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Learn about ins and outs of a top-up loan before taking one

A top-up loan is an additional loan that is granted to an existing borrower by their lender, usually on the same terms as their original loan. This type of loan is often used by borrowers to finance major expenses such as home renovations, medical bills, or tuition fees.

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Learn about ins and outs of a top-up loan before taking one

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  1. Know How a Top-Up Loan Can Assist During a Crisis

  2. 1. • 2. • 3. • Qualification For A Top-Up Loan • You must make a consistent income • Indian citizens with a good credit score • You must possess the necessary KYC documents

  3. Top-up Loan Advantages

  4. Debt Clearance • You can pay off existing debts

  5. Quick Processing You can get instant approval with minimal paperwork

  6. Affordable Rates • Top-up loan interest rate is lower than existing debt product

  7. Tax Advantages Using this loan for certain purposes offers tax benefits

  8. 1. • 2. • 3. • Top-up Loan Drawbacks • Eligibility criteria can be stringent for various lender • It increases the total amount of interest payable available with shorter repayment terms and additional fees • Some top-up loan lenders require collateral.

  9. 50 • Distinctions Between A Top-up And A Personal Loan 40 30 • Top-up loans are available only with the existing lender 20 • A top-up loan repayment period is shorter than a personal loan 10 0 Item 1 Item 2 Item 3 Item 4 Item 5

  10. Top-up loans are available on an existing personal loan but you must weigh the pros and cons before obtaining one.

  11. Thanks Would Love to hear from you. Hero FinCorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel: 18001024145 Email: customer.care@herofincorp.com Website: https://www.herofincorp.com/ Know More: https://www.herofincorp.com/blog/top-up-loans-and-how-can-they-help-you

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