What is a Top Up Loan?

A Top up loan meaning an extra loan is a financing option that is offered over and above the existing loan amount for products such as home loan and personal loan.

The top-up loan is offered to customers who have an existing relationship with the lender, have a good credit score and have repayment ability. A top-up loan is treated as a personal loan and can be obtained to meet different purposes such as home furnishing, funding children's education expenses, or for meeting other emergency expenses.

Features Of Top Up Loan

Eligibility

An approved personal loan from the lender doesn’t make one eligible for a top-up loan. There are plenty of factors that are considered before sanctioning a top-up loan for an applicant. Lenders mainly verify the repayment ability of the applicant based on their past patterns.

Financial institutions grant a top-up loan depending on how groomed the credit report is. A processing fee may or may not be charged based on the conditions applicable.

Tenure

The tenure of top-up loans varies from lender to lender. The top-up loan is sanctioned as an add-on to an existing loan. The tenure of the top-up loan is decided by the lender based on their policy as well as the nature of the loan product.

Interest Rates

Top-up loan interest rates are lower when compared to taking out a new personal loan for the same amount. Depending on the borrower’s repayment history & creditworthiness, the lender may also offer preferential rates or terms. 

Utilisation

A top-up loan can be used for a number of reasons, including home renovation, meeting personal expenses, funding for education, etc.

Quick and Easy Approval Process

As the lender already assessed the creditworthiness of the borrower, availing a top-up loan is quite easy and quick. Also, in most cases, you don't have to furnish extra documents for approval. However, if more than 2-3 years have passed, your lender may ask you to refurbish a few documents (like income proof, bank statements and address proof).

Reasons why you should Applying for a Top-Up Loan

An Alternative to Multiple Debts

Dealing with multiple loans availed of to cater to different needs like home renovation, medical emergencies, etc. can be extremely challenging on your finances. A top-up loan is your helping hand to ease your burden. Instead of applying for multiple loans, you can simply take a top-up loan for the amount you need, thereby maintaining a single loan which can help in reducing the interest payable and thus reducing the total amount payable.

Dealing with Emergency Requirements

If you are a customer of SMFG India Credit and are faced with a sudden need for funds such as last-minute wedding expenses, medical emergencies, children’s school fees, working capital for your self-employed business, etc, then apply for a top-up loan today for the extra amount you need. We promise to help you with the best possible solution as per your requirement and eligibility.

Loan Extensions

Sometimes, a top up loan could be a better solution than trying to renegotiate the terms of your existing loan by extending the tenure. A loan extension could increase the overall cost of the loan by a significant amount. On the other hand, a top up loan could help you with the funds you need to manage your current requirements and is much quicker to obtain.

Top-Up Loan Eligibility & Required Documents

The basic eligibility criteria for availing a top-up loan are that you should be an existing customer of SMFG India Credit. The other conditions are extremely basic - such as minimum salary, CIBIL score, and so on. The documents required for a top-up loan include recent salary slips, address proof and bank statements. In some cases, you may be only asked to submit an address proof.

Applying for a personal loan might be your savior that can help you get out of a debt trap. However, it is a move that significantly impacts your financial health and should be opted for only if necessary. Invest adequate time in research and familiarize yourself with the rules and regulations before making an application for a loan.

To understand more about top up loans, you can visit your nearest SMFG India Credit branch. You can find the nearest branch by using the branch locator tool on the website. You can also contact us on our toll free number 18001036001. We are available between 9:00 AM - 7:00 PM on all days except Sundays and public holidays. Lastly, you can also email your queries to [email protected].

How to Get a Top up Loan from SMFG India Credit?

For existing customers, SMFG India Credit offers top-up personal loans which can be availed with minimum documentation and without any hassles.

One can request a top-up loan in the following ways:

• SMFG India Credit mConnect app - You can login to the app and apply for a top up loan.
• Customer login section - Login to the “Service Connect” portal available on our website and raise a request for a top up loan.
• Click on the “Contact Us” tab on the top menu of this page and select “Existing customer”. After entering your details, please select “Disbursement / Loan related” and “Need top up loan” from the dropdowns. Submit your request.
• Visit your nearest SMFG India Credit branch. Our executives will be happy to assist you.

Please note that the eligibility criteria for a top-up loan are mostly similar to that of the original loan. Additionally, SMFG India Credit’s policy at the time of top-up loan application will determine other eligibility criteria as well as the terms of the loan.

APPLY NOW   CHECK YOUR ELIGIBILITY