What is a Personal Loan Balance Transfer: How to Optimize It

You might have waded off your knees into a deep financial crisis because of some or other emergency and might finally have taken a personal loan at a very high interest rate. Now, when you want to lessen this financial burden by reducing your interest outgo and bringing down your EMI, you have an option in the form of Personal Loan Balance Transfer. It’s more of the process in which your current loan is transferred to a new lender who has friendlier terms. Hence, there are saving impacts as you would be able to make the payments much easier than before.

 

In this blog, we shall read what a Personal Loan Balance Transfer is, as well as its benefits and eligibility criteria.

What is meant by Balance Transfer on Personal Loan?

A balance transfer of a Personal Loan is a facility for the transfer of one’s existing loan from one bank to another in most cases where the newly offered rate of interest is also better. The major benefits of transfer are cutting down on the total cost of debt.

 

You’ll really want to pay attention to the deals you compare when you go for a balance transfer. The transfer itself doesn’t engage in personal property, but you may want to incur some small charges like foreclosure fees from your old lender, processing charges, and probably stamp duty on the new agreement of the loan.

 

For example, in case you decide to transfer your loan to Indiansahukar, we would simply take over your current loan and will give you a new loan at a better interest rate. Thereafter, you make payments of your EMI to Indiansahukar.

Eligibility Criteria For Personal Loan Balance Transfer

The eligibility criteria of personal loan balance transfer are the same as those for personal loans. The following are eligibility criteria to apply for a personal loan balance transfer

 

1.Nationality: Indian

2.Age: 21 years to 80 years

3.Employee with: Public, Private, or MNC

4.CIBIL Score: 685 or higher 

5.Salary: 2500+, or based on city you live

Document Requirement for Personal Loan Balance Transfer

Here are the lists of required documents to be needed for personal loan balance transfer:

 

  • Identity Proof: PAN Card, Aadhaar Card, Passport, Voter’s ID/Driving License.

 

  • Residence Proof: Latest utility bills, Passport, Leave, and License Agreement.

 

  • Income Proof: Latest three months’ salary slips, bank statements.

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Benefits of personal loan balance transfer

  • Reduced Interest Rates: One of the biggest benefits of doing a balance transfer of your Personal Loan is the low interest rates. If you transfer your loan to another lender who offers you a lesser rate, then the overall interest burden will reduce and your EMIs will low too.

 

  • Loan Tenure Flexibility: When you transfer your Personal Loan to a new bank, you may always have a tenure at hand for negotiation. This means that you can increase or reduce the repayment period, essentially requiring you to affect the amount of EMI and total interest outgo the most.

 

  • Added Features: Some lenders offer more benefits with a balance transfer, depending on the paying back record, CIBIL score, and current income. This may include features like zero processing fees, a reduction of interest rates, or a waiver on the last EMI. This could mean not only a reduction in the interest burden but also more friendly loan features.

 

Top-Up Facilities: Most banks provide a top-up facility, in addition to a loan balance transfer. Under this, you can apply for extra funds at effective rates, simply by transferring your loan. In case you have a need for additional funds along with the option of lower rates of interest, this is very useful.

Why to choose us:

Transfer of personal loan of Indiansahukar offers a host of attractive benefits. We provide competitive interest rates such that it could substantially bring down both your monthly payments and the overall cost of the loan. 

 

  • Our repayment tenure is very flexible, allowing you to dictate the terms in a way that suits you and works within your financial condition. 

 

The balance transfer process with Indiansahukar is streamlined and efficient, aiming to minimize the hassle and paperwork you go through. 

 

  • Our company with a very good reputation in customer service will ensure to stay with you from the beginning of your transfer. 
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  • We also address any concern one might be having within the shortest time possible.

 

  • In making a balance transfer with them, you are also in the position to positively impact the credit score through better debt management.
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In conclusion, it prominently reflects that Indiansahukar can be a reliable and winning personal loan balance transfer option.