Top up loans are a boon to borrowers looking to avail a higher loan amount in addition to their existing loan. But what are top up loans? What are the features and benefits of this type of loan?

Read on to find out.

What is a Top Up Loan and What is its Purpose?

A top up loan is a facility offered by banks or other financial institutions that allow you to borrow an additional amount over and above your existing loan amount. 

As a reward for regular loan repayments, based on your credit behavior, your lender may reach out and offer an additional loan on top of your existing loan which is referred to as a top up loan. 

Money View Top Up Loan

If you are a customer with a stellar repayment record and your credit score is high, you may be offered an additional personal loan over and above your existing loan. This is referred to as a Money View Top Up Loan.

Features of Money View Top Up Loans

Given below are some of the features of top up loans offered by Money View -

Benefits of Top Up Loans

Money View top up loans comes with a host of attractive benefits such as -

Given below are the eligibility and documentation requirements -

  • Borrowers will be eligible for Money View top up loans only after completing 1 year of repayment period for their existing loan

  • This option is offered only to borrowers who have paid their EMIs on time and have a good credit history. If they have defaulted or delayed their repayments, they will not be eligible for a top up loan.

  • Additionally, the borrower’s age and income may also play a role in determining his/her eligibility.

While the documentation requirements will be minimal, as per government rules and regulations, borrowers will have to undergo the KYC process again and re-submit the NACH form if they wish to avail the top up loan offered.

Since top up loans are offered by Money View directly, the fees and charges will vary based on the borrower’s eligibility. 

However, the interest rates charged on top up loans are usually lower than regular personal loan interest rates making it all the more advantageous for the borrower. The repayment period will remain the same or an extension can also be negotiated in certain cases.

A Money View top up loan works similar to a regular personal loan but with a few differences. Let us examine this  with an example.

Mr. R 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 he 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 useful if -

  • You wish to fund a vacation, purchase a new phone, pay off credit card bills, etc.

  • If you require immediate funds for your business expenses

  • If you prefer to have loans at comparatively low interest rates for a flexible repayment term and minimal documentation

  • An individual can apply for a top up loan either with his/her existing lender or with a different lender by doing a balance transfer. 

  • However, in certain cases, borrowers can avail a top up loan only if it is offered to them by the lender such as with Money View

  • Private and nationalized banks, housing finance companies, private lenders, and other financial institutions provide top up loans

  • These loans usually come with a lower interest rate as well as minimal documentation requirements as compared to regular loans

  • Top up loans are only provided to those individuals whose repayment record as well as credit scores are excellent

  • To be eligible for a top-up loan, you need to have an existing relationship with the lender along with a good and consistent repayment record

  • One of the biggest advantages of top up loans is that the documentation requirements will be nil or at the very least, minimal

  • Some lenders may also offer pre-approved top up loans in which case no documents are required.


Top up loans are a popular product offered by most lenders. While the eligibility and documentation requirements may vary, these loans are definitely helpful. 

Moneyview 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 this on time in order to be eligible for a Money View top up loan.

Top Up Personal Loan - Related FAQs

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 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 and provide your revised salary statement.

No, you do not have to. You can either avail the additional loan amount or continue repaying the original personal loan and close the account.

You can top up your existing personal loan depending on your lender. Certain lenders allow you to apply for one directly while others only provide it on a case-by-case basis.

As is the case with every loan, just availing a loan will not affect your credit score. However, if you default on your repayments, then your credit score will definitely be impacted negatively.

A top up loan is a great option for those who need a higher loan amount in addition to their existing loan. However, only if your repayment history and credit score are great will you be able to get one.

Additionally, take a top up loan only if you are in the position to repay this comfortably.

When you get an extra loan amount in addition to your existing loan, this is known as a top up loan. While some lenders give you the option of applying for one, others will offer it depending on your eligibility.

Top up literally means adding to an existing amount, in this case it refers to adding an amount to an existing loan. Top up loans are provided to certain borrowers who have a stellar repayment history and credit score.

The amount you get as a top up loan will vary depending on factors such as your eligibility criteria, existing loan amount availed, credit history etc. At Money View, you can be offered a maximum top up loan of Rs. 10 lakh.

There are no limits as such on the number of top up loans you can avail. It will depend on your eligibility conditions as well as the lender’s decision.

The tenure for a top up loan can range from 1 year to 15 years depending on the type of top up loan availed, the lender’s terms and conditions, as well as your eligibility.

At Money View, the maximum repayment period for a top up loan is 5 years.


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