Balance Transfer is the process of transferring the outstanding principal loan amount from one financial institution to another to get better loan terms such as reduced rate of interest. Top Most prime motive for a loan balance transfer is to reduce the overall burden of debt. Balance transfer on loan is available on almost all types of credit facility such as home loan, business loan, machine loan and personal loan etc. Hence, most financial institutions currently provide the option of a personal loan balance transfer too.
As a borrower, one needs to meet certain key eligibility criteria to avail the loan balance transfer facility. Eligibility in case of loan balance transfer is mainly dependent on the borrower’s capacity to repay and his/her credit worthiness or CIBIL score. Some common criteria that hold true for most banks include:
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- For Better Rate of Interest : One of the main benefits of the personal loan balance transfer facility is that it lowers the interest rate and thereby reduces the borrower’s interest burden through reduced EMIs.
- For Longer tenure on Loans : As one is transferring the personal loan from one lender to lender, one can potentially negotiate the tenure of the existing personal loan and get the re payment tenure of the loan extended or decreased as per requirements.
- Dissatisfaction with the Services offered by Current Bank or Financial Institution : Loan balance transfer can also be a suitable option in cases where one is not satisfied with the services offered by the current financial institution.
- For Better Features : 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.
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