Top-Up Personal Loans in India

What is a top-up loan?

A top-up loan is an additional loan availed on an already ongoing loan with a particular lender. Top-up loans mostly pertain to personal loans – the most common unsecured loans in the market that don’t require any form of collateral. Note that lenders do not offer top-up loans to every customer who applies for it. Only upon meeting some basic eligibility parameters do lenders extend the option of loan top-ups to customers.

Top-up Loans from Qbera – Here is what you should know

If you are an existing customer with Qbera, you’ll be eligible for a top-up loan after you’ve paid a minimum of 9 EMIs on your current, ongoing loans. The best thing about a loan top-up from Qbera is that you can alter your loan tenure based on your current repayment capability.

Say for instance you’ve taken a loan for Rs. 5 Lakhs and you’ve paid the 9 EMIs. Post payment of the 9 EMIs, you’ll have a certain amount X (in this case about Rs. 4 lakhs) that remains (your loan outstanding after payment of the 9 EMIs). Say you require a top-up loan amount of Rs. 10 Lakh – in this case, the amount that remains from your previous loan of Rs. 5 lakh will cease to remain, and the balance amount (from the Rs. 10 Lakh) will be disbursed to your bank account. You can now choose a fresh tenure based on your repayment capabilities.

Qualifying for a top-up loan

Note that with any lender, not all applicants are offered top-up loans. There are certain parameters that must be met for an applicant to be offered the option of a loan top-up. Let’s take a look:

Your repayment history

As a customer, if you’ve made regular repayments on your existing loan with Qbera (for the first 9 months in this case), you will qualify for a top-up. In case you’ve defaulted on one or more of your EMIs, you will be ineligible as your profile would’ve failed to meet the permissible standards to qualify for a top-up.

Employment

You must be actively employed when you apply for a top-up loan. This is to ensure that you are able to make regular monthly repayments against the amount you borrow.

Credit Score

Your profile should meet the minimum credit score criteria in order for you to qualify for a top-up loan from Qbera. Qbera offers instant loans to individuals with a minimum credit score of 600.