A Personal Loan Balance Transfer is the process of transferring a Personal Loan to a corresponding Bank to achieve better terms & conditions.
The decision to take a Balance transfer of a personal loan is done with the benefit of getting a reduced rate of interest for an existing Personal Loan. Banks are ready to offer minimum interest rates to take over a personal loan with a good track record of timely repayments.
So both the Bank & the applicant will benefit with this manoeuvre the Bank will increase its book size with a profitable account where as the applicant will enjoy the benefit of a reduced EMI.
Where as a Personal Loan Top Up is an application for an extra amount, the loan amount disbursed as a Top Up is added to the existing personal loan & a new EMI is structured.
If requiring an additional Personal Loan amount then applying for a Balance transfer & a Top Up together is the best deal, which will affect manifold savings.
Firstly the rate that will be for the Balance Transfer is the lowest as per the market offering, which will considerably ease the monthly installment being paid by the applicant: the rate of interest applied after the balance transfer will be at least 3 to 4% lower than the current rate, & more over the interest offer for the Balance Transfer will also apply to the additional loan amount applied for as a Top Up!
For a regular Personal Loan Top Up the rate of interest applied will be at the rack rate or standard rate of interest applicable as per the profile of the applicant, especially if the applicant is working in a company which is not included in the preferred list of companies published by the Bank.
While the rate of Interest for a Balance transfer is a fixed rate for all applicants heedless of the net salary, current employer or other factors considered while determining the interest rate & other terms & conditions.
Thus the applicant will get the best rate of interest possible, not available to him otherwise for the current Personal Loan via a Balance Transfer & additional loan amount required as a Top Up!
Other advantages include the comfort of paying a single EMI, for the total loan amount.
If there is a requirement for the additional loan amount is an increased one a clubbing of the Balance Transfer & Top Up will yield greater eligibility for calculations of Loan amounts.
Thus in a single process the applicant will be able to fulfill the need for extra funds & get a discounted rate of interest.
So if currently running a Personal Loan & looking for extra funds do contact us at yourloanadvisors to help you achieve this profitable transaction!
The same rate of interest will be applied for the Top Up amount approved.
In a single process the applicant will be able to achieve both his objectives.
The applicant will have the comfort of paying a single EMI for the total loan amount.
As with the Balance Transfer the eligibility of applicant increases, the applicant will be able to get the maximum loan amount.
The rate of interest & other terms & conditions offered will not be available for a regular loan.
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