HDFC Bank ensures that all customers are able to avail the funds that they need for diverse requirements within no time. A Personal Loan with HDFC Bank is loaded with several features, including the option of getting a Top Up on an existing loan. It is one of the easiest loans to apply for and the interest rates offered are extremely competitive. This not only helps customers get a timely solution to a financial crisis, it also ensures that they are able to afford these loans with easy to repay and low cost EMIs each month.
Once the individual has been verified as per the HDFC Personal Loan Eligibility Criteria, he or she can get a Top Up loan based on the income and the current credit score.
What is a Top Up Loan?
For all existing customers, HDFC provides the option of getting a Top Up loan. This is a loan that is over and above the existing loan amount. It is ideal for any financial emergency that you are facing for which you require immediate funds. These loans are easier to avail as you have already established a relationship with the bank.
Customers, who have a Personal Loan with another bank, can avail the low interest rates that are offered by HDFC Personal Loans by opting for a Balance Transfer. This is when the remaining balance is transferred to HDFC bank as per the rates that you are eligible for. Then, you may also avail a Top Up on this loan to manage urgent expenses.
When to Avail a Top Up Loan?
The biggest advantage with a Top Up loan is their low turnaround time. This means that you can get an approval and disbursal of the loan instantly based on the eligibility criteria. There are several occasions when a Top Up loan is the best option for you, such as:
- Requirement of immediate funds for any personal requirement.
- Urgent funds for any domestic engagement or function such as weddings.
- Meeting unexpected travel expenses.
- Requirement of any loan with minimal or zero documentation.
- Availing additional funds on a lower interest rate.
What Are The Features and Benefits of HDFC Bank Top Up Personal Loan?
HDFC Personal Loans are loaded with several beneficial features that make it one of the best funding options available. These features are extended to any Top Up loan that you may avail from HDFC. Some of these features are as follows:
- HDFC offers the most competitive interest rates on Personal Loan Top Ups. These interest rates start at as low as 10.99%.
- You can get a loan after you have made at least 3 EMI repayments on time.
- The loan amount available depends upon your eligibility criteria and is within the discretion of the loan officer who is sanctioning your loan.
- In principal, the individual can get an approval on the loan in less than 10 minutes after making an online application.
- For a minimal premium amount, applicants can also get a personal accident cover of up to 8 lakhs.
- Personal Loans can be secured with the Sarv Suraksha Pro insurance cover that gives a credit shield cover to match the outstanding loan amount.
- The loan repayment tenure is between 12 to 60 months and can be repaid through affordable EMIs.
- The processing charge with this Personal Loan Top Up is among the lowest in the market.
- Minimal documentation and easy application is something that makes it it one of the easily accessible option to avail funds when needed.
- There are special offers and benefits available from time to time, including waiver of the processing fees.
What is the Eligibility Criteria for HDFC Bank Personal Loans?
While all customers who have an existing personal account can apply for a Top Up, they have to meet certain eligibility criteria in order to get an approval on the loan top up. The HDFC Personal Loan Eligibility Criteria for a Top Up is as follows:
- The individual should have made at least 3 EMI repayments on time on the existing personal loan.
- He or she should have a good CIBIL score which allows the approval of the Top Up loan amount that he or she has applied for.
- For employed individuals, it is mandatory to have at least 2 years work experience. This must include at least 1 year with the current employer.
- The minimum income of the applicant should be Rs.15000. In case of those living in Mumbai, Bengaluru, Delhi, Hyderabad, Cochin, Kolkata, Pune and Ahmedabad, the minimum income should be Rs.20000. This is the net income which is calculated after making all deductions including the possible EMI towards the loan.
- The income of the individual must be able to accommodate the increased EMI after the Top Up has been approved. The net amount must be at least 40% of the gross amount after all the deductions have been made.
Why Choose a Top Up Loan over a New Loan?
The added advantage with HDFC Personal Loans is that individual can avail a Top Up loan. In case there is an urgent requirement for additional funds, those who already have an existing Personal Loan account can ask for a Top Up loan or an added loan amount. This additional loan is added to the current outstanding loan. The EMI is calculated based on the new loan amount after the Top Up has been approved. There are several benefits of applying for a top up Loan:
- The individual can avail the same rate of interest as per the current loan. This saves a lot of time on researching for better loan option.
- The eligibility criteria are easier to fulfill in comparison to a new loan.
- The approval and disbursement of a Top Up loan is much faster as the individual already has an existing relationship with the bank.
- It is much easier to repay the loan through one consolidate EMI in comparison to multiple EMIs towards different loans.
- The applicant can avoid the lengthy loan application process that comes with a new loan.
How to Apply For HDFC Bank Personal Loan Top Up?
HDFC Bank Personal Loan Top Up applications can be submitted at the nearest HDFC Bank Branch. This requires the customer to fill up an application form and submit it along with the necessary documents. Customers will also be able to interact with the loan officer to negotiate better deals and get a customized loan plan when he or she applies offline.
Once the application has been submitted, the following documents should be submitted:
- Any ID proof including the Voters ID, copy of Passport, Driver’s License and Adhaar card.
- Address proof including Passport, Voters ID, Adhaar Card and Driving License.
- Last 3 months bank statements or 6 months passbook copies.
- Latest Salary Slip or any current dated Salary Certificate along with Form 16.