Top-Up Loan vs. Personal Loan—What Should You Pick To Furnish Your Home
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Top-Up Loan vs. Personal Loan—What Should You Pick To Furnish Your Home

  • Highlights

  • Top-up loans are a more affordable option

  • They are easier to apply as the lender has your details

  • Both the loans offer funds in a short time frame

  • Get a top up loan from Bajaj Finserv at nominal interest

Once you’re done purchasing a home, you will want to furnish it with items like sofa sets, dining tables, beds and appliances that add comfort and match your taste.But, to do this, you might need to borrow an additional sum of money apart from your home loan. In such a case, you may be confused between a top-up loan and a personal loan. Read on to know the benefits and features of each. This will help you decide which loan you should pick.

For increased affordability

When you want to take extra finance to furnish your home, it is important to closely consider the affordability of every option. This is because you are already paying EMIs towards a home loan and so, you want to keep your repayment burden to a minimum. Given this scenario, top-up loans are more affordable as they feature a nominal rate of interest. Since these loans come as an add-on to a home loan, they feature an interest rate that is usually lower than thatof a personal

loan. So, finance furnishings and furniture for your home by opting for a Top-up Loan from Bajaj Finserv. Here you can gain from benefits like quick approval, nominal rate of interest and along tenor.

For faster application

Depending on what you want the extra funds for, the time it takes to apply for the loan should also be a consideration. If you need to furnish your home urgently, you will need a loan option that offers quick application. Since top-up loans are attached to your home loan, you don’t have to go through the entire application procedure from scratch. You can raise finance for your needs virtually instantly, instead of gathering and submitting documents and waiting for approval.If you take a personal loan, it will be treated as a separate loan for which you have to file a fresh application.

Additional Read: Buying a Home Made Easy - 6 Tips For a Smooth Purchase

For quicker disbursal

When it comes to quick disbursal of the loan amount, both a top-up loan and a personal loan are good options. Both these loans provide cash in your account in as soon as 24 hours. This means that you don’t have to deposit the cheque and waste time waiting for it to clear.
Paying attention to these three factors will help you pick a loan that is best suited to your needs. When selecting a loan, also evaluate the lender and the service offered to ensure that you choose the right source of finance.

When Should You Go For a Top-Up Loan?

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All you need to know about top-up loans on Home Loans