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August 8, 2018
A Personal Loan Balance Transfer Transfers a Personal Loan to a corresponding Bank to achieve better terms and conditions.
Choosing a Balance Transfer of a Personal Loan is made to obtain a lower interest rate on an existing Personal Loan. Banks are willing to offer minimal interest rates to take over a Personal Loan with a good track record of timely repayments.
So, both the Bank and the applicant will benefit from this manoeuvre. The Bank will increase its book size with a profitable account, while the applicant will enjoy a reduced EMI.
A Personal Loan Top-up is an extra amount to be added to an existing loan. Rather than applying for a fresh loan, the applicant finds applying for the loan amount needed as a Top-up convenient. The amount approved is added to the principal amount of the existing loan, and a new loan account is structured with a fresh EMI.
Applicants Applying for a Personal Balance Transfer can request additional funds or a Top-up. Prominent Banks, such as HDFC Bank, offer a Personal Loan Top-up with a Personal Loan Balance Transfer to HDFC Bank if the applicant fulfils the Top-up loan eligibility criteria.
The applicant must apply for the surplus amount required as a top-up with the application for a balance transfer. If the applicant is eligible for a Balance Transfer of a Personal Loan, the external Bank will check the top-up’s financial eligibility.
To be eligible for a Top-up Loan from HDFC Bank, other obligations such as Credit Card dues and EMI are being paid for different home loans, and auto loans are taken into account. The EMI for the personal loan after the Balance transfer is added to the other EMI paid the customer must be able to afford the surplus EMI after the budgetary demand for daily living expenses is met. To confirm the EMI, applicants can view our EMI Calculator before applying to check if the added obligation is affordable.
Once the Balance Transfer is approved, the Bank will consider the Top-up request and declare eligibility for the Top-up loan amount. The final loan will include the balance transfer amount with the Top-up a Banker’s cheque or draft is made for the Balance transfer amount, and the Top-up amount is credited directly to the customer’s account.
The loan amount’s EMI, including the Balance Transfer and Top-up, is presented to the applicant’s bank account for the tenure allotted.
If you require an additional Personal Loan amount, Applying for a Balance Transfer and a top-up together is the best deal, as it affects manifold savings.
Reduces Interest Rate: For a regular Personal Loan Top-up, the rate of interest applied will be at the rack rate or standard rate of interest applicable per the applicant’s profile, whereas the rate that will be for the top-up with the Balance Transfer is the lowest as per the market offering, which will considerably ease the monthly instalment being paid by the applicant.
Consistent Interest Rate: The interest rate for a Balance Transfer is fixed for all applicants, regardless of their net salary, current employer, or other factors considered while determining the interest rate and other terms and conditions. The interest rate applied after the balance transfer is 3 to 4% lower than the current rate. Moreover, the interest offer for the Balance Transfer will also apply to the additional loan amount applied for as a top-up!
Thus, the applicant will get the best interest rate possible, which is not available to him otherwise, for the current Personal Loan via a Balance Transfer, and an additional loan amount is required as a Top-up!
Ease of a Single EMI: Other advantages include the comfort of paying a single EMI for the total loan amount. Rather than following up on numerous EMIs, with a Top-up added to your balance transfer amount, you can fulfil the need for extra funds, get a discounted interest rate in a single process, and pay a consolidated instalment.
Facilitate additional financial eligibility with a Personal Loan Transfer to ICICI Bank, the applicant’s eligibility increases as the principal repaid to the parent Bank is deducted. Therefore, a customer can get the maximum loan amount as required. Additionally, with an extended tenure applied to the new loan clubbing, the Balance Transfer and Top Up will yield more incredible eligibility for Loan amount calculations.
If you are looking for a Personal Loan Balance Transfer, do not miss the opportunity to apply for an additional amount as a Top-up loan. With a single process, both the objectives of a Balance Transfer and Top are achieved. Contact us at Yourloanadvisors.com to help you make this profitable transaction!
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