About Balance Transfer Loan

A balance transfer happens when you move a loan balance from one lender to another. To make that happen, you need to get an ew loan that will pay off an existing loan. After the transfer is completed, you don't owe any more or less than you did before – you just owe somebody else.

Balance Transfer concept came up with credit cards first ie transfer of your outstanding balance from one credit card provider to another. The main reason behind this was to transfer your debt from the credit card with a higher interest rate to a credit card with a lower rate of interest. It was also used smartly by a few who transferred money from one credit card to another by rotation to avoid late fees. This transfer was available at low or no cost by banks as in most cases the customer would pay the minimum balance due and pay an interest on the balance outstanding.

This facility has now been extended to other debt instruments such as personal loans, home loans and so on. The idea of a Balance Transfer for a personal loan is to shift your outstanding loan amount from one bank to another. There are many reasons to do a Balance Transfer including:

Better Interest Rates - You have taken a loan from Bank A while working in a mid size company. You have now moved to a Category A (large and established) organization to which banks offer a better interest rate. If the probability of the current lender reducing the interest rate is low, you can move your outstanding loan amount to Bank B with an minimal charge and would end up paying lower EMIs.

Offer by banks on Balance Transfer – Let us assume that you have taken a loan from a bank and have been paying the instalments on a regular basis. Your profile too matches the ideal or favourable criteria of any bank. In this case, other banks would want to acquire you as a customer as they would be sure of your intention and ability to repay based on past records. In such a case multiple banks will be willing to offer an interest rate lesser by a sizeable percentage of about 2% - 3% if you undertake a Balance Transfer.

Service Challenge with a Bank – There could be an instance where you are not happy with the service provided by a bank and would want to move out of an association with them. You can undertake a Balance Transfer to migrate to a bank that offers better service.

Top-up Loan – A final scenario when you would want to go for a Balance Transfer is when you need to borrow more money. If you already have a regularly-serviced loan with a certain bank and are in need an additional loan (called a top-up), a separate bank might be willing to offer it at a better rate if you agree to transfer the outstanding balance of your current loan to them.

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  • We offer a customized loan consulting experience to each customer
  • Our experienced loan consultants help you to understand which is the right loan for you
  • We make sure that your documents are in order
  • We make the process smooth, efficient and easy
  • We take care of any issues on the way

Why Royal Finserv

  • get best offers & deals on from our partners banks & NBFCs.
  • Compare personal loan offers and services.
  • Apply with the best bank or NBFC.
  • Lowest Rate of Interest in offering.
  • Hassle free process and easy documentation.
  • Free Document Pickup by Royal Finserv Team.
  • Free expert guidance & advice from our dedicated team of experts.
  • We are not an agent of any bank and you can apply with the bank of your choice.
  • No Fees for services provided.
  • We are here to help & assit you .We understand that it’s an important decision for you as you are in immediate need of money; and trust us we will ensure quick processing and disbursal of loan.

Point To Be Considered Before Taking A Personal Loan:

  • Share all the accurate information at time of filling up of application form. Bank will process your loan based the information you provide
  • Processing fees are deducted from Loan amount and thus do not pay any fees in cash/cheque to anyone to process your loan sanctioning
  • Compare Loan offers & deals but handover document to any one of the bank of your choice
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Eligibility Criteria of Personal Loan

  • Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a personal loan.
  • The applicant should be above the age of 24 years
  • Should be currently employed with existing organization or been involved in your business for a specific number of years.
  • Professional stability and savings history play a major role in approval of the loan, especially minimum required monthly salary and repaying capacity
  • Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for personal loan.
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