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Personal top up loan vs concurrent loan

You cannot find one- size- fits all solution. Before you delve into a new loan, you must consider all the factors of top up and concurrent loan. A personal loan online apply process can be easy if you meet the right eligibility criteria.<br><br>Visit: https://www.clix.capital/personal-loan/

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Personal top up loan vs concurrent loan

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  1. Personal top up loan vs concurrent loan

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. Address: 4th Floor, Kailash Building, Kasturba Gandhi Marg, Connaught Place, New Delhi-110001 • Phone: 1800 200 9898 • Email us: hello@clix.capital • Website: www.clix.capital Clix Capital Services Private Limited

  7. Read More: www.clix.capital/clixblog/important-things-to-know-before-taking-a-personal-loan

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