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.
The interest rates at which some of the leading Indian lenders offer top-up loans are as follows:
Personal Loan Partners |
Interest Rates |
13.5% p.a onwards |
|
12% p.a onwards |
|
10.49% p.a onwards |
|
14.50% p.a onwards |
|
30% p.a onwards |
|
14% p.a onwards |
|
15% p.a onwards |
|
10.99% p.a onwards |
|
14% p.a. Onwards |
|
24% p.a. Onwards |
|
16.50% p.a. Onwards |
|
21% p.a. Onwards |
|
1.5% p.m. Onwards |
|
11% p.a. Onwards |
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.
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.
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.
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
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.
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.
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.
A top-up loan can be used to either consolidate debt or take care of unforeseen expenses.
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.