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Balance Transfer of Personal loans is a loan where you can transfer your multiple loans (up to 3 loans) to a single loan under one bank/institute for better rate of interest and can avail additional loan amount for your business purpose. Balance transfer is a very lucrative facility for individuals who have taken a loan, but surprisingly very few avail of it.
Almost all the Banks/NBFC rules says that you are eligible for a top up loan only after 6-12 months of paying off the earlier loan regularly. You can avail top up loan with your existing track record for your urgent requirement. It may be for business expansion or for personal need. You need to have good repayment record to avail a top up loan. The final decision is always with the loan provider. The Bank/NBFC will also investigate with you the purpose of taking the top up loan.
Customers who have availed a loan and are looking for better rate of interest are eligible for Balance Transfer of Loan. But the most important factor is that the customer must have good track record of the existing loan for top up loan. The final decision is always with the loan provider.
You can repay your loan over a period of 12 to 60 months
CFPL Gives you personalize solution & helps you to meet your financial requirement.
It will vary from bank to bank & also depends upon or borrowing capacity.
Interest is calculated on a monthly reducing balance basis.
Depends upon a financial & credit history.
The processing of the loans usually takes Approximately 15 working days after all the documents are submitted.
Since Karma Fin has immense experience and tied up with all multinational and private banks, we would be able to guide you and give you the best deal available in Personal Loan.
It depends upon the current rate of interest of your existing Personal loans as against the rate of interest available in the market. We recommend you to compare both the offers in our loan comparison calculator or else call us to get a personalized solution for your Personal Loan.