Personal top up loan vs concurrent loan

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Personal top up loan vs concurrent loan
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What is a personal top up loan?

• If you have an ongoing personal loan, you have
  surely heard about a top-up loan. This can be
  offered from the financial institutions or you
  can apply for one too. A top up loan is usually
  offered on an ongoing loan when your repayment
  record is a good one. You can easily get hold of
  a top up loan when you have kept your credit
  score right and your repayment history on track.
  A top-up loan is one where you can borrow an
  amount of money on top of an existing loan. It
  will be single repayment and you will only have
  one EMI. This loan will use part of the money to
  settle the existing debt with your lender the
  rest is given to you as cash. It makes sure that
  there is no other different loan, but you will
  have only a loan and single EMI.

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What is a concurrent loan?

• A concurrent loan is meant for those with a need
  for an instant fund. If one is having an ongoing
  personal loan already, he can also go for another
  loan. This is a concurrent loan which adds one
  loan to another. So you will be having two
  personal loans, and double EMI monthly. When your
  salary gets credited, you need to pay two EMI. A
  concurrent loan is not so popular because of the
  high amount of burden involved in having two
  loans together. If you have an emergency or an
  instant need, you should go for a concurrent
  loan.

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Personal top up loan vs concurrent loan

• Affordable If you talk in terms of
  affordability, the top up personal loan is always
  very affordable. It is having an extra amount of
  funds without taking a different loan. This will
  help you cover up your needs with an extra source
  of funds but not having a separate loan. The EMI
  will be one and you will not have any extra
  burden. This will help you deal right with the
  need for excess funds within just one single
  personal loan. It will be a good choice of loan,
  so that one can meet the need for extra expenses
  without going for a second Instant personal loan.
  

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Convenience

• A top up loan is convenient as you only have one
  loan to handle. However for concurrent loans you
  will have two loans and you need to manage the
  EMI of two different loans. You need to take the
  right decision before you delve into a concurrent
  loan. A top up loan is helpful to meet the need
  for your extra cash without having an extra
  burden. Never go for a loan when you already have
  one. A concurrent loan is not a good choice. It
  will not make your financial health stable if you
  borrow the second time.

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Clix Capital Services Private Limited

• Address 4th Floor, Kailash Building, Kasturba
  Gandhi Marg, Connaught Place, New Delhi-110001
• Phone [phone]
• Email us hello_at_clix.capital
• Website www.clix.capital

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