What is a Top Up Loan?

A Top up loan meaning an extra loan is a financing option that is offered over and above the existing loan amount for products such as home loan and personal loan.

The top-up loan is offered to customers who have an existing relationship with the lender, have a good credit score and have repayment ability. A top-up loan is treated as a personal loan and can be obtained to meet different purposes such as home furnishing, funding children's education expenses, or for meeting other emergency expenses.

Benefits of a Top-up Loan

Quick and Easy Approval Process

As the lender already assessed the creditworthiness of the borrower, availing a top-up loan is quite easy and quick. Also, in most cases, you don't have to furnish extra documents for approval. However, if more than 2-3 years have passed, your lender may ask you to refurbish a few documents (like income proof, bank statements and address proof).

Attractive Interest Rates

Top-up loans are approved on the same terms and interest rate as that of the original loan. In some cases however, depending on your relationship with your lender, your eligibility, and your lender’s policy, the lender may even agree to a different interest rate or tenure, or may agree to waive off certain charges.

Longer Loan Tenure

The loan tenure of the top-up loan is based on the tenor of the original loan. For example, if taken against a home loan, the tenure can go up to 20 years or the balance loan tenure. 

How to Get a Top up Loan from Fullerton India?&

For existing customers, Fullerton India offers top-up personal loans which can be availed with minimum documentation and without any hassles.

One can request a top-up loan in the following ways:

1. Fullerton India mConnect app. - You can login to the app and apply for a top up loan.
2. Customer login section - Login to the “Service Connect” portal available on our website and raise a request for a top up loan.
3. Click on the “Contact Us” tab on the top menu of this page and select “Existing customer”. After entering your details, please select “Disbursement / Loan related” and “Need top up loan” from the dropdowns. Submit your request.
4. Visit your nearest Fullerton India branch. Our executives will be happy to assist you.

Please note that the eligibility criteria for a top-up loan are mostly similar to that of the original loan. Additionally, Fullerton India’s policy at the time of top-up loan application will determine other eligibility criteria as well as the terms of the loan.

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