All You Need To Know About Personal Top Up loan

Life is unpredictable! You can find yourself in the middle of many situations like needing the funds for an upcoming marriage in your family or the business expansion. 

You may also need money for a sudden medical emergency, debt consolidation and beyond. But what if you don’t have enough money to cover all needs? 

Nothing to worry as you can count on the personal top up loan facility offered by many lenders in India. 

Yes, if you are an eligible customer, then you can get a large loan amount to meet the entire needs. 

If you wanted to know all about personal loan top up, then this post is a must-read. 

What is a personal loan top up?

Have you availed of a personal loan? If yes, then you can apply for a top up loan over and above your existing account. If you have taken a personal loan, then some reputed lenders can also let you avail an instant personal loan top up facility. Based on your eligibility, you can avail an amount as high as up to Rs.25 lakh. 

What is the need to apply for a personal loan top up?

Suppose if you have an ongoing personal loan account and still have some monetary needs to cover, then the personal loan top up could be of great help. Since you are already the customer of the lender, not many formalities will be asked to fulfil for the second loan. 

What are the benefits of applying for the personal loan top up?

  1. A large loan amount 

You can apply for a loan amount of up to Rs.25 lakh over and above your existing personal loan. A large loan amount means being able to cover all needs easily. 

  1. Easy to meet eligibility 

Most of the leading lenders provide personal loan top up if you have managed to pay at least 12 EMIs of your existing personal loan. However, there may be some changes to the way the personal loan eligibility criteria for the top up loan is formulated. Hence, you need to be double sure of your lenders’ terms and conditions before applying. 

  1. Negligible documentation 

Submission of some basic documents is also a part of your personal loan eligibility criteria. But the documents needed for a personal loan top up is minimal. All that you will need to furnish includes: 

  • KYC Documents 
  • Employee ID Card
  • Last 2 months’ Salary Slips 
  • Previous 3 months’ bank account statements of the Salaried account 
  1. Quick loan processing 

Once you apply for the online instant personal loan, the lender may quickly process your request. And that means saving a great deal of time and efforts. 

  1. Faster money disbursal 

After you have the loan approval, your lender may not take much time to transfer the loan amount to your bank account. The standard time taken is 24 hours. The time taken for money disbursement is short so that you can quickly access the funds. 

  1. Tax benefits 

You may not know, but the personal loan top up comes with tax benefits. Yes, you can claim that if you use the loan amount for buying a home (interest + principal). It is not the end of it! You are also eligible for tax benefits on personal loan if you use the loan amount for renovating your home. 

Is it a wise decision to apply for a personal loan top up?

If you have availed a personal loan in the first place and can’t meet your needs, then your lender has come with the solution of personal loan top up. 

If you think you have the affordability to repay it, then it is a smart decision to make. 

You can always use the free to use personal loan EMI calculator in advance. It can help you know an exact EMI that you will need to repay. 

This way, you will have an idea of adjusting your existing expenses in the month to manage repayments without defaults.  

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