How to get top up loan in axis bank
What is the procedure for top up loan?
You must have an existing on-going personal loan with the lender that you are approaching for your top-up loan. If the vendor does not have a top-up loan facility, you must transfer your personal loan with the bank or a financial institute that provides top-up loan facility and then apply for it.
Can I get top up on personal loan?
You can apply for a top up loan from your existing lender. If you already have an active loan, and if your lender offers the option of an additional loan, you can apply for the top up loan.
Which documents are required for top up loan?
What are the documents required to apply for a top-up loan?
- Proof of identity: Passport, Aadhaar card, voter ID card, PAN card, driving license.
- Salary slips for 3 months (in case of salaried applicants)
- Proof of address: Rental agreement, passport, utility bills, etc.
- Income details in the bank statement for 3 months.
When can I apply for a top up loan?
Top-up Loan Eligibility Criteria
- You can avail a top-up personal loan only if you have an outstanding personal loan (existing relationship) with the lender.
- A top-up loan can be availed only after a certain stipulated time has passed- after you have repaid a certain portion of your loan.
Is Top up loan a good idea?
“Due to the relatively lower interest rate structure and flexible loan tenure, top-up loans are a better alternative to a personal loan. A top-up loan can be taken for a maximum tenure of upto 30 years or the remaining period of your existing home loan, while a personal loan is offered for a maximum of five years.
What happens when you top up a loan?
A Top up loan meaning an extra loan is a financing option that is offered over and above the existing loan amount for products such as home loan and personal loan. The top-up loan is offered to customers who have an existing relationship with the lender, have a good credit score and have repayment ability.
What is the maximum term for top up loan?
You can repay the top-up loan in monthly instalments (EMI) over a maximum term of 15 years. The actual loan term depends on factors such as your profile, age at maturity of loan, age of the property at loan maturity, etc. The term would also depend on the specific repayment scheme opted by you.
Can you get 2 loans from the same bank?
You can have 1-3 personal loans from the same lender at the same time, in most cases, depending on the lender. But there is no limit to how many personal loans you can have at once in total across multiple lenders.