Low-Interest Rates – The major benefit of the top–up loan is that it can be availed at low-interest rates as compared to a personal or gold loan. The regular personal loan interest rates vary between 11-24%, but for a top–up loan, the interest rates are the same as home loan interest rates.
Furthermore, how is top up loan calculated?
Banks will calculate the top–up loan amount, after taking into account the Equated Monthly Instalment (EMI) of your running home loan. The bank will estimate the Fixed-Obligation-to-Income ratio (FOIR) for your top–up loan, after deducting the instalments of all your running obligations.
Consequently, how much top up personal loan can I get?
Features of Personal Loan Top–up
You can get top up after 3 months of existing loan disbursement at the rates similar to the existing personal loan rates of 9.6% to 22%. Loan amount: Most banks give top up of minimum ? 1 Lakh after paying 3 EMIs of existing loan.
How do I top up a loan?
Documents Required for Top up Personal Loan
- Identity proof: Aadhaar card/ Passport/ PAN card/ voter ID card/ driving license, etc.
- Address proof: Rent agreement/ utility bills/ passport, etc.
- Income proof:
- Last 3 months’ bank statements.
- Last 3 months’ salary slips (For salaried applicants)
- Passport size photographs.
What is the minimum loan amount under SBI top up loan?
Rs. 1 lakh
How much top up loan can I get HDFC?
ADVANTAGES OF TOP-UP LOANS
| Mr. Arora’s take home pay | Rs. 20 lakh |
|---|---|
| Prudent limit of EMI payment on take-home pay | 40% |
| His total loan eligibility based on above. | Rs. 50 lakh |
| His current prinicipal outstanding | Rs. 6 lakh |
| His loan requirement for marriage | Rs. 10 lakh |
How can I get SBI top up loan?
Documents Required
- Employer Identity Card.
- Completed loan application.
- 3 Passport size photographs.
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
Is Top up loan eligible for tax exemption?
A usual home loan provides tax benefits such as deduction of up to Rs. 1.5 lakh on principal repayment as per section 80C of the Income Tax Act and up to Rs. Also, if you have taken a top–up on your home loan, you can claim tax benefit. …
Which is better top up loan or personal loan?
Tenure: The tenure for a top–up loan is usually flexible. Usually, a longer tenure is allowed on top–up loans compared to personal loans. Most banks offer the remaining tenure on your existing home loan as your top–up loan tenure. This makes it a great alternative to personal loans.
When can we apply for top up loan?
You can apply for a Top Up Loan after 12 months’ of the final disbursement of your existing Home Loan and upon possession / completion of the existing financed property or basis the last 12 months’ track record of the Top Up Loan being refinanced from another institution, subject to possession / completion of the …
What does a top up loan mean?
When you top up a loan we set up a new loan for the remaining balance plus the extra amount you want to borrow. The new loan may have a different interest rate and term from your initial loan, therefore you could pay more interest than before.
Can I get top up on personal loan Icici?
Top up Loan – Apply for Top up on your Personal Loan – ICICI Bank. https://www.icicibank.com/Personal-Banking/loans/personal–loan/top–up–loan.page? Have flexibility to avail another loan to meet your financial needs.
How do I top up my Moneyview loan?
In order to be eligible for Money View Top up loan, you need to have an existing loan account with Money View. The primary document required to apply for a Money View top–up loan is the Aadhaar Card. Money View shall also access your Cibil score to consider your top–up loan eligibility.
Can we top up car loan?
You can get a top–up loan on your existing car loan for up to 150% of its value if you maintain a clear payment record for at least 9 months. This requirement may vary from lender to lender.