A Personal Loan Top-Up allows existing borrowers to access additional funds without going through the hassle of applying for a new loan. It’s perfect for covering unexpected expenses or funding large purchases. With minimal documentation and fast approval, a top-up loan is a convenient option that often comes with lower interest rates compared to new loans.
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If you already have an active personal loan, your lender may process your top-up application quickly. Once the verification is complete, the funds are disbursed, making this option ideal for urgent financial needs.
Since your documentation was already verified during the initial loan process, many lenders require little to no additional paperwork for a top-up. In some cases, only the basic documents are needed to approve the loan.
Top-up loans often come with lower interest rates and processing fees compared to new loans, depending on the lender.
The tenure of the top-up loan is usually tied to the tenure of your existing loan, allowing you to choose a matching or shorter repayment period.
Like personal loans, top-up loans do not require any security or collateral as they are unsecured loans.
Many lenders allow you to combine the EMIs of your original loan and the top-up loan, simplifying your repayments with a single monthly payment.
To qualify for a personal loan top-up, you must meet the following criteria:
The documentation required for a top-up loan is minimal, as most of the paperwork was already completed during your initial loan application. Here are the documents typically required: