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Maybe you\u2019ve availed of a personal loan from a lender, but its terms aren\u2019t suiting your financial requirements anymore. Why not choose another lender and get a product that truly meets your needs?<\/p>\n\n\n\n
It is indeed possible, through a personal loan balance transfer. This is where you shift your ongoing loan\u2019s outstanding principal amount to another lender. Why? Because they are willing to offer you compelling benefits like a lower interest rate, flexible tenure, etc.<\/p>\n\n\n\n
A balance transfer helps you reduce your overall debt burden. Additionally, you don’t need to provide any collateral to make the transfer. You just have to bear nominal charges like processing fees, foreclosure charges, stamp duty, etc.<\/p>\n\n\n\n
If you\u2019re unclear about how to transfer your loan balance, here is everything you need to know.<\/p>\n\n\n\n
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To begin with, you must first meet the lender\u2019s eligibility requirements for transferring the balance. While they may vary, the generic ones are as follows:<\/p>\n\n\n\n
Additional Read:<\/strong> Top Scenarios When Personal Loan Balance Transfer Sounds a Fruitful Option to Avail<\/a><\/p>\n\n\n\n <\/p>\n\n\n\n Lenders vary in their required documentation to transfer personal loan<\/a>. However, common ones include:<\/p>\n\n\n\n Transferring a personal loan for self-employed and salaried individuals requires the following: \u2013<\/p>\n\n\n\n <\/p>\n\n\n\n Here\u2019s how you can receive the balance transfer:<\/p>\n\n\n\n Additional Read:<\/strong> How to Apply for a Personal Loan in 5 Simple Steps?<\/a><\/p>\n\n\n\n <\/p>\n\n\n\n There are several features of a personal loan balance transfer that can benefit you in the long run. These include-<\/p>\n\n\n\n One of the primary objectives of a loan balance transfer is availing of lower interest rates. You can simply switch to a lender that offers a better rate of interest than your current lender and reduce your overall interest payments.<\/p>\n\n\n\n If you’re not comfortable with your current loan tenure, you can transfer your personal loan balance to a new lender that offers longer repayment tenure. This will reduce your monthly EMI burden. But remember, a longer tenure will increase your overall interest payouts for the loan.<\/p>\n\n\n\n When you transfer your personal loan balance, you can also avail of top-up benefits. Many lenders offer this facility to borrowers who transfer their existing loans. This is particularly beneficial if you can’t avail of a top-up facility with your current lender or have to pay high interest on it.<\/p>\n\n\n\n <\/p>\n\n\n\n Looking for a supportive lender who facilitates loan transfers? Turn to Tata Capital, where we offer personal finance balance transfer and multipurpose loans at affordable interest rates and repayment terms.<\/p>\n\n\n\n Calculate your EMIs with us by using our online\u00a0personal loan EMI calculator<\/a>. To know more, log on to our website or give us a call today!<\/p>\n\n\n\nMandatory documents<\/strong><\/h2>\n\n\n\n
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For self-employed<\/strong><\/h3>\n\n\n\n
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For salaried<\/strong><\/h3>\n\n\n\n
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How to apply?<\/strong><\/h2>\n\n\n\n
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Benefits of Personal Loan Balance Transfer<\/strong><\/h2>\n\n\n\n
Lower Interest Rates<\/strong><\/h3>\n\n\n\n
Longer Repayment Tenure<\/strong><\/h3>\n\n\n\n
Top-up Personal Loan<\/strong><\/h3>\n\n\n\n
Expedite the whole process with a friendly lender<\/strong><\/h4>\n\n\n\n