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Personal Loan Balance Transfer: Features and Eligibility

The Personal loan balance transfer will give you a fresh chance to enjoy an attractive interest rate and lower your financial burden. It is possible as you are allowed to transfer your outstanding principal amount with another lender who is giving you a loan on better terms and conditions as compared to the previous lender. Here read in detail about the features and eligibility criteria of opting for a Personal loan balance transfer facility.

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Personal Loan Balance Transfer: Features and Eligibility

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  1. Personal Loan Balance Transfer: Features and Eligibility www.indialends.com

  2. The Personal Loan balance transfer is a process in which a borrower does the transfer of his or her outstanding principal from one lender to another. The reason for doing this is that he or she is getting a low-interest rate personal loan on the outstanding loan amount.

  3. The Personal loan balance transfer does not ask for any security or collateral. It requires only a nominal charge which is known as foreclosure charges. It is levied by the present lender. The current may also ask you to pay the processing fees and stamp duty loan agreement, if applicable, apart from foreclosure charges. Most of the NBFCs and banks are giving the option of personal loan transfer. But before arriving at any decision, it is a must to evaluate all the pros and cons of the same to reduce the cost of borrowing. If you want to do a fast-personal loan transfer, then it is a must to understand the features of this process. Features of Personal Loan balance transfer Low rate of interest: It is one of the main features of a personal loan transfer because it reduces your EMIs. Repayment tenure: When you opt for a balance transfer, it enables you to re-negotiate on the repayment tenure. It will help in reducing the monthly EMI burden but may result in a higher interest-pay-out. So, prefer to opt for shorter tenure, only then a Personal Loan balance transfer decision is wise. www.indialends.com

  4. Avail of additional features: Based on your past payment records and changes happen in your income dynamics, you may receive a fast-personal loan transfer option from various lenders. Do a proper analysis of all the features such as waivers of Last EMI, Interest rates, or processing fees to arrive at a firm decision. Top-up loan facility Most of the banks and financial institutions are coming up with the top-up loan facility along with a balance loan transfer. If you need more credit, then go with the option of Personal loan balance transfer. Some lenders may also give you a Top-up loan on your existing personal loan relatively at a lower-interest rate. In the case of top-up loans, the outstanding loan balance is directly paid to the previous lender and the fresh amount of loan will be credited to the borrower’s account. You can choose either between two, based on your requirement and preferences. You get better services with Personal loan balance transfer: It allows you to enjoy better services, in case you are satisfied with the quality of services offered by the current lender. www.indialends.com

  5. What is the Personal loan eligibility when you are doing the loan transfer? The personal balance transfer application gets approved after evaluating the borrower’s creditworthiness or his or her ability to repay. One can also make use of the Personal loan eligibility calculator for checking the same. Here are the common eligibility criteria which are common with each of the lenders: • The current outstanding loan amount required is Rs. 50,000 for doing the balance transfer process. • You should have a clean past repayment record of loan EMI. The last 12 months' installments should be done sincerely. • If you have any additional credits in the form of loan or Credit Cards, it should be paid off or are in good standing. • The credit score should be 750 or above. One should opt for a Personal loan balance transfer facility only if it suits as per your need and requirement. So always carefully consider the benefits and long-term implications to arrive at a decision. www.indialends.com

  6. The Personal loan balance transfer will give you a fresh chance to enjoy an attractive interest rate and lower your financial burden. It is possible as you are allowed to transfer your outstanding principal amount with another lender who is giving you a loan on better terms and conditions as compared to the previous lender. Here read in detail about the features and eligibility criteria of opting for a Personal loan balance transfer facility. Visit - How to get a maximum chance to get a Personal Loan approved www.indialends.com

  7. Thank you

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