Balance transfer of loan is the process where a customer transfers his outstanding principal amount to another bank or financial institute principally for a better rate of interest and also better features. Almost every type of loan has a balance transfer facility and almost every bank has this facility too.
The loan balance transfer is a very rewarding feature for those who have taken a loan. However, not everyone avails of this facility. The reason behind this is that very few people are aware of the existence of this kind of a facility. It is great if every individual who has taken a loan avails of this facility at least once during the tenure of the loan. A balance transfer reduces your interest rates, thus helping you save on the interest you would have to pay. It is a great facility that lets you reassess your debt, make changes to it and modify it as per your necessities.
Home and Personal Loan Balance Transfers
Home Loan & Personal Loan Balance Transfers are chiefly used for High value loans, where rising tenures and expensive EMIs become too bothersome, due to a flux in market conditions. A Home Loan Balance Transfer can go a long way in helping a long tenure home loan or loan against property by giving one the option of working with competing banks for better rates. Customers can apply for a Home Loan & Personal Loan using the Balance Transfer facility as and when they need to meet their personal requirements. They can also use this facility to amalgamate two loans from separate banks to a single larger loan from a different banking provider, with a more economical interest rate. They can also benefit from some additional funds against the security of property.
Admissibility for a Balance Transfer
One is typically familiar with the stringent eligibility requirements of the home loan and personal loan balance transfers.
Documents required for an online Loan Balance Transfer
Applicants need to provide a set of documents to approve the home loan balance transfer, just like the documentations required for Home Loans and personal loans.
What FinZcart offers
FinZcart lets you compare the rate of interest against various loans by multiple banks in India, so as to enable you to choose the one that is best suited for you. This helps you choose a bank offering a better interest rate