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Top-up Business Loan

Highlights

  • Meaning of Top-up Business Loan.
  • Who will be eligible for Top-Up Loan?
  • Avail top-up facility at attractive interest rates.
  • Features and Purposes of Top Up Business Loan.
  • Important Documents Needed.

Sometimes you need to fulfil your business dreams but due to lack of funds, you step out. But you have another option to fulfil the business requirement by taking the top-up facility. It offers a 1-2% lower interest rate on your ongoing loan. So below the list given which financial institution provides the top-up facility.

What is Top-up Business Loan?

A top-up business loan is an additional loan which is offered over and above the business loan. If you need additional money then you can go for a top-up loan and usually, there is no restriction with this loan.

Who is Eligible for Top-up?

The borrower who has taken a business loan from a certain financial institution are eligible for the top-up. You can avail this top-up facility after a certain number of EMIs paid. All the financial institution have different eligibility criteria. Some institutions give top up after paid off 3 EMIs, 12EMIs and 15 EMIs. It all depends on the financial institution.

Who can Avial Top-up Facility?

If you are looking for another loan for a business purpose, then choose the top-up facility on your running loan at a lower interest rate. The top-up is only for those borrowers who have already taken loans from other financial institutions. This top-up facility is free. They do not charge any insurance and processing fees.

Get Competitive Interest Rates

The interest rate on the top-up business loan is slightly lower than the existing interest rate. They offer 1-2% lower interest rate for the top-up of business loan.

Here is a list of some financial institutions that provide the top-up facility on your business loan

HDFC Bank

Top up your exciting business loan at an attractive interest rate from HDFC Bank. This process is simple with minimal documentation. Read the terms and conditions apply accordingly.

Terms and Conditions

  • You can avail only the top facility after paying 12 EMIs of an existing loan.
  • The latest 6-month bank account statement is required.
  • Your loan will be available at 1-2% less interest than the ongoing Business loan interest rates.

Bajaj Finserv

Bajaj finserv is the top leading non-financial institution who grant top-up facility on your existing business loan with ample of facility and benefits. Only a few documents are needed for the top-up process.

Terms and Conditions

  • Get top-up facility after repaying 15 EMIs of your ongoing loan.
  • The borrower should have the latest 2-year Income Tax Return (ITR).
  • 3 months latest bank statement required.
  • It offers 1-2% less interest on the current loan.

Ziploan

If you are looking to expand your business to a higher level then you have a great option that is top up in business loans with simple and minimal documents on your existing loan. This process of disbursement is very simple and fast.

Terms and Conditions

  • If you want a top-up on the existing loan, then you must have paid 12 EMIs of the ongoing loan.
  • 12-month Business Bank Statement.
  • A current account is mandatory.
  • Get 1-2% lower interest rate on loan.
  • You can club all bank statements for the higher loan amount.
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Lendingkart

Lendingkart is the only non-financial institution that offers top-up facility after paying 3 EMIs. 12 months bank account statement is required for a top-up.

Terms and Conditions

  • Lendingkart is the best financial institution that can top your loan after paying 3 EMIs.
  • The borrower should have a 12-month bank statement and should be in PDF format.
  • Get 1-2% lower interest rate on the top-up loan.

Features of Business Loan Top-up

These are some basic features and benefits of taking the top up on your business loan.

  • Quick process
  • Minimum paperwork
  • Attractive interest rates
  • Business loan without collateral
  • Easy and hassle-free process
  • Simple and easy repayment option
  • High fund value
  • Fast Disbursement

Use the Top-up Loan for Multi-Purpose

These are multi-purpose objectives for the top-up of business loans.

  • Construction of Commercial and Residential premises.
  • Buying any equipment for Business purposes.
  • Updating new technology
  • To increase the working capital
  • For hiring new staff
  • Pay off your debts
  • Purchase Inventory
  • Expand product and services
  • Advertising
  • Promotion of the product
  • To expand your existing business
  • To improve your business cash flow
  • For moving your business to a new location
  • Improve and expand your marketing strategy

Documents Required for Business Loan Top-up

  • Pan Card
  • Passport Size Photograph

Identity Proof (Any One)

  • Aadhaar card
  • Passport
  • Voter id card
  • Driving License

Address Proof (Any One)

  • Passport
  • Aadhaar card
  • Driving License
  • Voter Id Card
  • Electricity Bill
  • Rental Agreement
  • Bank Passbook

Financial Documents

  • Latest 2 years Income Tax Return (ITR)
  • Profit & Loss Account
  • Balance Sheet
  • Latest Bank Account Statement

Note:- All the documents must be self-attested and certified by a chartered accountant.

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