Top up Loans

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Enjoy hassle-free processing with Top-Up Personal Loans

Key Takeaways

• You can avail of Top-Up Personal Loans on an existing Personal Loan.
• Your eligibility for Top-Up loans increases if you have repaid EMIs of the current loan on time.
• You can apply through your original lender or transfer the loan to a new lender.
• You do not have to provide collateral as well.
• The lender may permit you to negotiate interest rates and extend your repayment tenures.

Do you already have a Personal Loan and need more money? Now you do not have to hold back your dreams because of the lack of funds. Several banks and financial institutions now offer Top-Up options on existing Personal Loans. Like any Regular Personal Loan, you can use Top-Up Personal Loans to serve various personal purposes such as weddings, vacations, medical emergencies, home renovation, etc.

What is a Top-Up Personal Loan?

A Top-Up Personal Loan is an additional loan you can get on your existing Personal Loan. You can apply for this loan from the same lender who sanctioned your original loan. This facility helps you get access to more funds while you are still repaying the existing loan. You can use the funds from the loan to pay for any additional expenses and financial requirements.

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Features & Benefits of Top-Up Personal Loan

• No Collateral: You do not have to provide any collateral as you would already be paying EMIs on the original, unsecured loan.
• Instant Approval: You can get instant approval and speedy disbursal if you apply for the top-up loan with your original lender.
• Extended Repayment Tenure: The lender may be open to the idea of extending your repayment tenure
• Affordable Interest Rates: Lenders may also revise and offer lower interest rates on the Personal Loan Top-Up facility
• Discounts: You may qualify for discounts or waivers on loan processing fees and other charges.

Top-Up loan Eligibility

Here are the Eligibility Criteria for Top-Up Personal Loans:

• You should have an existing Personal Loan.
• You should have repaid the original Loan EMIs on time without defaulting
• You should have repaid at least 12 EMIs on the original loan.

How to Apply for Top-Up Personal Loan?

Are you wondering how and when can I top-up my loan? We have you covered.

Firstly, you should check if your existing lender offers Top-Up loans. If a lender offers the top-up facility to existing customers, you can apply through them without providing any new documents. If not, you can look for other lenders providing Top-Up loans. In such a case, you must shift your active loan to another lender through balance transfer facilities and complete the documentation process. After the balance transfer is processed, you can apply for a Top-Up loan from your new lender.

You should consider topping up your loan to get a lower interest rate on your current loan and a more flexible repayment tenure. Remember to compare the costs associated with the top-up loan like processing fees, balance transfer fees, and more.

Final Note

Top-Up Personal Loans prove helpful in many ways. You can use funds from the loan for debt consolidation, paying for financial emergencies, funding leisurely expenses and more. The maximum Top-Up loan you can get varies from lender to lender and primarily depends on the original loan amount repaid, remaining tenure of the original loan, income and other factors.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Also, you can open bank account online with us.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.