Who is eligible for a Repair/Top-Up Loan?

Eligibility for a Repair/Top-Up Loan generally includes:

• Existing Loan Borrowers: If you have an existing loan with a financial institution, you may be eligible for a top-up loan if you have paid a certain number of EMIs without default.
• Good Credit History: A good credit score (usually above 650) increases your chances of approval. Financial institutions assess your creditworthiness to determine eligibility.
• Adequate Repayment Capacity: Your income and repayment capacity will be evaluated to ensure you can manage the new loan along with your existing loan.
• Residential and Commercial Property Owners: For repair loans, owners of residential or commercial properties who need funds for renovation or repair are eligible.

Financial institutions may have varying requirements, but maintaining a positive repayment history on any current loans is crucial for eligibility.