In case you have an active personal loan and you require immediate funds for any emergency then you have an option of applying for a personal top-up loan. The amount is added on top of your active personal loan account and the balance amount is squared off. The eligibility depends only on a specific number of EMI payments.
With this, you can cover your emergency expenses such as medical, traveling, weddings, and more. We will discuss features of a personal top-up loan:
- The loan is granted to those who have an active personal loan account. Being said, you need to have a clear payment record and there should be no dues from your end.
- There is no fixed limit for a personal top-up loan amount; different lenders have different methods of calculation.
- The biggest advantage of choosing a top-up on a personal loan is minimal or no paperwork. No need to submit the same documents to the lender. However, it is subjective as every lender has different guidelines.
- The amount is disbursed directly into the applicants’ bank account and can be used for multiple purposes.
- Having a good CIBIL score is equally important for personal lending.
How To Apply For a Personal Loan Top-Up?
It can be availed by contacting your lender and if your lender does not have the facility to provide you top-up on your loan, you can transfer the balance and apply for a loan top-up with a new lender.
Lenders like Bajaj Finserv provide their customers with pre-approved offers. So, you can check the offer by filling up the contact form.