A Top-up Loan is like cherry on the top of a cheesecake. An added benefit available with leading lenders for Home Loan applicants so they can meet various financial needs including emergencies. Not just that, there are various methods to ways you can utilise your Top Up Loan :
Benefits of Availing a Top Loan
Available at a lower Interest rate: In situations when you require a short financial advance to support your critical financial needs, you can go for a Top Up Loan instead of a personal loan. As this is a supplementary loan facility that appears with a Home Loan, banks/NBFC offer it at an inexpensive interest rate.
They are your saviour: When you talk about loans, usage of nearly every loan is watched by the banker, but the Top Up Loan is clear from such investigation. You are free to use the funds as per your preferences. Just, use this supplementary Top Up Loan and rake its amazing benefits for numerous purposes like repaying another debt, finance your education, renew your house, pay for your added business expense etc. The only condition is, you have to have a Home Loan in your name.
- Helps you improve your CIBIL score: It is not hidden anymore that taking financial loans to satisfy your minor and major needs adds points to your CIBIL score. But, taking financial loans constantly make lenders dubious about your credit hungry behaviour, that’s when you can benefit from Top Up Loans. The Top Up Loan is an additional loan which doesn't have anything to do with credit hungry behaviour, so you can avail the benefit if the option is available to your lender.
- You don’t need a collateral: As the Top Up Loan is available with an existing Home Loan, there is no need for collateral security to avail it. If your home or business loan is yet not settled, you can avail the extra financial help without any worries.