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WHAT YOU NEED TO KNOW ABOUT TOP-UP LOANS?

Top-up loans are the best choice for those who already have existing loans and looking further for monetary support at a certain point of time. It can fulfill any of your personal and short term business needs. They are always cheaper than the other commercial loans. As the name reflects, top-up loan is benefited to the customer well beyond the pre-existing loan. Usually, the tenure for such an advance ranges from seven to ten years.

Most of the lenders offer this kind of advance to the borrowers who have an pre-existing personal loan or home loan. These loans are easy to secure but lenders have some criteria to disburse these kind of loan. In few cases, when your lender doesn’t provide you the top-up loan then you can go for a balance transfer with the other lender who offers a top-up loan. To get an approval for any kind of top-up loans, one has to be regular with you existing loan repayments.

A "Top-Up Loan" can be availed only if you have some existing loan either home or personal loan from the same lender. The tenure for the top-up of home loan can range from seven to ten years whereas tenure for the top-up of personal loan can go up to two years. Your outstanding amount will decide the loan amount approved on your top-up loan.  Your repayment history plays a great role in your top-up approval.

Home loan tops are usually provided for home renovation, construction etc. while one can consider taking a personal top-up for several needs such as urgent funds to fulfill personal requirements, short term funding for business requirements, to fund wedding expenses, travel expenses as well as looking for long tenure finances at low rate of interest with a minimal documentation.

The benefits associated with top-up are that they can be availed for variety of personal and professional requirements. They also have quick processing as you already have an existing relationship with the lender which requires minimal documentation. Also, they don’t need any details in prior as you are their existing customer. The top-up loans come with longer loan tenure, lower interest rates with simple repayment option.

To illustrate, if someone has an ongoing personal loan taken for 3 years ago, for an amount of 7 lakhs for tenure of 7 years. In case of any sudden emergency where you need urgent funds and don’t have enough funds then you are only left with the option of borrowing. Now, when you don’t have time to "Apply For Loan" then top-up for a personal loan provides you immediate funding without any delay in approval process.

Getting a top-up loan is the best choice ever in such kind of situations because it doesn’t require time to apply for and to wait long for the approval. You just need to talk your lender for applying a top-up loan. If you are eligible for the top-up, it will be allotted to you in few business hours and then you can easily fulfill your needs.

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