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On a broad sense, Balance Transfer is a process wherein the unpaid or the outstanding principal of your loan amount can be transferred from one bank to another bank. The primary intention of performing a balance transfer is to reduce the financial burden and to carry forward the remaining proceedings with another financial institution which offers more suitable terms. The most common reason why people choose a balance transfer of small personal loans is because they want to move their loan dealings from the existing bank to another bank or NBFC, which offers more favorable specifications like lesser interest rates, better loan tenure, zero processing fees, top-up loan facilities, dissatisfaction with the current bank services, etc.
Although this concept of balance transfer started with the credit card outstanding, it is now available for other personal cash loans and home loans also. The balance transfer method does not need any collateral to be placed as a guarantee by the borrower, but the current financier may levy foreclosure charges and, the new financier may charge some processing fee. Due to the provision of more preferable conditions, the demand to opt for the balance transfer option has also increased in the market. However, it is essential that as a borrower, you compare all your options well and choose the most suitable one.
At Finfree Enterprises, you can easily apply for and choose to get a balance transfer of your personal cash loans from one financial institution to another suitable one by a hassle-free process. We assure that your financial requirements will be fulfilled as per your preferences, along with better terms & manageable repayment options. Our financial team ensures that the complete process, right from applying for a balance transfer to the completion of the process happens in a smooth, unstrained way.
Finfree Enterprises follows the Indian Government’s policies while processing a loan application, or for other finance-related services like personal loan balance transfer, etc. However, different banks & NBFCs have different eligibility criteria to qualify for a balance transfer process with them. Listed below are the basic minimum eligibility criteria that are commonly considered by all the financial institutions in our network while carrying forward a personal loan balance transfer process.
Like the eligibility criteria, different banks need different documents for verification that proves the authenticity of the borrower. At Finfree Enterprises, along with a completely filled-in application form with a recent photograph, you may have to submit a couple of more documents, as needed by the financial institution with which you are applying for a personal loan balance transfer. Mentioned below are a few documents that should be submitted for the verification process.
Representative Example - INR 1,00,000/- taken as a loan amount over a loan tenure of 12-months at an annual interest rate of 10.99% will have a total payback amount of Rs. 1,06,051/- with a total payable interest amount of Rs. 6,051/- and a monthly EMI of 8,838/-.
Finfree Enterprises is a financial advisory platform in Hyderabad, Telangana that connects creditworthy borrowers with trustworthy financial institutions like the banks & NBFCs, to provide suitable fundraising options for individual applicants & for businesses across India, at the most considerable interest rates. The finally imposed interest rates will be dependent on various aspects like the borrowing loan amount, loan type, loan tenure, borrower’s credit score, financial record, employment details, income, and other relevant factors. The borrowed loan amount will have to be paid back as per the scheduled repayment plan, as decided by the borrower & the financier.
At Finfree Enterprises, you can easily apply and choose for Personal Loan Balance Transfer to overcome your monetary crisis. Our team ensures that you, as a borrower will not have to go through the complicated processing methods and have the application approved quickly with prompt completion of the complete process. Here are a few benefits of choosing personal loans balance transfer from us.