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.

Money View Top up Loan

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.

Features and Benefits of Money View Top Up Loan

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

  • These loans are provided to existing customers who have an active loan/ongoing loan
  • The main factors that determine the availability of these top up loans are the borrower’s repayment behaviour and credit history
  • The interest rate on these top up loans is generally lower than the rate imposed on regular personal loans
  • Your top up loan will be in addition to the existing amount provided which is a boon if you were looking to avail a higher amount of money
  • Borrowers will have the flexibility of choosing their repayment term making the entire process much more convenient

Eligibility and Documentation Requirements for Money View Top Up Loan

Given below are the eligibility and documentation requirements -

  • Borrowers will be eligible to avail 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. Those who have defaulted or delayed their payments will not be eligible for this option
  • Additionally, the borrower’s age and income may also play a role in determining his/her eligibility
  • Your top up loan will be in addition to the existing amount provided which is a boon if you were looking to avail a higher amount of money
  • 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

How Does a Money View Top up Loan Work?

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.

Use Cases for Top up Loans

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 -

  • If you require urgent funds to meet your personal requirements like marriage expenses, vacation planning, buying an expensive gadget, 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

Benefits of Top Up Loans

A top up loan comes with a host of attractive benefits such as -

  • It's faster and easier to avail since most of the application processes have been completed already
  • Low-interest rates compared to other loans like car loans, personal loans, or credit cards
  • Affordable and longer loan repayment option with monthly EMIs
  • No restriction on the usage of the top up amount. You can utilize the amount to meet any personal needs

In Conclusion:

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.

Top Up Personal Loan - Related FAQs

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.

  • A top loan can be availed on your existing home loan, property loan, or personal loan. 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.
  • Both private and nationalized banks, housing finance companies, private lenders, and other financial institutions provide top up loans.

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 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.