Enjoy hassle-free processing with Top-Up Personal Loans
Do you already have a Personal Loan and need more money? Now you do not have to hold back your dreams because of the lack of funds. Several banks and financial institutions now offer Top-Up options on existing Personal Loans. Like any Regular Personal Loan, you can use Top-Up Personal Loans to serve various personal purposes such as weddings, vacations, medical emergencies, home renovation, etc.
A Top-Up Personal Loan is an additional loan you can get on your existing Personal Loan. You can apply for this loan from the same lender who sanctioned your original loan. This facility helps you get access to more funds while you are still repaying the existing loan. You can use the funds from the loan to pay for any additional expenses and financial requirements.
Here are the Eligibility Criteria for Top-Up Personal Loans:
Are you wondering how and when can I top-up my loan? We have you covered.
Firstly, you should check if your existing lender offers Top-Up loans. If a lender offers the top-up facility to existing customers, you can apply through them without providing any new documents. If not, you can look for other lenders providing Top-Up loans. In such a case, you must shift your active loan to another lender through balance transfer facilities and complete the documentation process. After the balance transfer is processed, you can apply for a Top-Up loan from your new lender.
You should consider topping up your loan to get a lower interest rate on your current loan and a more flexible repayment tenure. Remember to compare the costs associated with the top-up loan like processing fees, balance transfer fees, and more.
Top-Up Personal Loans prove helpful in many ways. You can use funds from the loan for debt consolidation, paying for financial emergencies, funding leisurely expenses and more. The maximum Top-Up loan you can get varies from lender to lender and primarily depends on the original loan amount repaid, remaining tenure of the original loan, income and other factors.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Also, you can open bank account online with us.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.