Fresh funding: If you are applying for a new personal loan even if you
previously availed another personal loan then, it will be the fresh loan. Fresh personal
loan's rate of interest will be reasonable according to the bank or NBFC.
Personal loan Top-up: If you already availed a personal loan from any
bank or NBFC then, after some EMIs or with the extended salary you can apply for the
acceptable amount over on existing loan amount. The rate of interest will be according
to a fresh loan but, the difference is that it will be a top-up on existing personal
loan.
Balance transfer of personal loan: If you already availed one or more
than one personal loans from other financers with the higher rate of interest than you
can merge all the loans in one bank or NBFC. So you can apply for balance transfer loan
which will give you benefit for your monthly EMIs. Most of the Banks and NBFCs gives the
best minimum rate of interest to those customers who already availed a personal loan
with higher rates. You have to complete a very simple and quick documents process for
it. Here are some highlilghts that How a balance transfer of a personal loan might be
profitable to you.
Lowest rate of interest: There are many banks and NBFCs they are giving
minimal rate of interest on a personal loan. You can reduce your monthly EMI after
balance transfer of a personal loan.
Minimum charges: The balance transfer of a personal loan is with minimum
charges which is maximum 2000 Rs.
Takeover remaining amount on same rate: If you want an extra amount
after takeover remaining amount then, balance transfer is the best option to get same
lowest rate of interest on extra amount.
Easily managable: If you are availing more than one personal loan, then
after merge all loans in one bank or NBFC you can manage EMIs on regular basis.
Increase credit score: The personal loan balance transfer is beneficial
for the credit score you can raise your credit score. Before applying for the balance
transfer of a personal loan, you should know about all the offers. It totally depends on
your case and further offer that you are going to avail.