What is Balance Transfer Loan?

Balance Transfer of Loan - is transferring an existing outstanding loan amount from one financer to another. The loan to be transferred can be a Personal Loan, Home Loan or Mortgage loan.

Why is Loan Balance Transfer done?

There are various reasons to transfer a loan.

•   To shift to a bank providing lesser rate of interest to save on the interest paid .
•   For getting a top-up on the existing loan amount.

Who is Eligible for Balance Transfer Loan?

A person with a existing loan with a clear track record & with a stable monthly income is eligible for Balance Transfer Loan

•   Salaried person.
•   Business Person with stable income and business.
•   A partnership or a Pvt. Ltd. company.
•   Professionals with stable income and business.