Many people who pay the personal loan EMIs on a higher rate opt for the personal loan balance transfer to reduce the EMI outgo.
Also, opting for the personal loan balance transfer helps to avail a top-up loan to meet extra needs at a lower rate.
Let’s check out the steps that you can take for the personal loan balance transfer! Read on!
Here’s how you may apply for the personal loan balance transfer
By following the below steps, you can approach the personal loan balance transfer easily. Take a look:
Check and compare the personal loan interest rate of your existing lender and the one being given by the new creditor.
Get an estimate of the same, including all charges.
Apply for the No-Objection Certificate (NOC) and get the foreclosure letter from your existing loan provider.
You can now fill an online application form with your new lender and go ahead with the personal loan balance transfer facility.
It is now time to submit all relevant documents and complete the verification.
It is the standard personal loan balance transfer procedure that you went through. It may differ from lenders to lenders. Thus, you should ensure to check out the exact steps on your lender’s website.
Before applying for the personal loan balance transfer, you should also know about the exact charges. You can do that by using the personal loan balance transfer calculator available on your lender’s website.
You should also know if your new lender is offering you the top-up personal loan facility or not. The top-up loan is a facility that can give you a large loan amount. You can use the money to manage any other additional needs.
Bajaj Finserv presents pre-approved offers on personal loans, home loans, and more. It can make the loan processing simpler, faster and hassle-free.
You can share your basic details like the name and mobile number to check your pre-approved loan offers today.
Additional Read: Everything You Should Know About Personal Loan Balance Transfer
