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Topup Loan
Are you planning to expand your business to another sector?
Want to have additional working capital for running your business smoothly?
If you’re referring to the term “top-up loan,” it typically refers to a type of loan offered by financial institutions that allows borrowers to borrow additional funds on top of an existing loan. The additional amount is added to the outstanding balance of the existing loan.
Top-up personal loans are offered to existing personal loan borrowers by their existing lenders to avail additional loan amounts over and above their outstanding personal loan amount. This loan amount is usually offered to the select existing personal loan borrowers having satisfactory loan repayment history and having completed a specified number of EMIs. Similar to a personal loan, a top-up personal loan can be used for various personal purposes, such as for meeting wedding expenses, vacation expenses, medical and hospitalisation expenses, home renovation, and much more. Read on for its features, interest rates, eligibility criteria, and benefits.
Top-up Loan Eligibility Criteria
You can avail a top-up personal loan only if you have an outstanding personal loan (existing relationship) with the lender
A top-up loan can be availed only after a certain stipulated time has passed- after you have repaid a certain portion of your loan
You must have a clean repayment track record and there should be no overdue EMIs/ missed EMI payments
You should also have adequate loan repayment capacity
You should have a good CIBIL/credit score, as it points towards higher creditworthiness and a lower repayment burden
Documents Required
Minimal or no documentation is required to avail a top-up loan since you already have an existing personal loan (relationship) with the lender. Many lenders also offer pre-approved instant top up personal loan to their existing personal loan borrowers.
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