Golden Rules to Follow While Availing Personal Loan Balance Transfer
Are you an existing personal loan borrower who is paying higher interest charges that are leading to bigger EMIs? If yes, then you don’t need to suffer.
You can always opt for the personal loan balance transfer and switch your loan to a lender offering a lower rate. This way, you can save on extra interest charges and reduce the loan cost.
You can also avail the top up loan and get a higher loan amount if you have some extra needs.
But before opting for the personal loan balance transfer, you ought to consider a few things. Read on!
- Check if you are availing lower interest rates
The purpose of the personal loan balance transfer is to reduce the interest and the overall cost of the loan. If you are unable to do that, then you should not opt for the balance transfer.
2. Check out the processing fees and transfer charges
While doing the personal loan balance transfer, you will need to pay processing fees and transfer charges. If both these are more than what you will save after making the switch, then you should not go ahead with the personal loan balance transfer.
3. Is a top up loan being made available?
Many top lenders offer the top up personal loan facility when you switch the loan to them. You can use the top up loan to cover any other financial needs without restrictions. Hence, you should check if your lender is offering the same or not.
If you are able to consider these tips, then you will approach the personal loan balance transfer with confidence.
Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to ease off the entire loan procedure.
You can check out pre-approved loan offers by sharing basic credentials like your name and mobile number.
Must Read: Smart Tips While Availing Personal Loan Balance Transfer
