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Tata Capital > Blog > Personal Use Loan > Personal Loan Top Up

Personal Use Loan

Personal Loan Top Up

Personal Loan Top Up


If you already have a personal loan and find yourself needing extra funds, a personal loan top-up could be the ideal solution. This additional loan is specifically for those who are currently paying off an existing personal loan. It's a hassle-free way to obtain extra money during your loan repayment period.

Just like a standard personal loan, the top-up loan requires no collateral and you can use the extra cash for any type of expense.

Features and Benefits of Personal Loan Top Up

  1. Quick Access to Additional Funds: Personal Loan Top Up offers fast and easy access to extra cash when needed.
  2. Hassle-Free Application: Simple online application process for existing loan borrowers.
  3. No Collateral Required: Borrow additional funds without the need for new collateral.
  4. Flexible Usage: Use the top-up loan for any personal expenses, from home renovation to travel.
  5. Competitive Interest Rates: Often comes with attractive interest rates, making it a cost-effective option.
  6. Minimal Documentation: Requires less paperwork, as your lender already has your details.
  7. Improves Credit Score: Timely repayment can enhance your creditworthiness.

Eligibility Criteria for Personal Loan Top-Up

The first step is to fulfill the top-up on personal loan eligibility criteria -

- You must have an existing loan with the lender.
- Lenders can only give you a top-up after you’ve repaid a certain portion of the outstanding loan.
- stable income is a must as it instills confidence in the lender about your repayment capability.
- A healthy CIBIL score is critical as it proves your creditworthiness.
- A proper track record of timely EMI payments is a must.

Additional Read: Difference between Top-Up Loan and Personal Loan

Documents Required for Personal Loan Top Up

Following are some common documents that lenders ask for -

- Address proof such as your passport, utility bills, rent agreement paperwork, etc.
- Identity proof such as your PAN card, Aadhar card, Voter ID, passport, driving license, etc.
- Income proof
- Passport-size photographs
- Last three month’s salary statements, for salaried applicants

How to apply for Personal Loan Top Up

There are two ways of receiving a top-up on your loan. The first one is where you can apply for the same with your current lender. Provided, they offer personal finance top-ups, and you have already repaid a portion of the pre-existing loan through regular EMIs. After meeting all eligibility requirements, you can visit your lender’s nearest branch or check their website and fill out an online or offline application form.

In the second option, you can opt for a ‘balance transfer’. In this scenario, you will be shifting your current financing to another lender and then applying for a top-up on the active loan. You can also choose this method when other lenders offer better personal loan interest rates or longer repayment durations.

Further, before applying for a top-up, experts recommend you use an online personal loan EMI calculator, to accurately calculate the modified EMI you’ll pay. Do this by filling out the revised loan terms, such as – amount, tenure, and interest rate into the calculator.

Additional Read: Tips to Better Manage your Personal & Top-Up Loans

Conclusion

If you’re actively searching for lenders offering attractive top-ups, come to Tata Capital. Choose our personal loan for self-employed and salaried individuals for flexible financing terms, straightforward documentation procedures, and competitive interest rates.

Visit our website today and learn all about our top-up options!

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