Personal Loan Balance Transfer: Way to save more on EMIs and reduce the burden of existing loan5/27/2021 The Personal loan Balance Transfer is a procedure through which borrowers can save more on EMIs by transferring the high-interest loan from one lender to another that is offering a low-interest rate. Online there many NBFCs and banks are available that are offering the facility of a balance transfer to help in reducing the cost of borrowing.
The best part about the personal loan balance transfer is that you are not required to provide any collateral to the bank or NBFCSs for getting the low personal loan interest rate loan. Only some foreclosure charges, processing charges including stamp duty on loan agreement are required to be paid. Features of Personal loan balance transfer Low personal loan interest rates: Personal loan balance transfer will reduce the interest burden as the new lender will offer a lower rate of interest on the loan transfer that results in saving more on EMIs. Best way to consolidate the high-interest debts. Longer repayment tenure: The Balance transfer make it easier to negotiate on the loan terms as you may also get an offer to extend your loan repayment tenure. It will help in reducing the monthly EMI burden. Though opting for a short tenure may result in higher monthly EMIs, it may help to reduce the total interest payout of the loan. Makes you enjoy the top-up loan facility: Based on your past payment records, the lender may also offer you benefits like waiver of last EMI, nil processing fees, low personal loan interest rates, etc. The personal loan balance transfer facility can thus not only reduce the personal loan interest burden, but it may also get the borrower a loan with better features. Know about Personal loan balance transfer eligibility criteria You get the best personal loan balance transfer offers if you are having a good borrowing capacity which is evaluated with your credit score and repayment history. Online there are many personal loan eligibility calculators are available that will help you to know the eligibility of transferring the outstanding personal loan balance. Some common criteria that hold for balance transfer of persona loans to most banks include:
Check here for the best personal loan balance transfer offer. We IndiaLends are one of the best digital lending platforms. We have collaborated with multiple banks and NBFCs to get you the best interest rate. Apply for the Personal loan balance transfer with IndiaLends and reduce your overall debt burden.
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