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A top-up loan is an additional loan on top of your existing car loan for extra financing. Before you undergo a top-up loan eligibility check, keeping a solid credit profile with a good credit score and loan repayment history is best. Here’s how you can find your top-up loan eligibility, including critical factors that influence it and tips to enhance your chances of approval.

Factors that influence top-up loan eligibility

• Age
  The minimum age at the time of taking the top-up loan is 18 years, while the maximum age at the end of loan tenure must not be more than 65 years.
• Credit score
  Your credit score will be the primary factor influencing top-up loan eligibility. A high credit score (650 and above) shows the lender that you are a reliable borrower and, therefore, improves your chances of obtaining a top-up loan.
• Loan repayment history
  A positive repayment history of your existing car loan will exhibit confidence in your ability to repay the top-up loan. Ensure you have a positive and timely repayment history of at least 12 months to be eligible for the top-up loan.
• Loan tenure
  The time remaining on your current car loan may determine your top-up loan eligibility. A longer tenure may allow for more flexibility, while a shorter one could affect the amount you can borrow.
• Outstanding loan amount
  The remaining amount owed in the current car loan will determine the top-up loan amount you will receive. LOANS24 will assess this to determine how much additional financing you’re eligible for.
• Employment status
  Whether you’re self-employed, salaried, or a pensioner, you can apply for a top-up loan with LOANS24. Your eligibility will be further determined by other factors mentioned here.
• Income stability
  Demonstrating stability and consistency of income is necessary for top-up loan eligibility. A minimum income of ₹15,000 per month is required.
• Car value
  The car's current value (which serves as collateral for the loan) will be an essential consideration for your top-up loan eligibility. Lenders may complete an appraisal to determine the vehicle assessment.