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.
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.
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
Here are the lists of required documents to be needed for personal loan balance transfer:
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.
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.
The balance transfer process with Indiansahukar is streamlined and efficient, aiming to minimize the hassle and paperwork you go through.
In conclusion, it prominently reflects that Indiansahukar can be a reliable and winning personal loan balance transfer option.
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