Balance Transfer Top up is the loan facility that is provided by different financial institutions, housing finance companies and other banks. Here, the bank or the financial institute permits for borrowing a certain amount of money over and above the loan that you are already availing.
For instance, if you are availing home loan to construct your home and you need some extra credit to renovation, BT Top up helps you there.
What are the types of BT Top up?
I) Top up Loans:
These Loans are availed from the same bank from your loan is sanctioned. The rate of Interest applies the same on top up the loan as compared to other loans that you are availing.
ii) BT Top up loans- These are the loans that are transferrable from the existing bank or NBFCs to other Banks or NBFCs along with Top-up loan.
Why is BT Top up required?
To avail BT Top up loan applicant need to meet various personal or professional needs. For example, one can need it for home renovation or expansion, business expansion or startup of a new franchise, consolidate debt for a personal loan, auto loans etc., expanding primary loan for home purpose or credit card debt or family vacation or meeting medical expenses etc., avail the benefit additional credit facility, child education or wedding, reducing EMI rate, or for reducing the tenure of the previous loan, reducing the interest rate of the loan(s) and many more.
Who are eligible for BT Top up?
The applicant can be a salaried, professionals, doctor, CA, Architect, Lawyer, self-employed, proprietor, director, partner, trader, commission agent, contractor etc.
Applicant need to have a relationship with bank through loan for a minimum period of 6month to 1 year.
Which loans can be close by BT Top-up loans?
BT Top-up loans helps to downsize
BT Top loans are availed to ease the burden of previous loans in some cases and helps to disburse some loans at a lower interest rate as they have higher interest rates and less tenure. Some of these loans are- Personal Loans, Car Loans, Credit card Loans, Business unsecured loans.
Who provides BT Top-ups?
Almost every bank, financial institutions or NBFC’s that allow you to provide loans such as personal loan, home loan, car loan, professional loan, education loan, Land against property loan and many other loans provide BT Top up loans. At Loanzzone we are partnered with more than 40+ Banks & NBFCs that helps you to get best loan at best interest rate.