A top-up loan from AU Small Finance Bank to meet the financial needs of home loan borrowers

A special loan scheme to help home loan borrowers meet their personal needs or pare down their debts

AU Small Finance Bank Home Loan Top-up

This top-up loan helps AU Small Finance Bank home loan borrowers to get financial assistance for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house such as home repair, home renovation or extension, this loan can also be used as a consolidation loan to pay off debts. Many borrowers also use this loan to pay for other personal expenses such as medical bills, dream vacation, child’s education, etc.

Features of AU Small Finance Bank Home Top-up Loan

Why this Loan?

  • The AU Small Finance Bank Home Top-up Loan is meant for existing AU Small Finance Bank home loan borrowers who need assistance to meet financial needs for personal needs such as child’s wedding expenses, education expenses, domestic/overseas travel expenses, debt consolidation, home extension, home repair, etc.
  • The bank offers flexible loan tenures and competitive interest rates on this scheme

Loan Amount

  • The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 25 lakh

Repayment

  • This loan must be repaid within 10 years. The maximum loan tenure depends on the remaining tenure of the home loan
  • The maximum age of the borrower at the time of loan maturity cannot exceed 75 years

Interest

  • The applicable interest rate on this loan is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR) and Spread. As of October 2020, the one-year MCLR of AU Small Finance Bank is 10.05%. The Spread factor is decided by the bank based on the loan type, quantum of loan, credit score of the borrower, etc.

Margin Money (Borrower’s Contribution to Total Cost)

  • This information is not mentioned on the bank’s website. Please talk to a representative to get more details

Eligibility

  • The applicant must be above the age of 18 years
  • The applicant must be a resident of India

Security Needed

  • The bank asks for the first charge of equitable/registered mortgage of property financed with the AU Small Finance Bank home loan

Processing Charges

  • The bank charges up to 5.00% of the loan amount for processing this loan

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.       

Reference Facts

  • AU Small Finance Bank Website: www.aubank.in
  • Headquarters: Jaipur, Rajasthan
  • Call Centre Toll-Free Number: 1800 1200 1200