Can I Get a Top up Loan on HDFC Personal Loan?
Last Updated : Feb. 3, 2020, 3:58 p.m.
Yes, you can get a top-up loan from HDFC Bank if you pay your current personal loan EMIs without any default. A top-up loan is for additional fund requirements. And if your credit report is clear and payment record is good, you can easily get a top up on your HDFC personal loan . Know the features of HDFC top-up loan in the below-mentioned points.
- Top up loan interest rate ranges from 10.75% to 22.00% for the existing customers
- Flexible tenure of 5 years
- Processing fee levied at 0.50% of HDFC top-up loan amount
How Does the HDFC Top up Personal Loan Work?
If you have a current HDFC personal loan of INR 5 lakh at an interest rate of 13.00% per annum for 5 years, you must be paying an EMI of INR 11,377. If the loan has run for 1 year, the outstanding balance would be INR 3,98,105. Now if you want a top-up loan of INR 1 lakh on your personal loan , the same will add to the outstanding balance. You will then repay the resultant loan amount at 13%. So. if you want to pay the consolidated loan for 4 years from here, you’ll pay an EMI and total interest of INR 13,363 and 1,43,315, respectively, over the next 4 years.