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Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

Top-up personal loans can come to the rescue of an individual if they need more money over and above what they had initially borrowed. Top-up loans can come in handy for those individuals who need to meet the unexpected additional expenses. If the borrower has displayed a healthy loan repayment behaviour, he will be eligible for a top-up loan. This article will take a deeper dive into the features, benefits, and the application process one must follow to avail a top-up personal loan.

 

Top-up Personal Loan Interest Rates

The interest rates at which some of the leading Indian lenders offer top-up loans are as follows:

Personal Loan Partners

Interest Rates

Bajaj Finance Limited

14% p.a onwards

Fullerton India

12% p.a onwards

PaySense

14% p.a onwards

Axis Bank

10.49% p.a onwards

Muthoot Finance

13.75% p.a onwards

SBFC Finance Pvt Ltd

14% p.a. onwards

CASHe

33% p.a onwards

Prefr Partners

21% p.a onwards

EarlySalary

24% p.a onwards

KreditBee

14% p.a onwards

Yes Bank

10.70% p.a onwards

 

Features and Benefits of Top-up Personal Loan 

  • Available for Existing Personal Loan Borrowers: If the borrower has already taken a personal loan, they should be able to get a top-up of up to ₹50 Lakhs on that. One must note that not every lender offers the top-up personal loan facility and the maximum amount the borrower can avail will depend on their eligibility.
  • Collateral-Free: Typically, top-up personal loans are offered without asking for a collateral in exchange. The borrower may not even be asked to get a guarantor on board for the same.
  • No Restrictions on Use: The borrower can use the money acquired through the top-up personal loan however they like it. The borrower can use the funds to pay for the renovation of their home, their dream vacation, or to set up a home theatre system.
  • Flexible Repayment tenure: The borrower can pay the entire personal loan amount, inclusive of the money received through the top-up loan, over a time period of up to 60 months. One must note that the repayment tenure length cannot exceed the one that was previously agreed upon.
  • Speedy Processing and Disbursals: As the individual is an existing personal loan borrower, the top-up personal loan money will be processed faster as the lender has already done some of the preliminary checks. In most cases, once the application is approved, the top-up personal loan money is credited into the account of the borrower within a day.
  • Low Interest Rate: Banks typically offer top-up personal loans at the interest rate that is applicable to their original personal loan. However, personal loan top-up interest rates also tend to depend on the lender‘s policies and the credit profile of the borrower.

Why Apply For Top-up On Personal Loan

Some major reasons to apply for a top-up loan are as follows:

  • Debt Consolidation: If a customer has multiple loans, he or she can merge all of them with a top-up personal loan to reduce the overall interest rate. The act of consolidating debt can have a positive impact on the credit score of the borrower.

  • To Fulfil Other Financial Requirements: Top-up loan is the best option for those that need some extra financial assistance. Such loans prove to be useful when unexpected financial needs arise.

Personal Loan Top-up Eligibility

The eligibility criteria for top-up loans vary from lender to lender. Some generic factors that affect the same are as follows:

  • Repayment Track Record: A good repayment history gives an assurance to the lender that the borrower will be able to repay the loan. As top-up personal loans are unsecured, repayment history plays a crucial role in deciding the fate of the top-up loan application.

  • Existing Loan: One must have an existing loan account to apply for a top-up loan.

 

How to Apply for Top-up Personal Loan

One can apply for a top-up personal loan by simply following the steps mentioned below:

  • Step 1: One must first submit the online top-up loan application form with their personal and professional details.

  • Step 2: Next, the user must choose the loan amount they desire from the lending partner and add the loan tenure.

  • Step 3: After that, the applicant must provide all the required documents along with the application form for verification.

  • Step 4: Once approved, the top-up loan amount will get credited into the bank account of the applicant typically within 24 hours.

Documents Required for Personal Loan Top-up

One will require the following documents to get the top-up personal loan:

  • Identity Proof: Aadhaar card, PAN, Voter’s ID, passport

  • Address Proof: Rental agreement, passport, electricity/gas bills, etc.

  • Salary slips or bank statements for the last 3 months

  • Passport-size photographs

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Top Up Personal Loan FAQs

✔️What is the procedure of a top-up loan?

The procedure of getting a top-up personal loan varies from place to place. At Bajaj Markets, one must simply follow a handful of basic steps to get a personal loan top-up.

✔️Can we take top-up on personal loans?

Yes, one can easily take a top-up on their personal loan, provided the lending company offers the facility and the borrower meets the eligibility criteria. If the lender does not provide a top-up facility, he/she can always get their outstanding personal loan balance transferred to a lender that does and try again.

✔️How much top-up loan can a customer avail?

A customer can avail as much as ₹50 Lakhs over and above the amount they have borrowed currently, The maximum amount a particular individual can avail as a top-up loan, however, will depend on their personal eligibility.

✔️What is the benefit of a top-up loan?

A top-up loan can be used to either consolidate debt or take care of unforeseen expenses.

✔️Can you add to an existing personal loan?

Yes, as long as the lender provides a top-up facility, the borrower can add to their existing personal loan through a top-up facility.