With lending companies always trying to bring innovative solutions and offers for the loan seekers, people who have been taking loans or are seeking one, have been benefited largely from such solutions. In the following information, we will look at what exactly a top up personal loan is – also, we will come across the best platform where any loan seeker can apply for loans in the easiest way!
What is a Top Up Personal Loan?
A Top Up Personal Loan is an additional loan that is being provided by the lender by merging it with the existing loan. This means that if a loan borrower has an ongoing loan and he/she is in need of an
This is a very good option for loan takers who are in need of money due to any reason. They can simply opt for a top up loan without applying for a new loan – this would even save their time and efforts as for applying for a new loan, the loan seeker has to repeat the entire procedure – from submitting documents to waiting for the loan offers. But, it is not mandatory that every loan taker can get a top up loan.
To access a top up loan, the loan taker must have a good impression in front of the lender – by good impression, we mean that the loan taker has been repaying the existing loan in a timely manner in the form of the decided EMIs (Equated Monthly installments), the loan taker has a good relationship with the lender, and there have been no obstructions in the repayment of the current loan.
Also, in some cases, the rate of interest charged by the lender for the top up loan is lower than the interest rate charged for the existing loan – this can happen only when the lender is highly entrusting the loan taker with timely repayments and the nature of the past repayments.
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There are some features of the top up loan that the loan taker has to accept and adhere to while going for a top up loan. As a top up loan is given as an addition to the existing loan, the banks or lending companies can only provide a top up loan if the loan taker has an ongoing loan with their bank only. For example, if a person has an active personal loan from 'X' bank and wishes to apply for a top up loan, then that person can only apply for a top up loan from 'X' bank only – any other bank won't be able to provide a top up loan in such a case.
In general cases, the tenure of the top up loan approved by the lending firm can range from 10 years to 20 years – this too depends on the nature of the existing loan. Getting such loan repayment tenures can give the comfort of having lesser EMIs to the loan takers. Having lesser EMIs (Equated Monthly installments) can help the loan takers plan their monthly financial plannings and won't put much stress in terms of monetary aspects.
Generally, the loan amount approved for a top up loan depends on the pending amount of the existing loan. It is a noteworthy fact that all the banks and financial companies have different criteria for everything, including top up loans. So, the final requirements, eligibility, and specifics of the top up loan are entirely dependent on the bank's rules and regulations.
Where Can I Get A Seamless Personal Loan From?
The straight answer is Nowofloan.com! Yes, the easiest and the most friendly way to get a personal loan is by visiting Nowofloan.com and opting for their Premium Membership Card which has some of the most amazing perks to offer to loan seekers:
- Get Pre-Approved Personal Loan Offers from Multiple Banks and NBFCs
- Get 3 Months of Free Expert Consultancy
- Get 60% Referral Payout Bonus
- 100% Online Loan Process – You can get a personal loan just by relaxing at your home!
- One of the best features is that Your CIBIL Score won't be impacted even after multiple bank verification
- Get Uninterrupted On-Call Assistance
Nowofloan.com is India's number one loan service provider – the company is one of the most acclaimed, reliable and trustworthy in the market. Also, one of the best perks that Nowofloan.com has is that it is partnered with Multiple Leading Banks and NBFCs (Non-Banking Financial Companies) – giving its customers a wide range of loan offers to choose from.