Have you heard about the personal top up loan? It is a unique financial facility offered by leading banks and non-banking finance companies (NBFCs) to select customers.
If you have already availed a personal loan with a bank and you still have some needs to cover, then the personal top up loan can help you.
Let’s know more about it in this post and factors that can help you avail it without hassles!
What is a personal top up loan?
The personal top up loan is a financial facility that lets you borrow a large amount over and above your existing personal loan. You may need money during various junctures of life. And that’s when a personal top up loan may help. Most of the people avail a top up loan because of reasons such as:
- Medical emergencies
- Home renovations
- Business expansions
- Sending children off to an overseas location for quality higher education
- Upcoming marriage in the family
- Buy a new or used car
- Going on a vacation
The personal top up loan is a way out to cover any other needs that your existing personal loan may not cover.
What to consider before applying for the personal top up loan?
- You need to have an existing personal loan account
The basic condition that you need to fulfil before applying for the personal top up loan is having an ongoing personal loan account. Yes, you must have already taken the personal loan with a lender. If you are an existing personal loan user, then your lender may let you opt for the low interest personal loan top up facility.
- You need to meet the lender’s eligibility criteria
The personal loan eligibility criteria for availing the top up loan are simple. All that you need to do is be the existing personal loan customer with a lender. Along with this, you should have also paid at least 12 EMIs for the ongoing loan.
- You need to furnish some valid documents
You will need to furnish some relevant documents for being able to apply for the personal top up loan. You will need to submit:
- KYC Documents
- Employee ID Card
- Salary slips of last 2 months
- Last 3 months’ Salaried bank account statement
What are the benefits of the personal top up loan?
- Loan of up to Rs.25 lakh
You can get an approval for a large amount of up to Rs.25 lakh. And it is given over and above your ongoing personal loan account. This way, you can meet any of your needs without issues.
- Quick loan processing and disbursal
The personal top up loan comes with quick loan processing and fast disbursal of money. This way, you can utilize the money instantly.
- Online application process
You have the freedom to apply for the loan from the comforts of your home. And it is a nice way to stay at home during this Pandemic and still avail the facility. It also reduces the loan processing time and helps you get funds quickly.
If you are already a personal loan customer and have more financial needs to cover, then you can count on the personal top up loan facility.
You can get in touch with your lender now and ask for the personal top up loan facility to apply for it online.