Can i increase my personal loan amount

Top Up Loan

A supplementary loan is an extra loan that can be used for an existing home loan, a personal loan or a property loan. You can apply for a supplementary loan only after regular loan payments have been made on your current loans. You can apply for a supplemental home loan, or you can supplement personal loan with the same bank or other bank when shifting money. In general, the interest rate on these loans is 0.25–1% higher than the current loan rate. The highest interest rates on home loans range between 7.6% and 11.2%. Likewise, the additional interest rates for personal loans range from 11 percent to 23 percent. You can use home loans of some of the leading banks, including Axis Bank, HDFC, SBI and more as they offer loans of 7.35 percent at a lowest cost.

Likewise, when applying for personal loans, you can apply to one of these banks, namely Axis Bank, ICICI Bank or HDFC Bank for personal loans at 10.75 percent interest rate. Please have the best promotional deals and discounts on your new home loan or personal loan online.

  • You will consider adding a loan if,
  • You need urgent funds to meet your personal needs.
  • You need immediate funds to expand your business, marriage expenses, holidays etc.
  • Long term funds at low interest rates are preferred.
  • You do have a home loan, personal loan and property loan that you’ve paid for through a defined amount of EMIs.
  • You want a loan with minimum documentation and no documentation.

Eligibility for Top Up Loan

For order to receive a top-up loan, certain eligibility conditions must be met which are described as follows:

You will take advantage of a supplemental loan if you have an existing loan from a creditor and the borrower. The bank will also be able to give you an extra loan on your current loan, because a large portion of the loan has already been repaid and all payments were made promptly.

You can apply for an additional loan from your existing lender or opt for a transfer loan from your balance with a supplementary loan. It ensures that you transfer your loan to a new bank and make use of an extra loan to your current loan.

In this case, after a minimum repayment record of at least 1 year of the current home loan and after possession of or completion of the financed property, you will apply to the new bank.

Calculator of Top Up Loan

When you are using your ongoing home loan or personal loan, there is no question that you remain puzzled with the method of repayment, as with what trends it follows when repaying the loan. When you use a supplement to your existing loan, you have to pay an EMI for the new loan as well as for a supplemental addition to your current loan. Many financial institutions and leading NBFCs are considering re-calculating the value of your EMI loan that you will pay for the remaining term and the extra amount you used to pay. Lowest EMI per lakh is Rs 655 per 30 years for home loans.

Report on credit and score

Since a personal loan is an unsecured loan, your credit history typically plays an significant part in the approval process. The three credit monitoring companies operating in India are Equifax, Experian and CIBIL TransUnion.The three have bonding with borrowers and provide their credit assessment services to assist borrowers in evaluating potential lenders. Credit-information services are offered by Experian India and Union Bank of India, Sundaram Finance, Punjab National Bank, Magna Finance, Indian Bank , Axis Bank and Federal Bank.Equifax India has relations with Staff Bank of India (State Bank of India), Union Bank of India, Religare Finvest Limited and Kotak Mahindra Prime Ltd. and Baroda Bank. Credit Bureau (India) Ltd (CIBIL) is the first credit information company to be a globally recognized credit reporting agency in the world, in partnership with Trans Union.

The three keep accurate archives of your financial history, including your credit card transactions and current and previous loans. The prospective borrower reviews your repayment record before authorizing your loan.

Why does a higher credit score work?

A higher credit score indicates you have a strong record of lending. If your credit is high (more than 750 for CIBIL TransUnion), you are therefore very likely to receive a loan. You may also negotiate incentives such as lower interest rates, higher loan amounts, waiver of processing costs, etc., using your high credit rating.

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