2) Details of the previous loans and A/c Statement for last 1 year, if any
Personal Loan Track of the Existing Loan.
Request Letter for Balance Transfer.
Fore closure letter from External financer.
BALANCE TRANSFER PROCESS
Application for Personal Loan balance Transfer to be submitted to bank.
Loan is approved ,Draft is made in the name of External Financer.
Any additional amount /top up sanctioned will be credited to the Bank Account only after external loan closure proof is submitted.
Balance Transfer Of A Personal Loan
The term Balance transfer of a Personal loan is used to define the process of transferring an existing Personal Loan from the parent organisation to another Bank or financial Institution. The priority being that the Loan in question is being paid back successfully without any delays or bounces.
By this initiative the Banks taking over the Personal loan are assured of an increased turnover with a minimum default. To Lure good customers & convince them to transfer their Loan account, better terms & conditions are offered such as a minimal Rate of Interest & processing fees.