Reduce Your Monthly EMI or Loan Tenure through Balance Transfer
- Balance transfer of loan is the process where a customer transfers his outstanding principal amount to another financier or financial institute primarily for a better rate of interest and also better features but most importantly for reducing the monthly EMI.
- Almost every type of loan – Home Loan, Business Loan, Loan against Property, Working Capital Loan and Personal Loan has a balance transfer facility and almost all Financiers provide the same.Balance transfer is a very lucrative facility for individuals and Non individuals who have taken a loan, but surprisingly very few avail the benefit. Generally very few are aware of it, and even if they are aware, they don’t opt for it assuming it to be a tedious process.
- Anybody who has taken a loan should assess the market condition from time to time and opt for a balance transfer during the tenure of the loan in order to take advantage of the market volatility.
- During uncertain times your income may not suffice to serve your sudden rise in demands due to your high debt obligations. Balance transfer is one great facility that lets you reexamine your debt, make changes to it and also tweak it according to your requirements.
Features & Benefits
No limit on the number
The beauty of this facility is that there is no limit on the number of times balance transfer of your loan be done, with a waiting period of 6 months to 1 year depending on the respective financier.
Savings and Build up a Corpus :
The amount you save by reduction of EMI by the virtue of balance transfer can be invested which will help you build your corpus over a period of time.
Ability to enegotiate your loan tenure
You can also choose to negotiate the tenure of your loan with your new financier. You may extend the term of your loan, which would reduce your monthly EMI burden but increase your interest burden. You can also cut the tenure short and decrease your overall interest burden.
Reduction in rate of interest
You will have the option of choosing the cheapest rate of interest in the market with the best commercials
Top-up loan facility
You can get a top-up loan of high value against your existing loan.