2 min read
17 July 2023
A top-up loan is an additional loan facility you get on transferring your existing home loan to another lender that allows you to borrow extra funds over and above your existing home loan amount.
Whether it's for home improvement, education expenses, or other pressing needs, a top-up loan is a beneficial financial tool. Here are some benefits of a top-up loan:
- Multipurpose usage: Unlike home loans that are for property-related expenses, top-up loans offer more flexibility. You can use the top-up loan amount for various purposes, such as home renovations, weddings, education expenses, debt consolidation, medical emergencies, or to cover any other legit expense. With Bajaj Finance, you can avail of up to Rs. 1 crore as a top-up loan.
- Lower interest rates: Top-up loans have lower interest rates compared to personal loans or credit card loans, making them an attractive option for meeting your financial needs.
- Convenient repayment terms: Like your home loan, a top-up loan offers longer repayment tenure. This allows you to spread your repayments over a comfortable period, making it easier to manage your finances.
