Top-up Personal Loan

A top-up personal loan can come to your rescue if you need money in addition to what you initially borrowed. These loans can help you cover unexpected expenditures with ease. The personal loan top-up facility allows you to get extra funds from your current personal loan provider.

You can use this loan to address urgent financial needs. However, the eligibility criteria for these loans depend on the lender. You can now opt for this loan through Bajaj Markets. To get it hassle-free, here are a few details you need to know about top-ups on personal loans.

Here is a table representing interest rates for a few partner institutions providing personal loan top-ups:

Most loans include additional charges and fees for certain facilities, along with a few mandatory charges. Check the table to understand these in detail.

Disclaimer: As these values vary from one lender to another, please contact your lender to know more.

Getting a top-up personal loan can help you address a variety of needs, some of which include:

• Debt Consolidation

If you have multiple loans, you can merge all of them with a top-up personal loan to reduce the overall interest rate. The act of consolidating debt can have a positive impact on your credit score.

• To Fulfil Other Financial Requirements

A top-up loan is ideal when you need additional financial assistance. Such loans prove to be useful when unexpected needs arise due to:

• Loss of job

• Sudden medical treatment

• Increase in home renovation costs

• Shortage of funds during a wedding

• Upskilling or education

• Setting up a freelance business

• Meeting a short-term financial gap

Here are some key points to understand the differences between a personal loan and a personal loan top-up:

Each type of loan comes with its own eligibility and documentation requirements. Similarly, the personal loan top-up eligibility terms vary across lenders. Some of the terms include:

• Repayment Track Record

Maintaining a good repayment history instills confidence in the lender, assuring them you will be able to repay the loan. Because top-up personal loans are unsecured, the repayment method of an existing loan is crucial in approving your application.

• Existing Loan

To apply for a top-up personal loan, you need to have an existing loan with the same lender.

• Good Credit Score

Having a good credit score is essential to getting a top-up personal loan. It indicates that you have a strong financial profile and have repaid credit responsibly in the past. Thus, a CIBIL score of 750 or above can increase your chances of approval for this loan.

• Display of Financial Capacity

Lenders require you to show your financial capacity through your income, employment records, or bank statements. This gives the lender confidence that you are likely to repay on time, increasing the chances of your loan approval.

You need to submit relevant documents when applying for a loan, as this helps the lender in verifying your identity. Here are some top-up loan documents required by most lenders:

• Identity Proof: Aadhaar card, PAN, Voter’s ID, passport

• Address Proof: Rental agreement, passport, electricity/gas bills, etc.

• Bank statements or salary slips for the last 3 months

• Passport-size photographs

Applying for a top-up personal loan is a convenient and simple process that you can carry out online. With the help of the steps mentioned below, you can send in your top-up loan application.

1. To get a top-up personal loan, complete and submit the online top-up loan application form. Share your professional and personal details.

2. Choose the loan amount from the lending partner and then add the tenure.

3. Submit the required documents with the completed application form.

Once approved, you will receive the personal loan top-up amount in your bank account, typically within 24 hours. That’s all it takes to apply for a top-up personal loan at Bajaj Markets.

Be it a marriage loan or travel loan; top-up financing comes without any end-use restrictions, like a personal loan. Another benefit is that you can get a top-up on a personal loan without any collateral.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.