If you are unable to manage the payments of your existing personal loan, in that case, going for a balance transfer facility would be the best choice for you. It will help you to reduce the burden of your existing loan. Moreover, there are other benefits also that you will get while doing a balance transfer. If you want to know about those benefits, keep on reading this guide.

1. REDUCEYOURLOANBURDENVIAPERSONAL
LOANBALANCETRANSFER
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2. Sometimes it becomes difficult for you to manage the payments of your existing personal loan. In such
a case, borrowers look for ways that will help them to reduce their outstanding debt. One of the
easiest ways to do this is to opt for a personal loan balance transfer. In simpler terms, personal loan
balance transfer means transferring your old loan to another lender who is offering it at a low rate of
interest. Fetching a low rate on your existing loan will help you to reduce your loan burden as it will
lower your monthly EMI payments.

3. Reasons why you should opt for a balance transfer:
The main benefits of a personal loan online balance transfer are given as below:
• To secure a lower rate of interest: One of the main reasons why people opt for a balance transfer facility
is to enjoy a lower rate of interest on their existing loan. It in turn helps them reduce their monthly EMIs.
However, before choosing this option, the borrowers are required to do a proper calculation. They need to
consider the following factors while doing calculations such as loan tenure, processing fees, and other
charges.
• Reduction in loan tenure: Borrowers can also extend their loan tenure by opting for a balance transfer. If
you are finding it difficult to pay your existing debt. This is the best method to choose and increase your loan
tenure. Please note with an extended tenure, your overall interest payout will increase.
• Boost your credit rating: A balance transfer of your existing balance to another financial institution will
also help you to increase your credit score by a few points. However, it depends on your case and the new
offer you are going to avail of. Therefore, you must carry in-depth research regarding the new loan offer
thoroughly to make sure that it is beneficial for you.
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4. • Better terms on your loan: Depending upon your previous track payment, you might be offered better
terms from the other financial institutions. Features such as waiver of last EMI, lower or NIL processing fee,
pre-payment, lower interest rate, etc. So, a balance transfer makes sense if you are getting such features on
your previous loan.
• To receive better services from another lender: A balance transfer is the best option for those borrowers
who are not satisfied with the services of their current lender. By opting for this facility, you have the
freedom to choose a lender of your choice who is offering better services.
Eligibility criteria for Personal Loan Balance Transfer
You need to meet the below-mentioned personal loan balance transfer eligibility criteria-
• The applicants must have a running personal loan from any financial institution
• The loan amount that you wish to transfer should be at least Rs. 50,000
• Clean track record of the EMI payments for at least 12 months
• A credit score of 750 or above
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5. Factors to consider while going for a Personal Loan Balance Transfer
Below given are the factors that you need to consider while availing a personal loan balance
transfer-
• The difference in the interest rate of the existing lender as well as of new lender
• Credit score
• Additional charges levied by your new lender
• Calculate the total savings
Conclusion:-
In nutshell, availing a personal loan balance transfer will not only help you to get a lower personal loan
interest rate. But it will also help you in getting other advantages too such as lower monthly EMI payments,
better terms on your new loan, etc. Make sure before opting for this facility, do not forget to go through every
aspect of balance transfer and check whether this is beneficial for you or not.
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6. If you are unable to manage the payments of your existing personal loan, in that case, going for a balance
transfer facility would be the best choice for you. It will help you to reduce the burden of your existing loan.
Moreover, there are other benefits also that you will get while doing a balance transfer. If you want to know
about those benefits, keep on reading this guide.
Visit - Personal Loan Balance Transfer : A Complete Guide
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7. THANKYOU