A Personal Loan can help you meet your immediate financial requirements without any hassles. Be it home renovation, wedding expenses, travel expenses, or a medical emergency, Personal Loan can be availed instantly online without any collateral.
Although you can get the Personal Loan instantly to meet your needs, there are chances that the loan amount you availed may not be sufficient. In such a case, you can apply for a Personal Loan top-up. You can either choose to merge the personal loan Top-up with your existing loan, or avail it as a separate unit.
The personal loan top-up facility available is a reliable and flexible option to meet your financial needs. If you opt for a new loan that will cover both your existing loan amount and the top up, you will get one consolidated EMI amount comprising the entire value. Or else, if you opt to get a new loan to cover your financial requirements, you will pay separate EMIs for your existing loan and the loan Top-up.
Apart from an existing loan, you may need a top-up loan to fulfill your financial requirements hassle-free. Here are the major reasons to apply for a top-up loan.
If a customer has multiple loans, with a top-up option he can merge all the bills into one single debt, such that the overall rate of interest gets reduced. Debt consolidation can have a positive impact on your credit score.
Though you have availed a personal loan to meet your needs, sometimes you might need extra financial assistance. Top-up loan is the best option then. While your personal loan may serve one need, top-up loan will serve the others. You can choose a top-up loan from any bank and not necessarily from the lender that you chose for the personal loan. Using the personal loan balance transfer facility, you can transfer your existing loan amount, get lower rate of interest and then apply for a top up loan.
If you have availed a personal loan you can consider applying for a top-up loan instead of going for a separate loan to meet your financial needs.
Let's have a look at some of the major benefits of a top-up personal loan.
By availing a top-up loan on your personal loan you can pay off all other loans. Consolidating the loans can help minimize the overall interest cost which is the main reason opting for a top-up loan is the best option.
The documentation required to apply for a top-up loan is minimal for most of the banks. Having an existing relationship with the bank makes things easier as they have the complete credit and loan repayment history of the customer.
A bank where you have an existing relationship with processes the application for a top-up loan faster than a personal loan. Therefore, the loan amount disbursement is faster as well.
Most banks offer attractive interest rates on personal loan top-up as compared to other kinds of unsecured loans. Thus, it’s best to opt for a top-up loan if you already have an existing loan with the bank.
Most banks do not ask for any security or collateral when they avail a top-up loan.
When availing a top-up loan, the loan tenure depends on the outstanding balance, your repayment capacity as well as the loan amount you are applying for.
Some banks offer a top-up loan on balance transfer. For any reason, if you're willing to change your bank, you have the option to transfer your loan to another bank.
In case you are an existing customer with a bank/NBFC, you can apply for a top-up loan, in case the facility is available. If the top-up facility is not available, you can transfer your current loan to other financial institution using a balance transfer facility, and then apply for the top-up loan with them.
The eligibility criteria for top up loans vary from lender to lender. But here are some generic factors that affect the eligibility of the Personal Loan Top Up
Having a good repayment history gives an assurance to the lender that you will be able to repay the loan. Since Personal loan top-up is unsecured product and no collateral is involved, the risk it encompasses also increase. Hence, having a good credit score and good repayment record is very necessary.
A top-up loan is the loan offered above the existing loan. Hence to apply for a top-up loan, you must have an existing loan.
Calculate personal loan eligibility with personal loan eligibility calculator.
Identity Proof: Aadhaar card/PAN Card/Voter ID Card/Passport
Address proof: Rental agreement/Passport/Electricity or Gas bills, etc.
Salary slips or bank statement of last 3 months.
Avail a personal loan with enjoy complete transparency. There are no hidden charges at all. We offer these loans with low fees, competitive interest rates and nominal charges. You can know more about the fees and charges with Finserv MARKETS here.
Personalized choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Finserv MARKETS App.
If your current lender provides the top-up option, you can apply for the same with them else you can opt for top-up loan with balance transfer facility.
Yes, you can take a top-up on Personal Loan.
A customer can avail a top-up loan of up to Rs. 35 Lakhs
Top-up loan lets you fulfill your financial requirement at lower interest rate and with tax benefits.
Yes, you can add top-up to an existing loan.
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.
Posted on 28 Nov 20
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.
Posted on 28 Nov 20
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.
Posted on 28 Nov 20
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.
Posted on 27 Nov 20
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.
Posted on 27 Nov 20
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.
Posted on 14 May 19
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.
Posted on 10 Jan 20
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!
Posted on 23 Oct 19