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A personal loan top-up allows you to borrow extra funds on your existing personal loan. It covers unexpected expenses with flexible terms and competitive interest rates.
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Maximum Loan Tenure
Maximum Loan Amount
A top-up personal loan can come to your rescue if you need money in addition to what you initially borrowed. These loans can help you cover unexpected expenditures with ease. The personal loan top-up facility allows you to get extra funds from your current personal loan provider.
You can use this loan to address urgent financial needs. The eligibility criteria for these loans can vary from lender to lender. To get it without any hassle, you should be aware of a few details about top-ups on personal loans.
A personal loan top-up refers to an additional amount that you may be eligible to borrow over and above your existing personal loan. If you have been consistently repaying your EMIs on time, lenders may extend this facility, allowing you to get funds without the need to apply for a separate loan.
Suppose you took a ₹2 Lakh personal loan for 12 months to renovate a room. After 6 months of timely EMI payments, you need ₹1 Lakh more to renovate another room. In this case, you can apply for a top-up loan instead of starting a new one.
With an existing personal loan, you may be eligible for a top-up personal loan. Remember, the top-up on personal loans is unavailable with every loan provider.
The amount and other terms also vary from one lender to another.
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Typically, you do not need collateral for personal loan top-ups. There is also no need to get a guarantor on board.
You can use the money acquired through a top-up personal loan for any purpose. Use the funds to pay for medical treatment or to set up a home theatre system – the options are endless.
You can repay this loan within the same timeline as a personal loan, which may vary across lenders.
It is important to remember that the repayment tenure of your top-up loan cannot exceed the remaining tenure of your existing loan.
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The quick processing of your loan application is due to the preliminary checks already conducted by the lender. This is because you already have an existing loan with the lender.
Banks and financial institutions provide top-up personal loans at the original interest rate. However, the lender's interest rate policies and your profile may influence the interest rate you get.
Lenders offer you the convenience of digitally applying for a top-up loan on a personal loan.
This eliminates the need to visit a branch and allows you to apply for credit from the comfort of your home.
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A top-up personal loan comes without any hidden charges and allows you to apply without coming across any surprises.
You can get clarity at every step by checking the terms and talking to the lender’s customer support team.
Read MoreDifferent banks and NBFCs offer top-up on personal loans at attractive interest rates and charges. Here is a table with the typical rates and charges to give you an idea of the costs:
Disclaimer: The interest rates provided in the table above may change depending on the financial institution’s policies.
Most loans include additional charges and fees for certain facilities, along with a few mandatory charges. Check the table to understand these in detail.
Type of Charges |
Range |
|---|---|
Interest Rate |
10% p.a. to 24% p.a. |
Processing Fee |
Up to 5% + GST |
Foreclosure Charges |
Up to 4% + taxes |
Pre-payment Charges |
Up to 5% + GST |
Stamp Duty |
As per the State Stamp Act |
Disclaimer: The above-mentioned fees and charges can vary as per lender’s terms and policies.
Each type of loan comes with its own eligibility and documentation requirements. Similarly, the personal loan top-up eligibility terms vary across lenders. Some of the terms include:
Repayment Track Record
Maintaining a good repayment history instils confidence in the lender, assuring them you will be able to repay the loan. Because top-up personal loans are unsecured, the repayment method of an existing loan is crucial in approving your application.
Existing Loan
To apply for a top-up personal loan, you need 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 700 or above can increase your chances of approval for this loan.
Display of Financial Capacity
Lenders require 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, increasing the chances of your loan approval.
You need to submit relevant documents when applying for 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.
To get a top-up personal loan, complete and submit the online top-up loan application form. Share your professional and personal details.
Choose the loan amount from the lending partner and then add the tenure.
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.
Be it a marriage loan or travel loan; top-up financing comes without any end-use restrictions, like a personal loan. Another benefit is that you can get a top-up on a personal loan without any collateral.
Here are some key points to understand the differences between a personal loan and personal loan top-up:
Personal Loan |
Personal Loan Top-up |
|---|---|
Available for all types of borrowers who meet the lender’s eligibility criteria |
Available only to existing borrowers with the current lender |
Loan amount depends on the lender’s limitation |
Usually a fixed percentage of the original or outstanding loan amount |
Tenure can range from 12 - 96 months |
Flexible, but cannot exceed the remaining tenure of the original loan |
Used for various personal financial needs |
Used to top-up or increase the existing loan amount |
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
You can apply for a top-up loan only if you have an existing personal loan with the same lender. To switch to a different lender, you would need to transfer your loan to that lender first.
A personal loan is a fresh loan you apply for based on your eligibility. A top-up loan is an additional amount that you can get on your existing personal loan.
The exact amount will depend on the lenders’ terms and your repayment history.
The process is the same as how you apply for a regular loan. To apply:
Fill out the online top-up loan form with your personal and professional details
Select your desired loan amount and tenure
Upload the required documents to complete the application
It depends on the lender and your document submission. Many lenders process the requests within a few hours or days.
Many lenders offer pre-approved top-up loans, making the process simpler and faster. Since you already have an existing relationship with the lender, they may help expedite approval.
Yes, you can easily top-up your existing loan. Consider it as an additional fund on your personal loan.
If you need extra funds on your personal loan, it is advisable to get a top-up loan, instead of a fresh loan as it will be easier to get.
A top-up loan can impact your credit score by increasing your overall loan amount, which affects your credit utilisation. However, consistently paying your EMIs on time can help improve your credit score.
Yes, you can increase the loan limit with the help of a personal top-up loan. Lenders usually provide the facility to you if you have a good repayment history.
