What is a Loan Top-Up
A loan top-up, also known as a loan enhancement or additional loan, is an option provided by lenders that allows existing borrowers to borrow additional funds on top of their current loan amount. This additional amount is added to the existing loan, and borrowers repay it along with their regular loan EMIs. Loan top-ups are often used for purposes such as home renovations, education expenses, or other financial needs without the hassle of taking out a separate loan.
Loan Tenure | Varies on case-to-case basis |
Pre-closure Charges | Varies with the bank |
Interest Rate | Varies with the bank |
Eligibility Criteria
- Age – Minimum 21 years to Maximum 80 years
- Nationality – Indian
- Credit Score – 650 or higher
- Monthly Income – Minimum RS 25,000 or higher
- Must have a existing loan
DOCUMENTS REQUIRED
- Pan Card (Mandatory)
- Aadhaar Card (Mandatory)
- 2 years ITR (Mandatory)
- 6 months to 1 year Bank Statement (Mandatory)
- Employee ID Card (Only If Salaried)
- 3 months Salary Slip (Only If Salaried)
- Business Registration Proof (In case of self-employed personnel only )
- Electricity/Gas/Telephone/Wifi Bill (Mandatory)
- Statement of Loan Account with existing lender
- Passport Size Photographs
Loan Top Up Application Process
- Apply Effortlessly: Simply click on the “Apply Now” button on www.darpcapital.in or CLICK HERE and fill in your details. It’s as easy as that!
- Personalized Assistance: Soon one of our advisors will call you back to understand your needs and request the necessary documents.
- Seamless Document Submission: Submit your documents to our advisor hassle-free.
- Enhanced Approval Odds: Within the next 24 hours, we will seed your application with our strong network of various RBI-recognized NBFCs and banks This increases your chances of approval significantly, guaranteeing you a loan from one institution or another. Moreover, it enables us to secure better offers for you, including higher loan amounts and lower interest rates.
- Efficient Verification Process: The bank or NBFC will conduct the KYC process and verify your documents promptly from their end.
- Swift Disbursement: Once approved and everything is in order, your loan will be disbursed directly to your bank account.
FAQ
To apply for a loan top-up, borrowers need to have a good repayment history on their existing loan. The lender assesses the borrower’s eligibility based on factors such as credit score, income stability, and existing loan repayment behavior. If approved, the additional amount is disbursed into the borrower’s account, and the repayment terms are adjusted accordingly.
A loan top-up offers borrowers the advantage of accessing funds quickly and conveniently without the need for extensive documentation or a new loan application process. It can be used for various purposes such as home renovation, education expenses, medical emergencies, or any other financial need, providing flexibility in managing additional expenses alongside the existing loan.