Firstly, Top up loans come with a lower interest rate than personal loans. This is because it is secured against your existing home loan. So, if you need extra funds for something urgent, taking Top up loan can be a better option than a personal loan.
Secondly, Top up loans are easier to avail of than fresh loans. You don't have to go through the entire loan process again, which means no new paperwork, no new approvals, and no new verifications. Plus, since you have already established a relationship with the lender, they are more likely to offer you a Top up loan with favourable terms and conditions.
Thirdly, Top up loans offer greater flexibility in terms of usage. You can use the funds for anything, whether it’s a home renovation or a vacation. The choice is yours. Additionally, the repayment options for Top up loans are also more flexible, giving you the freedom to choose a repayment plan that suits your financial situation.
To sum it up, a Top up loan can be a smart financial move if you need extra funds and already have an existing home loan. It offers a lower interest rate, an easy approval process, and greater flexibility in usage and repayment options. So, the next time you’re in need of funds, consider taking a Top up loan instead of a fresh loan.
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