What is Balance Transfer Loan?
Balance Transfer of Loan - is transferring an existing outstanding loan amount from one financer to another. The loan to be transferred can be a Personal Loan, Home Loan or Mortgage loan.
Why is Loan Balance Transfer done?
There are various reasons to transfer a loan.
- To shift to a bank providing lesser rate of interest to save on the interest paid .
- For getting a top-up on the existing loan amount.
Who is Eligible for Balance Transfer Loan?
A person with a existing loan with a clear track record & with a stable monthly income is eligible for Balance Transfer Loan
- Salaried person.
- Business Person with stable income & business.
- A partnership or a Pvt. Ltd. company.
- Professionals with stable income & business.