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.
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.
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.
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.
A top-up loan can be used for a number of reasons, including home renovation, meeting personal expenses, funding for education, etc.
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).
Top-up loans are approved on the same terms and interest rate as that of the original loan. In some cases however, depending on your relationship with your lender, your eligibility, and your lender’s policy, the lender may even agree to a different interest rate or tenure, or may agree to waive off certain charges.
The loan tenure of the top-up loan is based on the tenor of the original loan. For example, if taken against a home loan, the tenure can go up to 20 years or the balance loan tenure.
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:
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.
You can take our personal loan for a variety of reasons.
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