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FinFIRST Blogs
Know how to face the uncertainties of the future with the help of your already existing personal loan. Here’s how to make your loan give you a little more
There are only two reasons for an individual to avail of a loan. One has to do with planning for the future, and the other is dealing with unplanned future events. But despite preparing for the future, what if you face an emergency? No worries; a personal top-up loan is what you need.
A personal top-up loan is precisely what the name suggests. You take a second loan, which is added to your existing loan as a 'top-up'. Though you are taking another loan, it is pegged to your existing one. This is because taking a new loan is usually a challenging endeavour. Read on for all you need to know about personal top-up loans.
Who is eligible?
The only criterion to consider here is that you must have already taken a loan. In which case, you are free to apply for a personal top-up loan from your lender. The good news is that the funds are free to be used at your absolute discretion, just like a personal loan. If you are aware now go and get an instant personal loan.
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How can I get the loan?
A personal loan is given on the guarantee of the individual and of their repayment history. This is doubly so for a top-up loan. You must have a very good (read perfect) repayment history and be prepared for the lender to run a few verification checks. Also, expect to answer questions as to why you need a top-up.
Why all these questions?
It all boils down to this. The lender will ask you why you wish to avail a top-up loan, and you must give a convincing answer. Not to say your reasons are not genuine, but it pays to have a ready explanation why you require it so urgently. It could be related to meeting an unexpected business expense or renovating your home. Either way, the important thing is that you should be honest with your reasons and answer accordingly. Lenders have a nose for sniffing out the truth.
What to expect after you have availed of a personal top-up loan
This is as important as availing of the loan itself. Here's what you can expect:
It can cost you more
A personal top-up loan will cost you more by way of interest than your prior loan (they will be calculated separately). Expect to pay 1%-2% extra.
The loan amount
You can take a personal top-up loan up to 70%-80% of the initial loan amount.
Tax benefits
Yes, that's right. But this holds good only as long as you use the top-up loan to buy a house or to undertake home renovations; still a good deal all in all.
Last words
Unplanned eventualities are a certainty. Lenders are aware of this, so the personal top-up loan has its place in the scheme of things. Be prepared to honour the loans and ensure prompt EMI payments, and you are good to go!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
