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Tata Capital > Blog > Personal Use Loan > Personal Loan Top Up

Personal Use Loan

Personal Loan Top Up

Personal Loan Top Up

A personal loan top-up is an additional loan you can borrow over your existing personal loan. It’s a convenient solution for those who need extra funds without going through a fresh loan application process. 

Whether you need funds for home renovations, medical expenses, or unplanned financial needs, a top-up loan offers quick access to extra cash with relatively low hassle. Plus, it typically comes with competitive interest rates and flexible repayment terms, making it a practical choice for borrowers.

Just like a standard personal loan, the top-up loan requires no collateral and you can use the extra cash for any type of expense.

Features and Benefits of Personal Loan Top Up

  1. Quick Access to Additional Funds: Personal Loan Top Up offers fast and easy access to extra cash when needed.
  2. Hassle-Free Application: Simple online application process for existing loan borrowers.
  3. No Collateral Required: Borrow additional funds without the need for new collateral.
  4. Flexible Usage: Use the top-up loan for any personal expenses, from home renovation to travel.
  5. Competitive Interest Rates: Often comes with attractive interest rates, making it a cost-effective option.
  6. Minimal Documentation: Requires less paperwork, as your lender already has your details.
  7. Improves Credit Score: Timely repayment can enhance your creditworthiness.

Fees & Charges on Top Up Personal Loan

Fees and charges for top up personal loan are as follows-

ChargesRate
Penal charges3% per month on defaulted amount
Dishonour of any chequeRs. 600 per cheque
Statement of accountsRs. 250 + GST
Payment instrument swapping chargesRs. 550 GST per instance
Stamp duty chargesAs per applicable laws of the state
Foreclosure charges4.5% on the principal outstanding at the time of foreclosure.2.50% on the future principal outstanding on existing loan.

Eligibility Criteria for Personal Loan Top-Up

The first step is to fulfill the top-up on personal loan eligibility criteria –

– You must have an existing loan with the lender.

– Lenders can only give you a top-up after you’ve repaid a certain portion of the outstanding loan.

– stable income is a must as it instills confidence in the lender about your repayment capability.

– A healthy CIBIL score is critical as it proves your creditworthiness.

– A proper track record of timely EMI payments is a must.

Additional Read: Difference between Top-Up Loan and Personal Loan

Documents Required for Personal Loan Top Up

Following are some common documents that lenders ask for –

– Address proof such as your passport, utility bills, rent agreement paperwork, etc.

– Identity proof such as your PAN card, Aadhar card, Voter ID, passport, driving license, etc.

– Income proof

– Passport-size photographs

– Last three month’s salary statements, for salaried applicants

How to Apply for Personal Loan Top Up

There are two ways of receiving a top-up on your loan. The first one is where you can apply for the same with your current lender. Provided, they offer personal finance top-ups, and you have already repaid a portion of the pre-existing loan through regular EMIs. After meeting all eligibility requirements, you can visit your lender’s nearest branch or check their website and fill out an online or offline application form.

In the second option, you can opt for a ‘balance transfer’. In this scenario, you will be shifting your current financing to another lender and then applying for a top-up on the active loan. You can also choose this method when other lenders offer better personal loan interest rates or longer repayment durations.

Further, before applying for a top-up, experts recommend you use an online personal loan EMI calculator, to accurately calculate the modified EMI you’ll pay. Do this by filling out the revised loan terms, such as – amount, tenure, and interest rate into the calculator.

Additional Read: Tips to Better Manage your Personal & Top-Up Loans

Conclusion

If you’re actively searching for lenders offering attractive top-ups, come to Tata Capital. Choose our personal loan for self-employed and salaried individuals for flexible financing terms, straightforward documentation procedures, and competitive interest rates.

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FAQs

What is the maximum top up loan amount that I can avail?

The maximum amount depends on factors like your existing loan balance, repayment history, and lender policies. Typically, it’s capped at a percentage of the original loan or your repayment capacity.

What is the maximum tenure for a top-up loan?

Top-up loans usually have a maximum tenure matching the remaining tenure of your original loan, though some lenders may offer a longer tenure, depending on the loan type and conditions.

Can I get a top up loan on any type of loan?

Top up loans are typically available on personal loans. However, some lenders may also offer top-up loan facilities on other loans such as home loans.

What is a top-up loan?

A top-up loan is an additional amount you can borrow on top of your existing personal loan. It’s a convenient option for those who need extra funds without applying for a new loan.

What are the benefits of a personal loan top-up?

A top-up loan lets you borrow additional funds on your existing personal loan with minimal paperwork and no collateral. It offers competitive rates, flexible use, and quick approval, depending on your loan eligibility and repayment capacity. Timely repayments could also help improve your credit score.

What is the maximum top-up loan amount I can get?

The maximum top-up loan amount depends on the lender. Generally, it is determined by your overall loan eligibility after considering the outstanding balance on your current personal loan and other existing loans.

Can I apply for a top-up loan if I already have loans?

Approval for a top-up loan typically depends on the lender’s evaluation of your repayment capacity and existing loan obligations.
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