Top-up Personal Loan

A top-up personal loan can come to your rescue if you need money over and above what you had initially borrowed. These loans can help you cover unexpected expenditures with ease.

The personal loan top-up feature allows you to obtain additional funds from your current personal loan provider. With positive repayment behaviour, your eligibility and chances of approval for a top-up personal loan increase.

To borrow hassle-free, here are a few details you need to know about top-up personal loans.

Along with a few mandatory charges, most loans include additional charges and fees for certain facilities. Check the table to understand these in detail. 

Availing a top-up personal loan can help you address a variety of needs. Here are some of them.

• Debt Consolidation: If you have multiple loans, you 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 your credit score.

• To Fulfil Other Financial Requirements: A top-up loan is ideal when you need additional financial assistance. Such loans prove to be useful when unexpected needs arise due to:

1. Loss of job 

2. Sudden medical treatment 

3. Increase in home renovation costs 

4. Shortage of funds during a wedding 

5. Upskilling or education 

6. Setting up a freelance business

7. Meeting a short-term financial gap

The personal loan top-up eligibility terms vary across lenders. Your top-up loan eligibility is influenced by the given factors:

• Repayment Track Record: Maintaining a good repayment history gives confidence and assurance to the lender that you will be able to repay the loan. As top-up personal loans are unsecured, how you are repaying your existing loan plays a crucial role in the approval or rejection of your application.

• Existing Loan: To apply for a top-up personal loan, it is mandatory to have an existing loan with the same lender. 

• Good Credit Score: Having a good credit score is essential to getting a top-up personal loan. It indicates that you have a strong financial profile and have repaid credit responsibly in the past. Thus, a CIBIL score of 750 or above can increase your chances of approval for this loan.

• Display of Financial Capacity: A lender requires you to show your financial capacity through your income, employment records or bank statements. This gives the lender confidence that you are likely to repay on time and the chances of your loan approval increase.

You need to submit relevant documents when availing a loan, as this helps the lender in verifying your identity. Here are some top-up loan documents required by most lenders:

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

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

• Bank statements or salary slips for the last 3 months

• Passport-size photographs

Applying for a top-up personal loan is a convenient and simple process that you can carry out online. With the help of the steps mentioned below, you can send in your top-up loan application.

• Step 1: To get a top-up personal loan, complete and submit the online top-up loan application form, sharing your professional and personal details

• Step 2: Choose the loan amount from the lending partner and then add the tenor

• Step 3: Submit the required documents with the completed application form

Once approved, you will receive the personal loan top-up amount in your bank account typically within 24 hours. That’s all it takes to apply for a top-up personal loan at Bajaj Markets.

Getting a top-up personal loan is quite beneficial, as it protects you from any financial burden you may be facing due to a shortage of funds. You can use top-up funds in a manner similar to how you use your personal loan amount. 

Be it a marriage loan or travel loan, top-up financing comes without any end-use restrictions, just like a personal loan. Another benefit is that you can get a top-up on a personal loan without any collateral. 

Before you apply, make sure to use the personal loan EMI calculator to compute your EMIs well in advance. All you have to do is check if you meet the required personal loan eligibility criteria and apply for it at attractive personal loan interest rates today!