- 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.