A top-up personal loan is a loan that you can take out on top of your current personal loan. This loan can be obtained from the same lender that approved your previous loan. This facility allows you to get more cash while continuing repaying an existing debt. You can utilise the loan cash to cover any additional costs or financial obligations.
Loans for Individuals
You would not be required to submit any collateral because you will be paying EMIs on the initial, unsecured loan.
Rapid Approval: If you apply for a top-up loan with your original lender, you'll obtain instant approval and a quick disbursement.
Extended Payback Period: Your lender may be willing to prolong your repayment period.
Low Interest Rates: On the Personal Loan Top-Up facility, lenders may update and provide reduced interest rates.
Discounts: You may be eligible for loan processing fees and other expenses to be waived or reduced.
Eligibility for a top-up loan
The following are the requirements for Top-Up Personal Loans:
You should already have a personal loan.
You should not have defaulted on the initial Loan EMIs since you should have paid them on time.
On the original loan, you should have paid at least 12 EMIs.
How can I apply for a personal loan to supplement my current income?
Do you want to know how and when you can pay off your loan? We've got you covered.
First and foremost, see if your current lender offers Top-Up loans. If a lender offers a top-up option to existing clients, you can apply without having to submit any additional papers. If not, you might seek for Top-Up loans from other lenders. In this scenario, you must complete the documentation process and transfer your active loan to another lender using balance transfer options. You can apply for a Top-Up loan from your new lender when the balance transfer is completed.
You might try topping up your loan to acquire a cheaper interest rate and a longer payback period on your present loan. Remember to weigh the charges of the top-up loan, such as processing fees, balance transfer fees, and other fees.
Last but not least,
Top-Up Personal Loans are beneficial in a variety of ways. You may utilise the money from the loan to consolidate debt, pay for financial crises, fund vacations, and more. The maximum Top-Up loan you may acquire varies by lender and is based on the initial loan amount repaid, the original loan's remaining term, your income, and other considerations.