BALANCE TRANSFER OF LOANS It means transferring your loan from one bank to another. It not only helps you to save on interest but also give opportunity go for availing higher loan amount.
PROCESS FLOW When you are looking to transfer your loan you should look after few things: Step 1: Do cost Benefit analysis by calculating your total savings and exact cost of switching loan. Step 2: Take NOC letter along with your foreclosure letter, loan payment history and list of documents. Step 3: Apply for a BT in your new bank . Step 4: Bank verification process by new bank. Step 5: Documentation process by your new bank and previous bank. Step 6: New sanction letter issued by New bank and customer starts paying EMI to them.
• The new lender will have different set of fees 7 charges (e.g. Conversion Fee, Processing Fee, Administrative Fee etc.) • The new lender will have its own set of terms and conditions. • You can opt this Balance Transfer to reset your EMI, Tenure and Top up. • Generally, the loan providers offer top up loans to existing borrowers. • You can switch the loan for better rates or services.
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