The blog explains what a Top Up on Personal Loanis, detailing its features, benefits, eligibility criteria, documentation requirements, and application process.
With Personal Loan, you can manage all sorts of expenses. Whether you need to pay for urgent medical surgery, plan your dream wedding, or a relaxing vacation; Personal Loan help you do it all. Today, many lenders even provide a top-up facility that gives you access to more funds. Let’s find out what a Top up on Personal Loan is and understand its features and benefits, eligibility criteria, documentation, and application process.
A Top Up on Personal Loan is a facility that allows you to borrow more money from your existing Personal Loan lender while you are still repaying your ongoing Personal Loan. The loan works in the same way as a regular Personal Loan, and you can use the funds from the loan to pay for all kinds of expenses without providing any collateral, nor are there any end-use restrictions on the loan funds.
Unsecured loan
Just like your original Personal Loan, the Top-Up is an unsecured loan wherein you do not need to pledge any collateral.
Extended tenure
The lender may extend your tenure if you opt for the Top-Up facility. However, the new tenure cannot exceed the general Personal Loan repayment tenure.
Attractive interest rates
HDFC Bank offers attractive interest rate on Top-Up Loan.
No end-use restrictions
You can use your Top Up Loan for travel, family emergencies, wedding expenses, home renovations etc.
High loan amount
The Top-Up Loan allows you to obtain a high loan amount within the confines of the maximum loan amount provided by the lender.
Helps maintain a good credit score
If you opt for a Top-Up loan after repaying the EMIs of your existing loans in a timely manner, it will help you maintain a healthy credit score. A high credit score makes you appear credit-worthy to lenders and allows you to obtain loans easily when needed.
Personal Loan Top-Up—Zero Documentation
HDFC Bank requires zero documentation making the entire process smooth and hassle-free.
You can apply for Top-Up Loan through a 100% digital process. Click here to apply.
You can effortlessly obtain a Top-Up on Personal Loan as an existing HDFC Bank XPress Personal Loan customer. You can apply for Top-Up Loan by clicking here and get access to high loan amounts. Enjoy a flexible repayment tenure, attractive interest rates and budget-friendly EMIs on your collateral-free Top-Up on Personal Loan.
Read more on how to leverage a Personal Loan by clicking here.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.