FAQ - Top Up Loan
Top Up Loan - Frequently Asked Questions (FAQs)
Top up loan is a feature by which you can get an extra loan amount on top of your existing loan.
It is currently an invitation-only feature, and only users with good payment history are pre-qualified for it.
You only need Aadhaar card for it. We will also pull your CIBIL score to assess if you can get a Top Up loan.
When you take a top-up loan, we generate a new loan account for you. This new loan account has the due amount of the existing loan along with the top up loan amount.
Your existing EMI Auto-Debit will stop, and a new Auto-Debit mandate is generated with a new EMI amount.
Pre-EMI amount is an upfront EMI amount that is deducted from your loan amount till the actual EMI Auto-Debit happens. It is done to make sure a monthly EMI is debited after you take a loan from us.
Yes, you have to keep paying your existing EMIs till your new top-up loan amount is transferred to your account.
You can cancel your Top-Up process anytime before submitting your new Loan agreement by dropping us a mail at email@example.com
With a top-up loan, a new loan account is generated which contains your previous unpaid amount with the new top-up amount.
This new loan account is created with a new lending partner; hence a new agreement is generated. This new agreement needs to be authorized by you to get the top up amount.
As a top-up loan is a primarily a new loan, standard processing fees apply to it as well.