- June 14, 2020
- Posted by: Ganeshcbani
- Category: Blog
Top Up Existing Loan
An additional loan involves an additional loan that is available for an existing home loan, personal loan or property loan. You are only eligible to apply for an additional loan if you have previously paid your current loans. You may claim a supplementary home loan or supplement a personal loan with either the same bank or another bank during a balance transfer. In general, the interest rate on these loans is 0.25-1 % higher than your current loan rate. The highest interest rates on home loans range from 7.75% to 11.2%. Similarly, additional loan rates for personal loans range from 11 percent to 23 percent. You can take advantage of home loan supplementary loans from some of the leading banks, such as Axis Bank, HDFC, SBI, etc.
Similarly, if you want to raise your personal loans, you can want for an interest rate starting with 10.75% with one such bank, namely Axis Bank, ICICI Bank and HDFC Bank. Please upgrade your existing online home loan or personal loan to get the best special offers and discounts.
- You ought to consider adding a loan if,
- You need urgent funds to satisfy your personal needs.
- You need immediate funds to expand your business, marriage, holiday, etc.
- You ‘d rather take long tenure funds at low rates.
- You have already an existing home loan, personal loans and real estate loan with a specified number of EMIs paid for.
- You want a loan with limited paperwork and no paperwork.
Request for extension of bank loans
You can seek an extension of bank loans if you find it difficult to fulfill your financial requirements. There are various explanations why a borrower will unexpectedly be in a tight bond. In fact, the financial institutions for the most part require credit extensions, rather than the entire cycle of taking a defaulting creditor to court or, worse, coping with bad debt in their accounts. As a borrower, however, it is your responsibility to read the terms of your loan. There are other circumstances under which your lender accommodates your demand for an extended period of time. In these cases, you can also take steps to apply for an extension of the loan.
When to apply for extension of bank loans?
The lending agencies typically have a certain number of days or times that a lender may apply for an extension of a loan. Many lenders can still accept requests on the last day before the loan payment is due. For most cases, it is unlikely that a borrower fails this date or term as explicitly stated in the loan agreement and, one or two days before your loan is collect-able, the lender shall also inform you by snail or electronic mail.
Where to apply for extension of bank loans?
Most lending companies will now accept loan extension applications on their websites or via e-mail from borrowers via the Internet. Nonetheless, most lenders choose to apply to the lending office for additional weeks or months on the phone or by personal visit.
What to expect from the extension of the loan?
Well, after the lender has approved your applications, you can breathe easily. But bear in mind, your issues will not be over until you completely pay for your loan. Usually, when your loan is extended, you have two things to expect. First, your lender will first demand that you pay the interest charges. Furthermore, you will even have to pay part of the principal on interest payments incurred by the lending entity. Banks and other lending institutions also have a common practice of charging borrowers with an extension fee that is separate from principal and interest payments.
At the end of the day, do note that borrowers have the right to lend. In certain cases in the US, lenders are not even given loan extensions. You are lucky to be able to meet demands for extended credit due dates by the lenders in your state. One positive thing about having an application for an extension is that your reputation does not decrease in comparison with just waiting for your loan. Instead of paying for the total loan after the extension expires, ask your lender if the remaining loan balance can be divided into several installments on the basis of the weeks or months of the extension.
Eligibility for Top Up Loan
In order to use a top-up loan, certain eligibility conditions must be met, which are described as follows:
When you have an current and running loan from the government and the government, you can use a top-up loan. The Bank will also be able to grant you an additional loan on your existing loan, because a large part of the loan has already been reimbursed and all payments have been made on time.
You may apply for a supplementary credit from your current lender or opt for a balance transfer credit with a supplementary credit. This means that you transfer your credit to a new bank and use a supplementary loan for your current credit.
In any case, after a minimum repayment record of at least one year on your current home loan and after your financed property has been owned or completed you will apply to the new bank.
Calculator of Top Up Loan
Whilst you take advantage of your current home loan or personal loan, you will certainly remain uncertain about the payment method, as is the trend in which your loan is repaid. If you have an extension to your current loan, a single cumulative EMI has to be paid for your existing loan as well as the extra contribution to your current loan. Many financial institutions and leading NBFCs recommend recalculating the EMI loan upgrades that you will pay for the remaining term and the supplementary sum you have used. For a home loan upgrade, the lowest EMI per lakh is Rs. 658 for 30 years.