Personal LoanTop Up

You can control a wide range of expenses using personal loans. Personal loans help you with all of your financial needs, including costly emergency medical procedures, dream weddings, and stress-free vacations. To help you obtain more funds, many lenders today offer a top-up facility. Learn about the definition, advantages, requirements for eligibility, required paperwork, and application process of a personal loan top-up.

What is a Personal Loan Top Up?

One option that lets you extend your current Personal Loan repayment while continuing to make monthly payments on your existing Personal Loan is called a Personal Loan Top-Up. Like a standard personal loan, this one operates in the same manner, and you are free to spend the money you borrow for whatever purpose without having to put up any collateral or comply with any usage limitations.

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A Four-Step Guide to Efficient Financing

1
Complete Your Basic Details
2
Check Your Soft Eligibilty
3
Complete Your Details
4
Get Disbursal in account

Benefit of Personal Loan Top Up

Fast Disbursal and Processing

If the bank or financial institution already has a personal loan on file for you, they might handle your application more quickly. Once the verification process is over, the loan money is released. This makes these loans ideal for unexpected expenses.

Hardly any documentation

From lender to lender, the documentation may differ. Since the paperwork was completed during the main loan's disbursement, some lenders might not need any at all to apply for a top-up. But some lenders might only need the bare minimum of paperwork to complete the loan application.

Rates of interest or charges

Depending on the lender, top-up loans could have lower processing fees or interest rates than new loans.

Duration of Loan

The top-up loan's term is limited to the initial loan's term. You can therefore select a tenure that is equal to or shorter than your current one.

No security is required

You are not required to put up any collateral or security as collateral for a top-up personal loan because it is an unsecured loan type.

Merged EMIs

Your EMIs may be consolidated with some banks or financial institutions. This implies that you can pay back the entire principal loan amount plus the additional loan amount in a single EMI. As a result, you may better organise your payments because you won't need to keep track of distinct due dates.



Eligibility Criteria of Personal Loan Top Up

You have to meet the following requirements in order to be eligible for a Personal Loan top-up:

  • The lender should already know you and have an active Personal Loan.
  • Every EMI for the current loan should have been paid back on schedule by you.
  • Applying for a Top-Up Loan should come after you've paid back a certain amount of your loan, usually 12 EMIs.
  • Demonstration of your ability to repay the loan is required.
  • A respectable credit score—ideally 750 or higher—should be yours.

EMI Calculator

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Documents Required for Personal Loan Top Up

Since the paperwork and documentation for the existing loan have previously been completed and verified, the documentation process for top-up personal loans is rather minimal. The following are the typical paperwork needed to apply for a personal loan:

  • Identification documents like a driver's license, passport, Aadhaar, Election Commission, and/or PAN serve as proof of identity.
  • Three months' worth of pay stubs (for those who are salaried).
  • Proof of residential address in the form of utility bills, passports, rental agreements, etc.
  • Information about income for three months in a bank statement.
  • Passport-size photographs.

How to Apply for Personal Loan Top Up

  • Visit the official website Fincrif.com .
  • Firstly , login with your name and number .
  • Then fill your employment type.
  • Verify OTP.
  • Upload all the documents and submit .
  • Last , you will get a call from the Fincrif team and help you to proceed next.