When one has any growing needs, timely financial assistance is very important. In case of any upcoming personal expense or investment, if you need urgent funds, consider availing additional funds on your existing personal loan through top-up loans offered by ICICI Bank. This can be used for home renovation, to make any personal purchases or even to invest in education or any medical needs. ICICI Bank Personal Loan top up loans are easily available to existing customers and give them a reliable source for their financial needs.
What is a Top Up Loan?
ICICI Bank provides hassle free Top Up Loans on existing personal loan and home loan accounts. You can apply for Personal Loan Top Up or Insta Top Up Loan on your ICICI Home Loan. With the latter Top Up, you can avail additional loan up to Rs.5 Lakhs for as much as 10 years. The value of the property determines the amount that you can get through the Insta-Top Up Loan. This Top Up Loan can be used for any expenses that one may have such as travel, education, medical expense or any other investment that he or she wants to make.
Features of ICICI Bank Top Up Loan
ICICI Bank Personal Loan has several flexible features that make it one of the most popular products in the segment.
- Rate of interest: The rate of interest of a Top Up Loan on ICICI Bank Personal Loan is similar to the existing loan. In general, the personal loan rates by ICICI are very competitive. You can avail it at as low as 11.25% p.a. The effective rate of interest however depends upon various factors such as the employment status of the individual, the nature of his or her employment and the monthly income.
- Easy EMI Payment Options: The EMI Of the existing personal loan is consolidated with the new top up loan to give customers an easy repayment option. This is better than a parallel loan as one need not have to worry about making multiple EMI Payments.
- Processing Fees applicable: A processing fee is applicable. This ranges from 1%-2.5% on the loan amount.
- No collateral required: A top up is the best alternative for financial emergency, because no collateral is required to avail them. These are unsecured loans that are provided based on the repayment ability and the nature of employment of the customer. If you are qualified for personal loan eligibility criteria, you will be able to avail a top up on your personal loan.
Benefits of ICICI Bank Top UP Loan
When there is a financial emergency, customers have the option of applying for an additional loan or getting a top up on an existing loan. Getting a top up is a much better option because they have the following benefits:
- It is possible to get approvals almost instantly with these loans making them perfect for a financial emergency.
- The documentation process is simple as these loans are provided on an existing loan.
- These loans are available for both salaried and non-salaried individuals.
Eligibility for Top UP Loan
Besides the regular Personal Loan Eligibility Criteria, it is necessary to fulfill certain conditions in order to avail a top up loan. Some conditions are:
- The individual should be at least 23 years of age to be eligible for a top up loan.
- The salary or income of the individual should be feasible to avail the top up loan. The EMI payable towards the loan should not be more than 60% of the net salary. This is the EMI applicable on the loan after the top up amount has been added to it.
- The applicant must have a consistent repayment record for the existing loan. In case of defaults or late payments, a top up may not be available on the existing personal loan.
- In case of new customers without any other credit history with the bank, he or she will be eligible for a top up loan after a certain period has passed with the personal loan. You should have made payments towards at least 3 EMIs in order to be eligible for a personal loan top up.
- Any credit facility that the individual has availed in the past should have a good track record with respect to timely payments.
- The applicant should have a good enough CIBIL score in order to get the additional loan amount.
- In case you have changed your place of work after you availed the personal loan, the top up loan will be provided based on the current employer.
How to Apply
It is possible to submit a request for a personal loan top up using the following options:
- Net banking account- Log into the net banking account, provide details of the personal loan account and apply for the top up loan.
- iMobile: Download ICICI Bank Mobile Banking application. Once the customer have logged in, the details of the existing personal loan account should be entered to apply for a top up loan.
- Branch: It is also possible to visit the nearest ICICI Bank branch to fill up an application form and submit the request.
- SMS: SMS PL to 5676766 to apply for a loan.
Once the application has been received by the bank, the applicant will have to provide the regular KYC Documents including an address proof and a Photo ID. You may have to submit other documents for verification as required by the bank.
Then, the old personal loan account is closed. The balance on the previous loan and the additional loan amount provided will be clubbed to create a new loan account. The rate of interest and any other terms and conditions will be applicable as per the last loan policy.