Can I get a top-up loan on my existing electric vehicle loan?

Yes, you can get a top-up loan on an existing electric vehicle loan, but it depends on the financial institution’s policies and your financial profile.

Top-up loans allow applicants to borrow additional funds for their existing loan. Financial institutions typically consider factors like the repayment history of the current loan, the outstanding loan amount, and the vehicle’s value to qualify. A good repayment record can improve the chances of approval.

The amount you can borrow as a top-up loan and the interest rate offered might vary. Some financial institutions may also require you to complete a certain portion of your current loan tenure before applying for a top-up.

To explore this option, contact the bank or Non-banking Financial Companies (NBFCs) where you have your existing loan. They can provide details about the eligibility criteria, available loan amount, and any additional charges. Many financial institutions also allow you to check your eligibility and apply for top-up loans online.

Before applying, it’s important to review the terms carefully, including the repayment tenure and any associated fees. Make sure the top-up loan aligns with your financial needs and repayment capacity.