Top-up Personal Loan
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.
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.
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.
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai, Hyderabad, Jaipur, Ahmedabad or Kolkata.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
Following a Supreme Court Order dated 13th March, 2018, Insurance regulator IRDAI extended the deadline for linking the 12-digit unique identity number with various insurance policies.
A day after SBI hiked deposit rates across maturities, the largest lender of India also raised MCLR by up to 25 basis points. MCLR is now at 8.15 percent which was earlier at 7.95 percent. This signals a possible increase in the EMIs of all types of loans – starting from personal loans to home, auto and other loans. ICICI Bank and Punjab National Bank (PNB) also hiked their MCLR by 15 bps. PNB home loans will now be at 8.6% and for women it will be 8.55%.