A top-up personal loan is an extra amount that you can acquire on a current personal loan after you have finished a predefined number of EMI installments. Like a personal loan, a top-up loan 2022 includes end-use for different personal purposes like wedding costs, excursion costs, health-related crises, home remodel and the sky is the limit from there. Key advantages of choosing a top-up loan over another personal loan might be no documentation while the interest rate offered stays as before as the originally approved personal loan.
Features of a Top-up Personal Loan Following are a couple of key elements of a top-up personal loan:
Accessible just on a current personal loan: You can avail of a top-up loan in 2022 in particular if you have a current personal loan. Normally you need to have a perfect installment history and need to have finished a predetermined number of EMI installments for the current loan to be qualified.
Loan amount: The most extreme loan amount presented under the top-up loan class changes starting with one moneylender then onto the next. However, most banks usually don't offer top-up loans for amounts surpassing the measure of the first loan.
Flexible repayment tenure: You can avail of a top-up on your existing loan for a tenure between 12 to 60 months depending on the outstanding tenure of your current loan.
Requires no guarantee/security: No insurance or security is needed to get a top-up on your own loan.
Adaptable end use: You can avail of a top-up on your remarkable personal loan to pay for different personal monetary uses, like a personal loan.
Qualification Criteria
The following are the generic eligibility criteria that you should keep in mind while applying for a top-up loan 2022:
You can avail of a top-up personal loan if you have an already existing personal loan (existing relationship) with the bank.
A top-up loan can be availed solely after a specific time and a particular number of EMIS.
You should have a good credit history and there should not be any due EMIs/missed EMI installments.
Documents required for Top-up Personal Loan List of generic documents for a top-up loan since you as of now has a current personal loan (relationship) with the moneylender. Nonetheless, the documentation necessity might differ starting with one moneylender then onto the next. Here is a rundown of some common documents that might be needed to avail of a top-up loan:
Identity proof: Aadhaar card/Passport/PAN card/elector ID card/driving permit, and so forth
Address proof: Rent understanding/service charges/identification, and so forth
Pay confirmation:
Most recent 3 months' bank statements
Most recent 3 months' salary slips (For salaried candidates)
Passport size photos
Advantages of Top-up Loans Most people who have already availed of a loan usually consider applying for a top-up loan as opposed to going for a different loan to meet their new/extra monetary requirements. Some of the significant advantages of a top-up loan are mentioned here.
Decrease Interest Burden: Borrowers can decide to avail a top-up loan on their current personal loans and use it to take care of exorbitant interest obligations, for example, credit card dues. This can assist them with paying off their obligation trouble and combine their obligation to help simpler repayment.
Negligible Documentation: Typically no extra documentation is needed to apply for a top-up loan if there should be an occurrence of most loan specialists. This is predominantly on the grounds that the borrower has a current relationship with the bank and the moneylender additionally thinks about the loan and loan repayment history of the borrower. In any case, this documentation requirement might differ from one loan specialist to another.
Speedy Processing: Since the borrower and the bank have a current relationship due to the first loan, the moneylender measures the application for a top-up loan quicker than a personal loan. The loan amount payment is, consequently, quicker too. This can assist the borrower with gaining admittance to assets from the moneylender similarly quicker and consequently utilize the cash to meet his/her prompt monetary necessities.
Alluring Interest Rate: Most banks offer top-up loans at a similar interest rate as the first personal loan. This is likewise one of the fundamental justifications for why borrowers like to go for a top-up loan on the off chance that they as of now have a current loan.
No Security/Collateral Required: If there should arise an occurrence of most banks, borrowers are not needed to give any security or guarantee to avail a top-up personal loan. They may not require a guarantor by the same token. This can extensively decrease the measure of time taken to apply for a top-up loan when contrasted with another loan application
Conclusion: Lastly, a top-up loan 2022 is among the most affordable and best personal loans in India. You can even apply for this loan at a best instant personal loan interest rate and Afinoz can be of great help.