC Bank should be without any delayed payment or defaults. To secure an additional loan amount from HDFC Bank the applicant should be paying his dues timely.
The request for the additional loan amount will be processed as per the current employment status of the applicant. If the applicant has changed the job, the current Loan application will be viewed as per the status of the current employer in the HDFC Bank company category list.
The current income of the applicant will determine the loan amount that can be received as a Top Up. If the applicant can comfortably pay the EMI applied for the total loan amount with the current income & obligations. If the applicant has acquired additional credit, the total amount of the installement being paid will be taken into account; if the eligibility criterion is not met the Top Up request may be denied.
The CIBIL score of the applicant will be reviewed. There should not be any latest bounces or delays in repayment of any credit lines with HDFC Bank or any other financial institution. The minimum score requirement of 700 points & above should be fulfilled.
There should be no break in employment of the applicant, a job continuity of 6 months minimum is required to be eligible for a Personal loan Top Up from HDFC Bank.
What is the Process for a Personal Loan Top Up from HDFC Bank?
An application for the Top Up of a Personal Loan from HDFC Bank is processed as follows:
What is the procedure for disbursal of funds & a fresh EMI?
Given below is a representative example of a Personal loan Top Up.
|Details of existing Loan with HDFC Bank|
|Loan amount||₹ 2lakhs|
|No of EMI’S paid||6|
|Current EMI||₹ 6,835.53|
|Rate Of Interest||14%|
|Top Up amount approved||₹ 1 lakhs|
|Calculations post Personal Loan Top Up|
|Top Amount approved||₹ 1 lakhs|
|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?
|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.|
*Yourloanadvisors.com provides services to its esteemed customers free of charge.
Documents Required for Processing of your Personal Loan Top Up
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.
Photo Identification proof.(Passport/Driving Licence/Voter I.D./Adhaar Card/Ration Card)
Current Address Proof.(Bank Statement, Utility Bill, Rent Agreement)
FAQ’ S for a Personal Loan Top Up from HDFC Bank
What is a Personal loan Top Up?
A Top Up is an additional loan amount added to a pre existing Personal Loan. An applicant needing funds can apply for a Top Up on the previous loan rather than applying for a secondary loan.
Why is it Beneficial to apply for a Personal loan Top Up to HDFC Bank?
Having experienced the unparalleled advantages of the HDFC Bank an existing Personal loan customer will wind it convenient to take a Personal loan Top Up when in need of funds.
Which is the Best time to apply for a Top Up on an existing Personal loan with HDFC Bank?
To get a Top Up the most suitable time is after 3 EMI’s of the existing Personal loan have been paid.
Does an applicant need to provide documentation to get a Personal Loan Top Up?
An applicant will have to provide the complete documentation for processing a Personal Loan Top Up.
Can an applicant assume that the request for a Personal Loan Top up will get approved?
It is not mandatory that a Personal Loan Top Up will get approved. It will depend on the eligibility & the current profile specifications & repayment track of the existing personal loan.
At what juncture during the Personal loan tenure is it best to take a ‘Top Up’?
When funds are required it is best to take a Top Up on the existing Personal Loan if the vintage is within 6 months, so as not to disrupt the repayment track of the existing personal loan.
How is the eligibility for the extra loan amount or ‘Top Up’ calculated?
The eligibility for the Personal Loan Top is calculated taking into account, the current income of the applicant & all the present obligations.
Will the CIBIL score affected by a Personal loan Top Up request?
The CIBIL score will be accessed every time a credit enquiry is made: so a Personal loan Top Up request will also be registered in the CIBIL.
Why is it best to apply for a Personal Loan Top Up if funds are required in an emergency?
If there is an emergency requirement for funds it is appropriate to apply for a Personal Loan Top Up as the existing relationship with the Bank will help in quick & smooth disbursal of funds.
How will the current Personal Loan tenure be affected with a Top Up?
As the Top Up process involves the combining of the principal balance of the previous loan amount with the fresh amount, the Tenure will restructured as per the eligibility & requirement of the applicant.