HDFC Bank Personal Loan Top Up

• 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.

• 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.

• 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.

• 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.

• 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.

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