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 areoffered such as a minimal Rate of Interest & processing fees.
To further Understand this manoeuvre & when should a Balance transfer be availed please contact us.