There are moments when you need extra cash flow and support you to achieve your dreams. A top-up loan is one such commodity that permits you to reach your ends when you fall short of reserves, in spite of getting a new loan. A top-up loan is a supplementary loan that you can get on an existing personal loan. Car loan, medical loan, wedding loan, education loan, so forth. Top up loans enable you to obtain a precise amount of money up and above your prevailing loan.
Benefits of availing a Top-up Loan:
Engaging Top-up loan interest rates.
No extra documentation (paperwork).
Swift processing and easy funding.
Easy repayment method.
Loan sum till Rs. 15 Lakh provided
Can be taken for several personal and professional needs.
The personal loan eligibility criteria for a top loan is:
You must have a prevailing loan from a lender.
You must be an Indian citizen.
You should be of a minimum of 21 years.
You should be a paid professional or a self-employed businessperson.
The greatest plus point of availing a top-up loan is you can utilize this additional loan sum for anything. There is no constraint on how you can use this loan and where you can use it.
How? a top-up loan is more beneficial than a fresh loan?
Below are the reasons why a top-up is a beneficial idea than appealing for a fresh loan.
1. Bypass many loans in your name: This assists you combine debt and avoid administering multiple loan forms in your name. Holding multiple loans can harm your CIBIL score as well.
2. No additional fees: If you have an existent home loan, a top-up loan comes without any additional costs. You’ll pay the least fee for arranging a top-up to get done on your home loan. Nevertheless, applying for a fresh loan implies it can be costlier with new processing fees and other such one-time fees.
3. Manageable interest rates: Interest rates for a personal loan are one of the most reasonable rates. A top-up loan also issues an affordable interest rate and is much more economical than gold loans or credit cards.
4. No or minimal paperwork: As the lender already has your papers and verification for the personal loan is completed, the documentation for the top-up loan will only be a formality.
5. Renegotiate for a larger duration: As a top-up loan improves your total loan amount, you can continually ask your lender to modify your loan course. If you increase your personal loan tenor by a few years, you can retain your EMIs inside your budget.
Conclusion- Vijaya Bank Personal Loan comes with added benefits. Visit the Dialabank website for more personal loan information.
Comentarios