Top Up Facility Ganesh Capfin
Consolidation of loans - If a customer has multiple loans including debt such as a personal loan, an auto loan, etc., he can apply for a top-up loan to consolidate all the loans together and lower the overall interest cost. This can also help the customer improve his credit score since having multiple loans badly impacts the credit score of a customer.
Meet various expenses - If a customer has availed a personal loan for a family vacation, he can apply for a top-up loan to meet medical expenses, wedding, child’s education, or other reasons. It is not essential to avail a top-up loan from the same bank that the customer has availed a primary loan such as a home loan, personal loan, etc. They can use the balance transfer to transfer the loan to another bank and then apply for a top-up loan.
Basic eligibility criteria
- You can avail a top up loan if you have an existing and running loan from a bank and the bank is willing to give you an additional loan on your existing loan as you have already repaid a certain portion of the loan and made all the payments in a timely manner.
- You can apply for a top up loan from your existing lender or opt to apply for a balance transfer loan with top-up loan which means you shift your loan to a new bank and avail a top up loan on your existing loan.
- In either case, you can apply to the new bank after a minimum repayment track record of minimum 1 year of your existing home loan and upon possession or completion of the financed property.
Documents Required
- Employer Identity Card
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
- Proof of business address for non-salaried individuals
- Statement of Bank Account/ Pass Book for last 9 months
- Signature identification from present bankers
- Personal Assets and Liabilities statement
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
- Original Salary Certificate from employer
- TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Department.
- Acknowledged copies of three years I.T. returns/ Assessment Orders.
- Photocopies of challans evidencing payment of Advance Income Tax.