Publish Date: | Tue, 08 Mar 2022 11:04 AM (IST)
PERSONAL LOAN . A personal loan is a good option if there is a sudden need for money, but if you are thinking of taking a personal loan, then it is important to have a good credit score. If you repay the EMI on time after taking the loan, then you can easily get a personal loan.
High interest rates on personal loans
It is worth noting that the interest rates on personal loans are very high. In such a situation, if you want to avoid the burden of high interest rates, then you can adopt the method of balance transfer. By doing this, higher interest rates can be avoided because the method of doing balance transfer reduces the interest rate. Your running loan can be transferred from one bank to another by doing personal balance transfer.
You can take advantage of this
The benefit of balance transfer in a personal loan is possible only when the other bank agrees to give you the loan, and this is possible only if the customer has a good credit score. If so, other banks give you loans at a lower rate of interest than what you currently get.
This is the advantage of balance transfer
The interest rate on balance transfer is low, which reduces the EMI amount.
– Offer good and attractive interest rates to the customers of other banks to make them your customers.
Balance transfer facility can be availed even when the loan is issued.
Keep these things in mind in balance transfer
Monthly installment after balance transfer can be reduced without any change in the loan tenure.
Get information about processing fees and other charges in advance.
The interest rate at which the new bank is giving the loan should not be a teaser loan.
This facility should be availed after calculating the total loan amount.
Posted By: Sandeep Chourey