Emirates NBD Loan Deferment - Know Emirates NBD Personal Loan Deferment Process in UAE. Also check Loan Deferment Process, Fees & Charges, Features & Benefits, and more.
Personal Loan up to 8 times your Salary
Get personal loan at Lowest Interest Rate
All kinds of expenses can be easily managed with personal loans, as they allow you to get the required funds without any major conditions or requirements. Personal loans can assist you with all of your financial requirements, whether you need to finance an urgent medical procedure, plan an ideal wedding, take a well-deserved holiday, and so on.
Numerous financial institutions in the UAE today even offer a top-up option that allows you access to additional funds in case the existing funds fall short. A top-up personal loan is a financing facility that is offered by financial institutions on existing personal loans. With this facility, you can get an additional loan amount on the outstanding personal loan amount.
A top-up personal loan is an extra loan that you can avail of over your current personal loan. It is one of the credit options that you can use in case you fall short on funds during emergencies. You can easily take a top-up facility in case your personal loan is still active, as this type of loan is usually approved faster than a regular personal loan because the paperwork is already done with the bank when you applied for the original loan.
To get clarity about top-up personal loans, read the following example -
One of the best examples to explain what a top-up personal loan is would be a low-fuel indicator in your automobile. You own a vehicle that you fill up with 25 L once a month. In a certain month, however, you were required to use the car more frequently than normal.
So around the 20th of the month, you notice that your dashboard's "low fuel" indicator is blinking. You drive to the closest gas station and fill your automobile up with an additional 10 L of fuel - this is precisely how a personal loan top-up loan works.
Another example of a top-up personal loan is mentioned below -
Assume that you have an existing loan of AED 1 million for 4 years and you have already repaid AED 500,000 in the last two years. Now, instead of choosing an expensive personal loan, if you are looking ahead to having your home renovated, you can choose a top-up loan to fund the procedure swiftly.
Discussed below are the top features of top-up personal loans in the UAE -
Given below are the benefits of top-up personal loans in the UAE -
Listed below are the eligibility standards that you must fulfil to get a top-up personal loan in the UAE -
|Top up Loan: Meaning, Features, Benefits & Eligibility in UAE|
Take note of the following things before applying for a top-up personal loan in the UAE -
Most leading banks and financial institutions offer top-up personal loan facilities in the UAE. This loan is suitable for you if you need funds to meet an emergency on top of your current loans. As you may guess, you can avail of this loan only on your existing, outstanding personal loan.
Keep in mind that the eligibility criteria for availing of this loan would depend on various factors related to your profile and the loan provider. To avail of this loan, you may be asked to pay all your other monthly instalments on time and maintain a good credit score.
For a top-up loan, there is no set duration. A top-up personal loan can often be approved for a term that is longer than the remaining time on the original personal loan. The top-up loan's tenure, nonetheless, cannot exceed the initial loan's outstanding tenure.
You can shift your personal loan to a different bank through a personal loan balance transfer option and take out a top-up loan at the same time if your current lender does not provide top-up personal loans or declines to grant you the top-up loan facility.
The lender's assessment of your ability to repay the loan will determine whether your request for a top-up personal loan is approved. If the lender believes you lack the ability to settle the loan, it will reject your request for a top-up personal loan.
Your credit score is unaffected by a top-up personal loan until you miss payments.