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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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FAQs on Personal Loan Top-up

  • ✔️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.

Personal Loan Reviews

Personal Loan Reviews

4.5out of 5

28 reviews

Instructive steps

The top up loan eligibility criteria was easy to fulfil. I got the loan through a few simple steps.

Simple process

The top up loan application process at Finserv MARKETS is the most convenient and easy.

Convenience at its best

When you apply for a top up loan at Finserv MARKETS, you can avail the benefit of their smooth online process from the comfort of your home.

Uncomplicated process

With a reliable platform like Finserv MARKETS, the loan top up application process is so easy.

Hassle-free process

With Finserv MARKETS, the process of getting a top up loan on personal loan is hassle free and it comes with less documentation.

Affordable Interest Rates

My top up loan application was processed by the team at Finserv MARKETS before the mentioned time for which I’m really grateful. Worth it!

Affordable Interest Rate

The feeling I got while availing a top up loan at the lowest and most budget-friendly interest rate cannot be summed up in a few words. Overall, I’d wholeheartedly recommend the services through Finserv MARKETS.

Smooth Documentation

Personal loan top up service through Finserv MARKETS is a complete online experience with less focus on documentation but more on user-friendliness.

Fast Approval

The entire procedure to apply for top up loan went quick for me with minimal documentation. 10/10

Flexible Repayment Options

I just love the fact that while going through the loan top up process, I was presented with a personalized repayment option. Awesome work!

Simple Steps

The procedure to apply for a top up loan through Finserv MARKETS is quite straightforward and user-friendly.

Compare And Get Best Deal

My top up loan application got quickly approved and I availed the best value for the deals through Finserv MARKETS by comparing offers at the website.

No Hidden Charges

It was surprising in a good way to know that there are no hidden charges while availing top up loan from Finserv MARKETS. Transparent and commendable experience!

Easy Process

Availing a personal loan top up through Finserv MARKETS was an easy task for me. I would definitely recommend it to anyone!

Easy Process

The website is user-friendly enough while applying for top up loans so much that people like me, who are not financially proficient, won’t face many issues.

Quick Response

The phrase “ Quick as Lightning” can be used to sum up my overall experience while availing a top up loan from Finserv MARKETS. Worth your time!

Quick Approval

There were no obstacles during my top up personal loan application. The entire process through Finserv MARKETS was quick and easy.

Quick Approval

There were no obstacles during my top up personal loan application. The entire process through Finserv MARKETS was quick and easy.

Quick Process

The top up loan service from Finserv MARKETS is really nice which I'd recommend to everyone without any questions. Great job to team!

Easy Eligibility

I availed a top up personal loan through Finserv MARKETS. The entire process was online and didn’t face any issues.

Good loan app

I was suggested by a family member to apply for a Bajaj Finance personal loan. I was very impressed by the various offers on personal loan. The app was great and I could access my account and track the loan status as well.

Competitive rates

Happy with the choice of personal loan online application process. My loan got approved in no time, so I’m satisfied with the service. The rate of interest was also very attractive.

Great experience

I applied for the loan on the app. The best part of the loan was only having to submit minimal documents for personal loan. It was simple for me and saved a lot of time and effort.

Superb service

This is the easiest process of loan application I’ve ever experienced. I applied for a loan on the app and my application got instantly approved.

Fast application process

I applied for a top-up personal loan on my existing loan and the process was very easy. I got the amount in less time and it was a very good experience.

Top-up Personal Loan

I applied for a personal loan top up at Finserv MARKETS and received the loan amount within a day. The eligibility criteria is simple and documents required are minimum. In all, I am happy with my experience with Finserv MARKETS.

Easy Options

The personal loan top facility available at Finserv MARKETS helped me reduce my debt burden. I was able to minimize my overall interest by consolidating all my outstanding dues. All thanks to Finserv MARKETS.

Hassle-free Online Process

I faced a financial crunch few months back, where the personal loan top up at Finserv MARKETS came to my rescue. With minimum documentation and a quick process, Finserv MARKETS makes it very simple!