This New Year Bring More Joy: Top Up Your Personal Loan

by MyMoney Mantra FinTech (Financial Technology)

The New Year is just a few days away. The beginning of a new year is considered a good time to start something new. So, what are your plans for 2018? Do you wish to renovate your home? Do you need funds to meet your celebrations expenses? Are you planning to buy a new washing machine or something else to make your life easier?

Worry not! You can avail Personal Loan to cater to your all personal expenses. Even if you have already availed a Personal Loan in the last nine to eighteen months, you can borrow additional credit on your existing loan (referred to as Top Up Personal Loan) and bring more joy. Few banks that offer Personal Loan top up include HDFC Bank, ICICI Bank, Bajaj Finance, Fullerton India, State Bank of India, Axis Bank, and Kotak Mahindra.


Your top up loan will be sanctioned fast depending on the following factors:

  • Your current loan amount
  • Stability of your job
  • You have to be an existing customer of the lender
  • CIBIL score to check whether you have taken more loans
  • Repayment track of your existing loan
  • No record of EMI due, EMI bounce or cheque bounce
  • There should be no disbursement document pending.


When talking about Personal Loan, it can be easily obtained for any purpose. The same applies with its top up loan feature. In both cases, easy and fast approval happens if you have a good credit score, a high income, and substantial collateral.


Besides meeting your urgent financial needs, a top up loan lets you gain several competitive advantages. These are:

  • The approval process is quicker. So is the verification process.
  • Interest rates could be lower compared to your existing loan as per prevailing reducing interest rate regime.
  • Your loan amount will be reduced with each monthly payment.
  • Personal Loans are given without collateral.
  • The intent of borrowing is hardly questioned by the lender. Hence, you may borrow for any purpose. Festive seasons involve bigger expenditures. Meeting these expenditures without financial burden becomes easy with a top up on your Personal Loan. 
  • You are entitled to tax benefits. The tax rebate is comprehensive of the tax return on your existing Personal Loan. Tax benefits are subject to terms and conditions based on the purpose of borrowing. For example, if you are availing it for home renovation, you may obtain tax benefits under Section 24 of the Income Tax Act. Other than for educational and home renovation, tax benefits for other purposes aren’t provided.
  • If you have serviced your existing loan for a longer tenure, you may be entitled to obtain a higher amount.

 Do analyze the advantages and disadvantages of a top up on Personal Loan before you apply for it. It comes with more of benefits rather than disadvantages.


Do not worry about cash crunch anymore. Apply for top up on your Personal Loan and get much needed finance at the right time. Fulfill your dreams for New Year 2018!


Apply for Personal Loans online through mymoneymantra, a leading online lending platform in India. Call our Personal Loan Specialists toll-free at 1800 103 4004 for affordable and instant Personal Loans.

Also Read : 5 Personal Loans You Are Unaware of!

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About MyMoney Mantra Freshman   FinTech (Financial Technology)

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Joined APSense since, September 22nd, 2017, From New Delhi, India.

Created on Nov 11th 2017 01:37. Viewed 1,423 times.


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