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Personal Loan Top Up from HDFC Bank
A relationship with HDFC Bank is laden with umpteen advantages; The Bank offers its existing valued customer’s unmatched privileges & offers.
HDFC Bank offers its existing personal loan customers the choice of availing additional funds; as a Top Up to the existing personal loan; with this manoeuvre the applicant is saved the hassle of paying numerous EMI’s & can avail the best terms & conditions offered by HDFC Bank.
Eligibility Criteria
To be eligible for a Personal Loan Top Up from HDFC Bank the applicant should meet the following criteria;
The Existing Personal Loan of the customer should have a healthy repayment track: there should not be any delay or default in payment of the EMI.
The applicant should have the monetary ability to pay the additional EMI amount. After taking into account all the current obligations; the monthly expenses & the other credit facilities taken the applicant has, the payment of the additional EMI should not be a burden.
Change in Profile of Applicant
The request for Personal loan Top Up will be processed as per the current profile of the customer with regard to the following;
Employment
As per the current employer & company category status is applicable for processing of the personal loan Top Up. If the applicant has left his previous employer & is working with a different company the change in the employment status will have repercussions on the request: If the current company is included in the list of preferred companies of HDFC Bank he will get a discounted rate of interest for the re structured loan.
If the company profile is negative as per his current employer he could be denied the additional loan amount.
Net Salary
Any increase in the Income of the applicant will work towards an advantage for the loan amount required. If the salary of the applicant has increased since the disbursal of the previous loan amount, the request for a Top up will be easily fulfilled.
Current Obligations
The bank will check the CIBIL record before processing the request for any credit facility. The CIBIL score of the applicant should be above the required basis points .All obligations of the applicant including the credit card outstanding of the applicant will be considered; any other loans which he might have taken post the Personal loan from HDFC bank will be counted & the eligibility will be ascertained accordingly.
Current Residence
The current residential status of the applicant could have changed from the time he has taken his previous Loan. He /She will need to update the address proof as per the current status.
If the applicant has moved to a self owned home the personal loan eligibility will go up. Residence verification will be conducted at the current residence of the applicant as per the current KYC docs submitted.
Procedure for Personal Loan Top Up
The request for a Personal Loan Top Up is processed as follows.
The applicant will need to submit a copy of latest income & KYC documents, with the signed application for to forward the request.(If the applicant has a salary account with HDFC Bank the bank statement need not be submitted.)
The CIBIL of the applicant will be reviewed & if doable will be forwarded for verification.
If the employment & residence parameters are the same as for the existing personal loan this stage may be skipped.
The final decision for the approval/decline of the Top Up request & the amount to be sanctioned is decision by the Underwriter, taking into account all aspects of the applicant’s profile.
Disbursal of funds & a fresh EMI
On approval of the Top Up amount an agreement is signed giving all the terms & conditions for repatriation of funds.
The Loan amount approved is credited to the salary account of the applicant through ECS.
The existing personal loan is closed & the principal balance of the loan amount & the Top Up amount are clubbed together as a fresh Personal loan. The EMI is calculated as per the total loan amount & tenure approved.
The fresh EMI is then presented for clearing month on month.
Advantages of a Personal Loan Top Up from HDFC Bank
A personal loan Top Up is convenient & can be processed within a short period of time.
The Bank recognises the previous relationship & takes into account the previous track record of the existing loan: the applicant can be confident of getting the loan amount desired.
With a Top Up to the current personal loan the customer will have the ease of paying a single consolidated EMI, thus being saved the hassle of maintaining numerous EMI’s.
The applicant can rework the tenure for repayment with an EMI he can pay comfortably.
If the Salary of the applicant has increased or he has changed his job & is now working with an Elite company she/he will be offered better terms & conditions as per the current profile.
Consider following before applying for a personal loan Top Up
With a processing of a personal loan Top Up the existing personal loan is closed & a new loan is structured with the principal balance of the previous loan amount & the extra amount.
In effect the customer will be issued a fresh schedule as per which he will start repayment again & can only close the loan after payment of 12 EMI, s.
The rate of interest will be applied as per the current terms & previous discounts availed may not be applicable.
Advice from Your loan Advisors
It is best to apply for a personal loan Top Up with in a time period of 6 months from the time of disbursal of your current personal loan. If the Top Up is initiated early in the tenure the repayment track will be in the favour of the applicant.
Check out the current rate of interest applicable before applying. The terms & conditions may have varied from the existing personal loan.
It is not mandatory that the Top Up request will get approved, one can be sure only after the process is completed.
Interest Rate & Other Charges
| 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 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. |
| Tenure of Loan | 12 months to 60 months. |
| Loan amounts | 50,000/- to 25, 00,000. |
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Documents Required
Income Documents:
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
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.
FAQ’s
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.
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.
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.
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