What is Balance Transfer Loan?

Balance Transfer of Loan - is transferring an existing outstanding loan amount from one financer to another. The loan to be transferred can be a Personal Loan, Home Loan or Mortgage loan.

Why is Loan Balance Transfer done?

There are various reasons to transfer a loan.

• To shift to a bank providing lesser rate of interest to save on the interest paid .
• For getting a top-up on the existing loan amount.

Who is Eligible for Balance Transfer Loan?

A person with a existing loan with a clear track record & with a stable monthly income is eligible for Balance Transfer Loan

• Salaried person.
• Business Person with stable income & business.
• A partnership or a Pvt. Ltd. company.
• Professionals with stable income & business.