Save on your EMIs by Opting for a Personal loan Balance Transfer

1. Save On Your EMI By Opting For Personal loan balance transfer

2. Why Personal Loan Balance Transfer? Personal Loan Balance transfer ensures that borrowers are not victims of heavy EMIs as it allows borrowers to transfer their ongoing loan to another lender at a lower interest rate. However, a borrower is also free to choose a personal loan balance transfer if he/she is dissatisfied with the current lender’s services. https://financebuddha.com/blog/save-on-your-emis-by-opting-for-a-personal-loan-balance-transfer/

3. Why Personal Loan Balance Transfer? • Lower interest rates • You can change your loan tenure • Access to top-up loan facility • Can avail better terms on the loan https://financebuddha.com/blog/save-on-your-emis-by-opting-for-a-personal-loan-balance-transfer/

4. Eligibility Criteria on Personal Loan Transfer • The borrower must have served the lock-in period of the existing loan which is a minimum of 12 months with most of the lenders. • A clean record of EMI payments for the ongoing loan. • CIBIL score as required by the bank, usually 700 or above. https://financebuddha.com/blog/save-on-your-emis-by-opting-for-a-personal-loan-balance-transfer/

5. How to Apply for a Personal Loan Balance Transfer? • To apply for a personal loan balance transfer, a borrower must get a NOC and foreclosure letter from the current lender. • Apply for a personal loan with a new lender who is offering a balance transfer facility. • Get approved for the new loan and obtain a sanction letter. • Take disbursement from the new lender through cheque/ demand draft in favor of the existing lender and deposit the same to the existing lender. • After getting the cheque from your existing lender, check that they have cancelled all the cheques and ECS and closed your loan account. https://financebuddha.com/blog/save-on-your-emis-by-opting-for-a-personal-loan-balance-transfer/

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