Are you going through difficulty in repaying loans or going through a temporarily difficult time due to multiple loans? What if you were told that transferring your loan(s) could provide you with a respite from paying high loan instalments? Yes, transferring your personal loan balance may be the solution to your financial problems.
A personal loan balance transfer is exactly like what the name suggests. It enables you to transfer your outstanding loan balance to another loan provider in lieu of lower interest rates, better services, etc. thereby reducing your burden. You can also use this facility to consolidate multiple small loans into a single loan. Loan providers also extend an additional amount over and above the sum of outstanding loans which an applicant may want to transfer depending on the eligibility of the applicant.
If you are considering transferring your loan, you should read the fine print for other factors like the processing costs, foreclosure fees, etc. that could significantly affect your loan. These are factors you should know to be able to make an informed decision:
The criteria for a transfer is not quite different from that of a personal loan. Some of the main factors taken into consideration while evaluating your candidature include:
You can use our free personal loan balance transfer calculator and enter the details requested such as your age, location, monthly obligations, interest rate tenure of the loan, monthly income etc. to estimate the approximate loan amount you are eligible for as well as much money you could save in the form of EMIs by opting for a personal loan balance transfer. If you do decide to opt for a transfer, make sure to repay your debts on time and take one step towards releasing yourself from the mountain of debt.
You can take our personal loan for a variety of reasons.
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