What is Personal Loan?

A Personal Loan is one that is granted for personal use, which is unsecured and totally based on the borrowers integrity. It can be easily obtained for any purpose. Getting a personal loan is much easier if the person has high income, substantial collateral and good credit score.

Apply Online for Personal Loan Top-Up

What is Personal Loan Top-Up?

Personal Loan Top Up is an additional loan which is taken by the borrower on the existing loan given by the lender. The Top-Up amount is decided based on the current loan income and repayment track. Top-Up loan availed for different requirements is based on value of the property. Customer can get additional funds against the security of the same property. A period of 6 months is required for the loan to be sanctioned.

Personal Loan Top-Up can be availed for:

  1. Consumer durable.
  2. Family holiday.
  3. Child education.
  4. The product is applicable only for fully disbursed cases with no disbursement document pending
  5. The interest rates are priced lower than any personal loan rates.
  6. Salaried or Self employed professional can easily avail this loan.
  7. The person can take this loan after 1 or 2 years after the final disbursement of the existing loan.

How does it work?

The logic behind a personal loan top up is that person has already started to pay off their loan amount; hence the bank will reduce the loan amount with each monthly payment. A top up loan helps the person to obtain a loan that is urgently required to fulfill their personal needs.

Key Features of Personal Loan Top-Up

  1. Person can avail a personal loan top-up only to existing loan.
  2. The term period of personal loan top-up is 10 to 20 years depending on the existing loan term.
  3. Bank can offer a top-up loan amount as a maximum of Rs 10lac because the top-up amount depends upon the balance of the existing loan.
  4. Borrowers can also get a tax benefit on the top-up loan money. The tax rebated from top-up loan is comprehensive of the tax return on current personal loan.

Personal Loan Calculator Personal Loan Interest Rates
Personal Loan Calculator Personal Loan Interest Rates