 "Planning to avail top-up loan? Here're the interest rates offered by banks")
You can utilise this money for business-related purposes, to fund a child’s education, or meet any other personal need
- Those who have taken a home loan can opt for a top-up loan
- Banks check repayment ability and payment track record in the home loan before approving
- Interest rates are almost similar to those for home loans. For instance, SBI provides home loan at 8.3 per cent, and top-up loan at 8.4 per cent
- However, interest rates on top-up loans are lower than on personal loans
- These loans require minimal paperwork as your existing lender has already scrutinised your credit profile and documents. Hence, approval and disbursement tend to be easy and fast
- Some banks provide top-loans only for the period outstanding for the existing loan, others provide it until the age of retirement, and yet others until 70
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