Introduction 

Financial insecurity can become a major hurdle for people to achieve their dreams. Loans becomes an unbearable burden on the shoulders, but with My Mudra loan shall become a planned decision. 

A loan can help you to bring change in your life if you are well aware about all the terms and conditions. Check your eligibility of loan before applying for any loan as rejection from any loan can affect your CIBIL score. Apart from this one needs to boost their CIBIL score for opting an unsecured loan. Opting for a home loan is a smart choice if you are thinking of taking a home. There are numerous benefits of home loan like, tax benefits, top-up loan, hike in credit score easily, etc.

A top-up loan on a home loan is an additional loan given to the  existing borrowers on their running home loan on a lesser rate of interest. Instead of opting for a personal loan for expenses one can opt for the top-up loan on the running loan and quench their financial thirst easily. My Mudra is providing a top-up loan in just three easy steps. Apply online on the website, get the documentation done and enjoy quick disbursal of top-up loan.

What is top up loan? 

Top-up loan meaning as the name suggests is just like the top-up recharge that we usually do on our mobile number. Similarly, banks offers top-up loan on the current balance to help customers in their financial crises. So instead of opting for personal loan one can go for top-up loan in much less rate of interest. 

A top-up loan can be a quick solution for you to fulfill financial needs without harming your pocket. The top-up loan can be used for various expenses like renovating home, marriage expenses or any such immediate expenses. It shall save you from another debt from the bank in the form of personal loan, credit card or payday loans.

Top-up Loan example

For instance, a 60 lakh rupee home loan for ten years has been accepted by the bank. Your loan's remaining principal balance is Rs. 36 lakhs after 5 years. Now, you can think about getting a top-up loan if you're planning a significant home remodel (a loan that tops-up your home loan). 

Top-up loan eligibility 

The eligibility criteria for top-up loan is quite simple as compared to other loans. Though the top-up loan is granted to anyone who has taken home loan. Banks has set certain guidelines for the eligibility of to-up. Mentioned below are terms and conditions required for applying for top-up loan. 

 1. Never have defaulted any payment. In simpler words, people who have repayment ability are easier to get the top-up loan.

 2. People with good CIBIL score have higher chances of getting a top-up loan.Boost your CIBIL score to hike your chances of getting a top-up loan.  

 3. Banks checks past records of an applicant in terms of repayment history before approving the top-up loan.

 Top-up loan interest rate 

Bank Interest Rate

Tenure of the top-up loan

The tenure of the top-up loan depends upon bank to bank. The top-up loans are provided for a period of 10 years or for the remaining time on the existing home loan. 

Conclusion. 

A top-up loan can be a smart switch for the person who has a running loan and is thinking of applying for another loan to quench their personal thirst for money. A top-up loan is offered with much less rate of interest by the banks to the person who is fulfilling the eligibility criteria. My Mudra is a one- stop solution for all the people who are looking for a perfect top-up loan at lowest interest rates. Apply and get an approved top-up loan within a day. Make loan a wiser decision with us to satiate your financial hunger easily.