Personal loans in the best place 2025: interest rates, functions and key insights | Mint

With a supplementary personal loan, borrowers can increase their existing loan amount without a new application. It offers additional funds at similar interest rates and repayment conditions, which offer benefits. Borrowers must assess their financial situation and conditions of the lender before proceeding. Top-up loans: Learn about rates and benefits. In the ever -developing world of personal finances, people usually find themselves in situations where they need more money than they are already outstanding on their loans. One of the possible solutions in such a situation is a supplementary personal loan. Borrowers can borrow more using this financial product without undergoing a fresh loan application. What is a supplementary loan? A personal loan is an extra loan amount extended by a lender to an existing borrower to increase their existing personal loan amount. The borrowers can borrow additional funds under this scheme without modifying the terms and conditions of the original loan contract. It only offers individuals the facility to borrow extra loans with the existing, mostly at identical interest rates and repayment schedules. Important features of a supplementary use of loans: Top-up loans, such as regular personal loans, are usually unsecured and can be used for any purpose, e.g. Home improvement, unexpected medical bills or school fees. Low interest rates: The supplemental loans are more economical than other types of loans, because borrowers tend to offer interest rates that are the same as or just slightly higher than the original loan. CONTAINED EMI PAYMENT: For ease in payment, the supplementary amount will be consolidated with the outstanding loan balance in one EMI. Qualifying criteria for the best existing relationship: Both the lender and the lender must be parties for an existing personal loan. Refund History: A consistent history of timely EMI repayments helps to achieve a better supplementary loan arrangement. Loan period: For awarding a top-up, some lenders can complete a percentage of the original loan term. Creditworthiness: A high creditworthiness and good financial status are two important factors that should be considered during the approval process. Top -Up Personal loan interest rates 2025 Banks fill personal loan interest rates SBI Bank 12% – 14.75% HDFC Bank 10.40% Axis Bank 15.75% – 24% IDFC First Bank 12% – 19% Bank of Baroda 11.70% Kotak Mahindra Bank 10.99% – 24% (Source: Bankbazaar) Loan bonds on the loan loan on the loan on the loan on the loan loan on the loan loan on the cost of repaying the loan amount before deciding to borrow a supplementary loan. Loan term: The term will normally correspond to the term of the existing loan. Due to the short term, the monthly payments are likely to be higher. Fees and costs: The lender can charge a fee or administrative levy on the supplementary amount. Finally, they have benefits of affordability, comfort and easy repayment. Borrowers must carefully consider his/her financial situation, the ability to repay and the conditions of the lender shooter before using a supplementary loan. Disclaimer: Mint has a merger with Fin-Techs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc. First Published: 10 Apr 2025, 11:22 am Ist