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Top Up On A Personal Loan: Factors to Consider

A personal loan has numerous advantages and can be a stress reliever in times of financial hardship. If you’ve previously found one and are now faced with an unexpected huge expense, such as a wedding, you have two choices: a personal loan top up or a new personal loan.

When you’re looking for a second loan, the traditional attitude can look down on you. New-age banks, on the other hand, appear to disagree. Borrowers can now get a top-up as a result. Customers can take out a loan in addition to their existing loan using these loans. 

What is a top-up loan?

A top-up loan is a loan that can be taken out on top of an existing personal loan. If you’ve been making regular repayments on a previous personal loan, you might be eligible for a top-up. By transferring your balance to a new bank, you can apply for a top-up personal loan in India. Top-up loans usually have an interest rate that is 0.25–1% greater than the previous loan rate.

A personal loan top-up is available to borrowers who have already taken out a loan with a certain financial institution. For such consumers, a top-up is an excellent way to address their financial difficulties. Lenders aren’t bothered about the purpose for the borrowing because it’s a personal loan.

Reasons to take a personal loan top-up 

You can borrow top-up loan if you require,

  • Urgent funds for meeting your financial responsibilities.
  • Immediate funds for business expansion, home renovation, vacation, etc.
  • You prefer to take out long-term loans with low interest rates.
  • You already have a personal loan that you have paid a specific amount of EMIs on.
  • You want a loan that requires little to no paperwork.

Factors to consider

Rate of interest

Personal loans have similar interest rates to top-up loans. You should take advantage of any lower rate than what is available on the open market. Otherwise, you’ll have to negotiate with your present lender to get the rate down to where you want it. If this doesn’t work out, you can take out a new personal loan to lower your monthly EMIs. If you want to get the most best deals, the interest rate should be at least 2% to 4% lower than the current rate. Your EMI and interest payments will be reduced as a result.


Top-up loans are only valid for the duration of the original personal loan. Thus, if you take out a top-up two years after starting your existing loan, which is for five years, the overall loan will last three years. This may result in a further rise in your EMI requirement, as well as additional changes to your daily financial routine.

Loan amount

A top-up loan is typically 70-80% of the original loan amount. That is a substantial sum that should cover most requirements. Keep in mind that you can’t use the top-up loan to borrow more money than you already have. Top-up personal loans will incur processing fees. 

Documents required

Because you already have a personal loan with the lender, you only need minimal or no documents to apply for a top-up. Many lenders additionally provide their existing borrowers with pre-approved fast top-up personal loans.

Loan security

Personal loans are by definition unsecured. This implies you can get these without putting up any collateral. This restriction also applies to top-up loans. The financial lender takes care of the collateral issue by charging you somewhat more than secured loans. Do not be concerned if you lack security.

Based on a strong repayment track record and a decent credit score, you may be able to negotiate a lower interest rate on a top-up loan. If you’ve been servicing the personal loan for a while, make sure you’re up to date on all payments. This will help you keep your credit score at 700 or above. If you have a strong credit history, lenders will usually agree to your interest rate terms. 

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