Can I Increase My Personal Loan Amount?

When it comes to funding a major expense out of the blue, having enough savings in your bank account to tide you over is the ideal scenario. In real life, that rarely happens.

Why Do You Need a Personal Loan?

It is not always feasible to increase your savings quotient on your earnings to amass a large corpus. Moreover, emergencies such as medical expenses are hard to plan for. Under such circumstances, an instant personal loan is a life saver.

Today, personal loans are one of the most popular financial products across the globe. Applicants can simply use the Personal Loan Eligibility Calculator online to run a check on the maximum loan amount they may be able to get. Moreover, unlike home loans, personal loans are unsecured in nature which means that applicants are not required to put up collateral against the loan. Most loans require basic documentation and come with the flexibility of tenure between 12-60 months.

If you wish to check your monthly financial outlay on the personal loan, just use our Personal Loan EMI Calculator to get a near accurate estimate on the EMI amount.

Additionally, interest rates on the loan are much more competitive in comparison to credit cards making it an attractive finance option for many in need of instant cash. Moreover, almost the entire process of application to disbursal can be carried out online.

What if You Want to Increase Your Personal Loan Amount?

When you take out a personal loan, you are required to abide by a set of terms and conditions that is outlined in the loan agreement. This typically includes the loan amount disbursed, rate of interest to be paid, repayment period and more. However, circumstances may not always be in your control and therefore you may need to increase the personal loan amount.

If that is indeed the case, then there are certain approaches that can help you fulfil your requirements.

1. If You have an Ongoing Personal Loan:
   If you have a personal loan already in your name and need additional funds over and above that, then the first approach will be to explore how to increase the personal loan amount on the existing one. If there is a top-up option available with your lender then your need for an increase on the personal loan amount is addressed right away.
   
   However, the decision to increase the amount of your current personal loan may negatively impact your credit rating. Discuss this with your lender before applying.
2. Apply for a Second Personal Loan: 
   You may choose to apply for a second instant personal loan with another lending partner. While the eligibility parameters to qualify for a second personal loan may differ from lender to lender, you will still need to have cleared at least three consecutive EMI payments on your ongoing personal loan to even be considered as a serious applicant.
   
   A second personal loan is not a guarantee as lenders take into account several factors prior to processing approval. Moreover, even if the loan is sanctioned, you may be subject to a higher rate of interest and limited flexibility in terms of interest rates, loan amount, etc. In such cases, it is advisable to apply for a personal loan balance transfer with a new lender. Depending on your eligibility and the lender’s policy, you may also be able to get a top-up amount over and above the principal amount outstanding from your current loans.
3. Apply For a New Loan with a Co-Applicant:
   Taking out a second personal loan as a single applicant may be a hard feat to pull off. Lenders are always wary of applicants who are already burdened with high financial obligations, especially if existing EMIs are more than 50-60% of the monthly income. Many may not entertain the request of extending additional credit or giving a top-up to increase the personal loan amount to such applicants. 
   
   In order to avoid rejection of your new loan application, you can re-apply for your instant personal loan with a co-borrower or co-applicant. If the co-applicant comes with a strong credit score and stable income, getting a new loan sanctioned could be a much easier process. Moreover, you may be eligible for lower interest rates and get a higher loan amount on your second borrowing.
   
   Having said that, both you and the co-applicant will be responsible for paying off the loan. However, if either party fails, the other is automatically liable to make the full repayment on the personal loan. If you are unsure of the monthly instalment amount, use our Personal Loan EMI Calculator to get an accurate estimate.

How to Apply for an Instant Personal Loan?

These steps are involved in applying for a personal loan at SMFG India Credit:

1. Enter Key Details

Provide the required details such as your mobile number, PAN, pincode, and employment type (salaried or self-employed).

2. Mobile Number Verification

Authenticate your phone number using a 6-digit OTP.

3. Give Additional Details

Provide your email address, date of birth, gender, and details on the annual household income. Also, ensure email ID verification.

4. Provide Employment Information

Furnish detailed information about your employment if you're salaried.

5. Provide a Bank Statement

Please share your bank statement by choosing one of the following methods: Net Banking, an Account Aggregator, or by uploading it. This information will help us generate a loan offer (only for salaried applicants).

6. Identity and Address Verification

Conduct the required digital verifications of your identity and share address details using CKYC, Offline Aadhaar XML-based KYC, or DigiLocker. Take a selfie to complete the identity verification process.

7. Share Your Banking Details

Enter your bank account details for verification.

8. Fill in Additional Information

Upon bank account verification, you'll be asked to fill out the 'Additional Details' section, including information on your marital status, the purpose of the loan, and parental names.

9. Set Up E-NACH for Re-payment

Choose between a debit card and internet banking for the re-payment mode and proceed with setting up E-NACH.

10. Review and Sign the Agreement

Digitally sign the loan agreement after reviewing it to acknowledge the terms and conditions, and validate the process with an OTP.

Advance toward your financial goals by following these easy loan application steps from SMFG India Credit.

Alternatively, you can always reach out to the customer support team on their toll free number (1800 103 6001) or email us at   .

Apply For Personal Loan Check your Eligibility