Can I get another loan if I already have one in SBI?

January 10, 2023 Snappy1

Can I get another loan if I already have one in SBI?

SBI offers a top-up loan facility to its existing customers at an affordable interest rate. Other than this, if a customer has transferred his or her Outstanding principal amount to SBI with the Personal Loan Balance Transfer Facility, he/she can also avail of a Top-up Loan.

Is it good to take top up loan on personal loan?

A top-up loan is generally preferred over the personal loan as the interest rate is often relatively lower as compared to personal loans. Moreover, considering that the lender would already have your KYC details/documents, the processing of the loan will be faster and easier.2021-06-07

What are the disadvantages of top-up loan?

The biggest disadvantage of top-up loans is only existing home loan customers can apply for it. In addition, customers with poor track record can not avail this facility. There is no tax advantage available on top-up loan amount raised for personal purpose.2016-06-20

How is top up loan calculated?

Banks will calculate the top-up loan amount, after taking into account the Equated Monthly Instalment (EMI) of your running home loan. The bank will estimate the Fixed-Obligation-to-Income ratio (FOIR) for your top-up loan, after deducting the instalments of all your running obligations.2020-08-06

Does SBI provide top up loan?

SBI offers “SBI Home Top Up Loan” to their customer to borrow certain amount over and above their home loan amount. The customer who already have a home loan from SBI and requires more funding, can opt for Home Top up loans. It can be availed for any personal purpose.

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Is it good to take top up personal loan?

A top-up loan should not be taken just because it is simply available. It becomes fruitful only when you have the requirement for finance. Because a top-up personal loan could be costly, and you might end up paying additional interest on the repayment.2018-06-04

Can you add more money to an existing loan?

If you have an existing personal loan and are hit with unexpected expenses, you may be considering a loan top-up. This allows you to add more funds to your existing loan amount, so you can keep all of your debt in one place and stay with your current lender.2021-07-20

What is the maximum amount of SBI top up loan?

Rs.5 lakh

Can we take top up loan on personal loan?

A top up loan, being based on a personal loan, also does not require security or collateral against the loan amount. A personal loan has no fixed purpose of usage. It can be used by the borrower for any purpose. A borrower can apply for a top up on a personal loan if he falls short of cash.

What happens when you top up a loan?

A Top up loan meaning an extra loan is a financing option that is offered over and above the existing loan amount for products such as home loan and personal loan. The top-up loan is offered to customers who have an existing relationship with the lender, have a good credit score and have repayment ability.

What is a top up loan?

A top-up loan is a loan given by the bank over and above your home loan. Just like you top-up your mobile balance if you are running low on balance, similarly banks give top-up loans over your current balance.

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Can I take a loan if I already have a loan?

The simple answer is yes. An individual can take more than one Personal Loan. But just like the first loan, you will have to meet the eligibility requirements of the lender to get approval for the loan. Lenders consider several factors like your current income, existing loans, etc.2020-03-12

How do I top up an existing loan?

In case your existing lender does not offer a top up loan, you can shift an active loan from your present lender to another through a balance transfer. After the balance transfer, you can apply for a top up loan from your new lender.

Can I take another loan from SBI?

Key Features of the SBI Xpress Credit Personal Loan A borrower can apply for a second loan only after the first loan is disbursed. This is, however, based on the EMI/NMI ratio being below 50%. The second loan can be taken only if the borrower had been diligent in paying the first loan EMIs on time.

What are the benefits of a top up loan?

Low-Interest Rates The major benefit of the top-up loan is that it can be availed at low-interest rates as compared to a personal or gold loan. The regular personal loan interest rates vary between 11-24%, but for a top-up loan, the interest rates are the same as home loan interest rates.

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