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Key distinctions between top-up and Personal loans

Learn the distinctions between personal and top-up loans before applying for one<br>https://www.herofincorp.com/blog/personal-loan-vs-top-up-loan<br>

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Key distinctions between top-up and Personal loans

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  1. Key distinctions between top-up and personal loans

  2. What does a top-up loan mean? • It is the additional funds that you can borrow on top of your existing loan.

  3. Understanding the working of top-up loan • Borrowed funds must be repaid within the terms of the ongoing debt. • This loan is only available if your existing debt EMIs are paid on time.

  4. Characteristics of a top-up loan • Top-up loan EMIs are added to your existing debt. • It requires minimal or no documents. • You can get tax benefits in certain conditions.

  5. What does a personal loan mean? They are unsecured. Funds are approved after a review of your monthly salary and repayment history.

  6. Understanding the working of a top-up loan • A good credit profile qualifies you for a loan with favourable terms. • The lender reviews your debt-to-income ratio, salary, and employer's credibility before approval. 

  7. Characteristics of a personal loan • You can select your tenure based on your financial situation. • You can receive funding of up to Rs 5,00,000. • The lender never asks for collateral.

  8. Top-up vs personal loan: Which is better? • A top-up loan is only available if you have ongoing debt. • Top loans have less disbursement time and a lower interest rate. 

  9. “Top-up and a personal loan both can help you in times of financial emergency. However, the former can only be used if you have an outstanding loan.

  10. Thanks! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More :https://www.herofincorp.com/blog/personal-loan-vs-top-up-loan

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