Money View offers top-up loans at attractive rate of interest. In order to be eligible for a top-up loan, you need to have an existing loan account with Money View.
As a reward for regular repayments, based on your credit behaviour, Money View may reach out and offer an additional loan on top of your existing loan that is referred to as a top-up loan. While this sounds quite similar to a regular personal loan, there are a few unique features that Money View top-up loans offer.
Given below are some of the benefits and features of top-up loans offered by Money View -
Given below are the eligibility and documentation requirements -
A Money View top-up loan works similar to a regular personal loan but with a few differences. Let us examine the same with an example.
Mr. A has availed a personal loan from Money View. The details are -
Loan Amount - Rs. 50,000
Interest Rate - 1.5% p.m
Repayment Term - 4 years
EMI - Rs. 1,469
He has completed a year of repayment and has to pay Rs. 52,884 (Amount X) over the next three years.
However, as he paid his EMIs regularly and his credit history had improved, he was offered a top-up loan of Rs. 50,000 (Amount Y) at an interest rate of 1.35% and repayment term of 4 years. If A accepts the additional loan amount, the amount he is yet to repay(X) will be merged with the top-up loan amount (Y) and will be treated as a brand new loan account. Therefore, the total amount that he will have to repay will be -
X+Y which is 52,884 + 50,000 = 1,02,884
Therefore the new loan amount that is available to him is Rs. 1,02,884.
Not only did he get an additional loan amount which will help him financially, but he has also benefited from a lower rate of interest.
A top-up loan helps you fulfill your diversified personal and business requirements. A top-up personal loan or other top-up loans may be beneficial in the following circumstances -
A top-up loan comes with a host of attractive benefits such as -
Top-up loans are a popular product offered by most lenders. While the eligibility and documentation requirements may vary, these loans are definitely helpful. Money View offers top-up loans to esteemed loans who have shown a stellar credit history and loan repayment. While the interest rate and documentation requirements are lower, one must have availed a Money View personal loan previously and repaid the same in order to be eligible for a Money View top-up loan.
A top-up loan is a type of facility offered by banks or other financial institutions that allow you to borrow an additional amount over and above your existing loan amount.
There are no tax benefits available for top-up personal loans.
The interest rates charged on top loans are usually lower than usual personal loan interest rates but will vary from one lender to another and depends on factors such as your repayment ability and credit score.
If you are eligible to avail a top-up loan from Money View, you will be notified and the option will be provided to you. However, you will not be able to apply for one directly.
No, there is no such restriction. You can utilize the amount to meet your diversified requirements starting from paying your children’s education fees to fund a vacation.
The amount of a loan varies from lender to lender and factors like your monthly income and repayment history play a major role in determining your loan amount.
Yes, you can. In case your income increases then you will be eligible for a higher top-up loan amount. Please contact firstname.lastname@example.org and provide your revised salary statement.
No, you do not have to. You can either avail the additional loan amount or continue paying the original personal loan and close the account.