The personal loan balance transfer lets you convert your current EMIs into more affordable ones.
It is done by offering the interest as the only repayment alternative. It is available for the first year via the method of refinancing of your current loan at a competitive rate.
Once you avail the facility of the personal loan balance transfer, you also end up pocketing several other advantages.
The option of the loan refinance lets you get the benefits of the affordable rate of interest and flexibility in the repayment tenure to enhance the affordability.
Let’s know about the benefits of the personal loan balance transfer and how to go for it. Read on!
What is the personal loan balance transfer?
When you switch your existing personal loan dues from existing lenders to one offering lower rates and other benefits, it is called the personal loan balance transfer.
The concept is unique in the lending industry of India.
It helps you make your personal loan EMIs more affordable by offering interest only option on repayments for some duration.
You can pocket the advantage of competitive interest rate and repayment flexibility to boost the eligibility when you transfer personal loans.
What are the benefits of the personal loan balance transfer?
You can apply for the personal loan balance transfer with a known lender and get quick approval. With minimum eligibility, you can avail the refinance facility of one bank from another. All that you need to do is keep the required documents handy and go through the eligibility criteria to get stress-free processing.
You can transfer your existing personal loan to a known lender and pocket amazing flexi advantages. You only need to pay the interest on the utilized amount from the overall loan limit and not on the total loan amount.
The flexi hybrid feature of known NBFC and other lenders allows you to make several withdrawals from your sanctioned money. Most of the leading lenders don’t charge any money when you go for withdrawals. The best part is that you can withdraw any amount as and when required.
The facility of the personal loan balance transfer is available when you submit only some basic documents. Yes, you are required to furnish some essential documents such as KYC documents, address and income proof. Most of the leading lenders in India (NBFCs) let you submit only a handful of documents.
You can transfer your existing personal loan from one lender to lender using the unique facility of the personal loan balance transfer. Once you do that, you are free to access your loan account details without hassles with some simple clicks. This way, you can track your personal loan balance transfer account from anywhere and be confident. The online loan account management facility is available for round the clock on most of the service providers. When you are aware of when to make the next EMI payment, you can pay it without defaults and also know about the overall outstanding amount.
Normally, when you avail the personal loan with a known lender, you can get extended repayment tenure of up to 7 years (84 months). It may help you pay reduced EMIs and manage your outlays smartly.
Applying for the personal loan balance transfer also helps you avail the facility with minimum documentation. You only need to submit a few basic documents like the identity, address and address proofs.
If you are looking to avail of the facility of the personal loan balance transfer, then you must know the costs associated with the same.
To be in complete control of the facility, you can use the personal loan balance transfer calculator. This tool is available free of cost on the website of the lender you wish to transfer the loan to.
Once you enter some key loan aspects, then the tool will quickly showcase your eligibility. The tool also displays the total savings that you will be able to make if you make the switch.
How to apply for the online personal loan balance transfer?
If you can follow some simple steps, then you can easily go ahead with the loan balance transfer with your preferred lender.
The benefits and the process of the application of the personal loan balance transfer are now discussed.
If you are ready for it, then you can apply for it with your preferred lender online.
Do you already have an ongoing personal loan and paying higher interest charges on it? If yes, you can make your EMIs affordable by opting for a simple solution. It is the personal loan balance transfer.
If you wish to know about the concept of the personal loan balance transfer and its benefits, then you can go through this post!