The bank will grant you a top-up loan in addition to your mortgage. In a similar way that you can top up your mobile balance when it gets low, banks also offer top-up loans over your current balance.
An immediate financial need can be met quickly and easily with a top-up loan. Without having to go through drawn-out procedures, people can receive instant disbursals.
If borrowers require additional funds beyond what was initially disbursed, they can apply for a top-up loan with the lender. Typically, the borrower's identity and income documentation are requested by the lender.
Personal loans offer quicker liquidity and are processed more quickly than other types of loans.
If a person already has a home loan with a bank, a top-up loan can be useful.
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Topup loan.pdf
1.
2. What is Top-up Loan?
The bank will grant you a
top-up loan in addition
to your mortgage. In a
similar way that you can
top up your mobile
balance when it gets low,
banks also offer top-up
loans over your current
balance.
3. What Makes a Top-Up Loan a Good
Option?
An immediate financial
need can be met quickly
and easily with a top-up
loan. Without having to
go through drawn-out
procedures, people can
receive instant
disbursals.
4. What is the Process of a Top-Up Loan?
If borrowers require
additional funds beyond
what was initially
disbursed, they can
apply for a top-up loan
with the lender.
Typically, the borrower's
identity and income
documentation are
requested by the lender.
5. Personal loans offer
quicker liquidity and are
processed more quickly
than other types of
loans.
If a person already has a
home loan with a bank, a
top-up loan can be
useful.
Top-up home loan vs a Personal loan
6. Features of Top-Up Loan
Eligibility
Tenure
No collateral or
security is needed
Utilisation
Rates of Interest
rapid processing and
distribution
7. Advantages Of Top-up Loans
The availability of loans
for a range of needs,
either personal or
professional.
If you have a financial
need, you are in a
favourable position.
Lower interest rate
compared to
Simple and convenient
EMI repayment options.
8. Top-up Loan Eligibility
AGE- 21 to 65 years old
PROFESSION Paid/Self-
Employed
NATIONALITY Indian
resident
GENDER-All Genders