It is not mandatory that an application for a Personal Loan Balance Transfer will be approved thus We Yourloanadvisors.com would like to inform our valued customers regarding the Balance Transfer process for their Personal Loan so that their experience will be a smooth one.
Having taken the decision to apply for the Balance Transfer of an existing personal loan an applicant should be aware of all the terms & conditions that are required for the successful balance transfer of the current Personal Loan. Most importantly the current Personal Loan should be eligible for a Balance Transfer.
The Basic Process & stages for the Balance Transfer of a Personal Loan are similar to that Fresh Personal Loan.
The variables being that better terms & conditions are offered by Banks for the Balance Transfer of an existing Personal Loan.
It is primarily important for the Balance transfer aspirant to calculate the benefits being achieved by the balance transfer, as compared to his current financial obligations & to ascertain the offerings of the Bank with regards to the final terms & conditions applicable.
After identifying the Bank offering to complete the objective, the applicant needs to confirm that her/his Personal & Professional profile is acceptable to the receiving Bank as per the existing terms & conditions. The policy of the Criteria of the corresponding Bank should be met with;
The criterion for eligibility includes the following:
The next step is to forward an application to the Bank identified for the process of Balance Transfer.
This process is initiated by Submission of Documents for Processing;
The Bank will then initiate a CIBIL enquiry to ascertain the CIBIL Score of the Applicant & obtain a credit history, which shows the credit worthiness of the applicant.
The record of all payments made for Loans & credit cards will reflect in the credit history.
An on time payment cycle will ensure an approval of the current loan request.
The CIBIL score being above the required benchmark the application is forwarded for verification.
The verification process being satisfactory the application reaches the desk of an Underwriter who checks that the application meets all parameters of the Bank policy & subsequently approves or declines the balance transfer request.
The Applicant is further informed about the decision of his request.
Once a statuary approval of the loan request is received the applicant is informed about the details of the loan pertaining to;
The Loan amount for balance transfer will be calculated as per the personal loan track submitted. (The principal of the personal loan amount balance will taken as the amount for balance transfer)
The applicant being agreeable to proceed with the Loan; an agreement is signed between the applicant & Bank. The agreement details all salient features of the personal loan thus appended,
The applicant will be required to submit security cheques as per the policy of the Bank.
We at Yourloanadvisors.com have an unmatched experience of helping our customers successfully Balance transfer their Personal Loan.
Giving our esteemed customers a personalized advice & a realistic view on the implications of the Balance Transfer we offer end to end services for the same.
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