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 lenders services.
https//financebuddha.com/blog/save-on-your-emis-b
y-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-b
y-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-b
y-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-b
y-opting-for-a-personal-loan-balance-transfer/
6
Thank You