Banks which give personal loan to customers offer a top up to its customer after 9-18 months of the sanction date.
Under this programme, Bank identifies following points
- No EMI is Due
- No cheque bounces or EMI bounces
- Cibil of the customer to check whether he has taken more loans
- Job stability etc
If all of the above are okay with the bank they give Top up loan to the customer in max 2 days.
The rate of interest is either same of lower by 1%.
So if a customer already has a Personal Loan and he needs another loan, he should check with the existing bank rather than the new bank as this loan will have less hassles rather than getting a new Personal loan.
But if other Banks are giving personal loan at lower rate, then he should opt for a new bank.