Personal Loan Top up - Apply For a Top up Loan Online

Top-up Loan

Top-up loan is an additional loan you can borrow on top of your existing personal loan. Only those borrowers who have already availed a personal loan are eligible for a top-up loan. Kotak Mahindra Bank offers top-up on personal loan after 9 months from your personal loan sanction.

Benefits of Top-up Personal Loan

Often, after availing a personal loan the amount may not suffice to fulfill all your needs. Or there may be a sudden rise in the expenses. At such times, a personal loan top-up can save the situation for you.

Here are some benefits of a top-up loan:

Attractive interest rates
No collateral or security required
Flexible repayment with convenient EMIs
Easy and quick loan application, approval and disbursal processes
Minimal documentation

Interest Rate for Top-up Loan

Kotak Mahindra Bank provides the borrowers with best deals on a top-up personal loan. You can enjoy an attractive personal loan interest rate even as you avail a top-up on your existing loan.

Type of Employment	Rate of Interest
Salaried Employees	Starting at 10.99% p.a.

Personal Loan Top-up Eligibility

The lending bank will determine your personal loan eligibility when you apply for a personal top-up loan. A background check by Kotak Mahindra Bank includes:

Job stability
Overdue EMIs
Number of bounced cheques
Total number of existing loans
Borrower’s credit risk

Documents Required for Personal Loan Top-up

Hassle-free documentation is a key feature of Kotak’s top-up loan. The documents required for personal loan are:

2-3 Photographs
Identity Proof: PAN/Passport/Aadhar/Voter’s ID/Driving License
Residence Proof: Passport/Utility Bills/Leave and License Agreement
Income Proof: 3 months bank statements or salary slips

How to Apply For Top-up Loan From Kotak Mahindra Bank

You can easily apply for a top-up loan from Kotak Bank.

SMS PLTOPUP to 5676788
Kotak executive will then contact you

In case of another bank’s loan, you can first go for a personal loan balance transfer.

Apply for a personal loan top up, today!

General Question Related to Top-up Loan

How do lenders decide the loan amount for a top-up loan?

Borrower’s credit risk is an important factor that lending banks consider. The lenders also conduct a background check that includes taking into account job stability, EMIs due, number of bounced cheques, and ongoing loans.

What is the maximum tenure for a top-up loan?

A personal loan tenure from Kotak Mahindra Bank ranges from 1 year to 5 years. You can apply for a top-up loan after 9 months of your personal loan sanction.

What are the fees and charges associated with personal loan top-up?

Financial organisations have various fees and charges for loan approval and disbursal processes. Usually, a lending bank takes processing fees. Find out more about the applicable personal loan processing fees.

Frequently Asked Questions

Will my EMI change if I opt for a top-up loan in addition to my personal loan?

Yes, your EMI amount will increase when you avail of a top-up loan. The top-up loan is added to your previous loan, resulting in a new loan amount. You can pre-check your EMI amount using the personal loan EMI calculator.

Can you add to an existing personal loan?

Yes, it is possible to avail of a top-up loan to add to your existing personal loan. You can even enjoy a lower interest rate and better loan terms on your new loan amount.

Are tax benefits available on top-up Personal Loan?

No, tax benefits are not available on getting a top-up on your personal loan. A personal loan is a collateral-free loan and does not fall under any tax benefit sections.

How does personal loan top-up work?

You can apply for a personal loan top-up after 9 months of your personal loan sanction. All you have to do is send an SMS PLTOPUP on 5676788 and a Kotak executive will contact you for next steps.

Is a top-up loan a good idea?

Yes, a top-up loan can be of great help when your existing personal loan is not sufficient to fulfill all your financial requirements or in case of sudden needs arising.

What is the procedure of a top-up loan?

You can apply for a top-up personal loan from Kotak Mahindra Bank in these simple steps:

- SMS PLTOPUP to 5676788

- A Kotak executive will contact you to complete the further steps

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