Top Up Personal Loan

Various banks and NBFCs (non-banking financial companies) offer personal loan top up. Here are the top up personal loan interest rate details of some of the top lenders in India:

• Available to existing personal loan customers: A top-up personal loan can only be availed only if you already have a personal loan account. To avail this loan, you must have a clean repayment track record and should have repaid the number of EMIs as specified by the lender for the current loan to be eligible for a top up. Usually 12 successful EMI payments are considered for sanctioning this loan. However, in some cases, like for Kotak top up loan, you have to pay only 9 EMIs.
• Loan amount: The quantum of loan offered under the personal loan top-up varies from lender to lender. However, most lenders do not sanction a top-up loan for an amount exceeding the amount of your original personal loan. In some cases, like for HDFC personal loan top up, you get up to Rs. 40 Lakhs.
• Attractive rate of interest: Most lenders offer top-up personal loans at the same interest rate applicable on the originally approved personal loan. Interest rates on top up loans are attractive. For example, Bank of Baroda top up loan comes with an interest rate starting from 10% p.a. Interest rates vary from one applicant to another for a personal loan top-up.
• Instant processing and disbursal: Since this loan is offered to only existing personal loan borrowers, lenders have already done checks on the borrowers. That is why they can get approval for HDFC top up loan or other top up loans much faster in comparison to applying for a new loan.
• Flexible tenure: A top-up personal loan can be repaid in a tenure of 12 to 60 months, depending on the remaining tenure of your existing loan.
• No collateral/security required: Being unsecured loans, you don’t need any collateral or security to avail a top-up on a personal loan.
• Multipurpose: You can use a top-up for multiple purposes just like a personal loan.
• Minimal documentation: In most cases, borrowers are not required to provide additional documents to get a top up loan as the paperwork is already done at the time of disbursal of the existing loan. This saves a lot of time and makes the overall process hassle-free.

Additional Info: SBI Overdraft Facility in detail.

ICICI Bank Top up Personal Loan 

Benefits

• ICICI Bank personal loan top up lets you opt for a new loan under which you get one consolidated EMI covering the entire value.
• Online application through the bank’s website and iMobile app.
• Simplified documentation ensures quick processing and disbursal.

HDFC Bank Top up Personal Loan

Benefits

• Check eligibility for HDFC bank personal loan top up in just 1 minute.
• Get loan amount sanctioned in just 1 day from the date of documents submission.
• Pre-approved customers of the bank can get a loan within 10 seconds.

SBI Top up Personal Loan

Benefits

• SBI top up personal loan comes with low interest rate charged on the daily reducing balance method.
• No hidden charges.
• Minimal documentation requirement.

Bank of Baroda Top up Personal Loan

Benefits

• Flexible tenure of repayment.
• Affordable interest rates.
• No collateral required.

IDFC FIRST Bank Top up Personal Loan

Benefits

• IDFC First Bank Personal Loan has Attractive rates of interest.
• You can get tax benefits on top up loans if the amount is used for the purchase of a house (principal and interest).
• No need to submit any collateral.

Kotak Mahindra Bank Top up Personal Loan

Benefits

• Kotak Mahindra Personal loan involve Minimal paperwork.
• Hassle-free processing and quick sanction of loan amount.
• Flexible repayment options.

Axis Bank Top up Personal Loan

Benefits

• Axis Bank personal loan top up needs minimal documentation.
• Flexible repayment tenure of 12 to 60 months.
• Personal Loan EMI Calculator available on the bank’s website to check the exact EMI amount for Axis personal loan top up that you would be required to pay.