Freo Top-up Personal Loan

A top-up personal loan from Freo (formerly MoneyTap) allows you to borrow additional funds over your borrowed loan amount. This facility is ideal for individuals with a strong repayment history who need extra funds without applying for a new loan.

Freo offers instant disbursals, simplified documentation, and flexible repayment terms, making it easier to access top-up funds. This top-up facility offers a seamless way to manage unexpected or urgent financial needs while continuing with your existing loan agreement.

Freo provides a top-up facility for existing personal loan customers. This enables you to access additional credit beyond your sanctioned limit without the need for new collateral or a full reapplication process. Approval for top-up loans is generally based on your creditworthiness and repayment history. 

The Freo top-up loan ensures swift access to additional funds and offers the flexibility to borrow as per your requirements. Here’s a quick look at the applicable fees and charges for a Freo top-up loan:

While Freo offers a flexible and user-friendly borrowing experience, it is important to be aware of the applicable charges. Below are the key fees you should keep in mind:

Since the top-up loan is an extension of your existing facility, maintaining a strong repayment history and a healthy credit score is essential. The loan amount and terms will be determined based on your current outstanding balance, monthly income, and credit profile. Eligibility requirements include:

• Your age should be between 23 and 58 years

• You should be a full-time salaried employee earning a minimum of ₹20,000 per month

• Your salary must be credited to a bank account; cash payments are not accepted

• You must have a strong credit score and consistent repayment record, it increase your chances of approval

To complete your Freo top-up personal loan application, you are required to submit a few essential documents for identity and address verification. These documents help establish your eligibility and facilitate smooth loan processing and usually include:

Follow these simple steps to apply for a Freo top-up loan:

Via the Mobile App

1. Download the ‘Freo - UPI, Insurance, Loans’ mobile app

2. Log in to your account linked to your existing personal loan

3. Fill in the top-up loan application form

4. Complete KYC verification if prompted (typically minimal for existing borrowers)

5. Submit your application for review and approval

Via Bajaj Markets

1. Visit the ‘Personal Loan’ page on Bajaj Markets and click on ‘Check Offers’

2. Complete the application form and specify your desired loan amount

3. Complete KYC verification if required (usually minimal for existing customers)

4. Submit your application for processing

You can transfer your existing personal loan to Freo by following the standard balance transfer process. While Freo may not provide detailed steps, the general process is as follows:

1. Evaluate the Offer

Compare Freo’s interest rates and terms with your current loan. Make sure the transfer offers clear financial benefits.

2. Submit a Balance Transfer Request

Share your personal details along with information about your existing loan. This includes the outstanding amount, loan tenure, and current lender.

3. Loan Approval and Disbursal

If eligible, Freo will approve your application. The required amount is then disbursed to your existing lender to close the old loan.

4. Begin Repayment with Freo

After your previous loan is closed, you start repaying Freo as per the new loan terms.

Below is a comparison to help you understand the key differences between the Freo top-up loan and personal loan: