Imagine yourself paying EMIs for your existing personal loan, and then you come across a personal loan balance transfer option available via Instant loan apps or Money view loans. This major deal has two attractive offers, an additional top-up amount and lower interest rates. What will you do? Will you accept it right away? Certainly not.
Firstly, you require evaluating the proposition; you need to assess whether or not it is a worthy match for you in accordance with your needs and then take the decision. To assist you to make the correct decision, mentioned below are a few factors and measures you must know at the time of opting for personal loan balance transfer through Instant loan apps or Money view loans.
What is personal loan balance transfer through Instant loan apps or Money view loans?
A personal loan balance transfer provides the same as other facilities of a balance transfer. It enables you to transfer your outstanding personal loan dues from one lender to another. After you opt for this facility, you are required to pay the loan EMIs to the bank where you have transferred your loan. This means that the applicable charges and rates will be of the new financial institution.
Why must you opt for personal loan balance transfer through Instant loan apps or Money view loans?
* Avail better rate of interest: You might have taken a personal loan with a high rate of interest-based on the employer, income and salary. However, with an improvement of your financial record, lenders might be willing to offer you lower interest rates on personal loans.
* Avail top-up loan facility: A top-up loan is always a better choice than servicing a new loan for an additional required amount. Balance transfer endows you with an option to increase the loan amount while you change the lender.
*Avail better services: If you are not happy with the offered service by your current lender, a personal loan balance transfer is an easy bet to attain better services.
What are the factors you must consider for availing of personal loan balance transfers from Instant loan apps or Money view loans?
When you take a personal loan, you must put in a lot of thought and consideration. For you to make sure that you do not miss on anything while you opt for personal loan balance transfer through Money view loans or instant loan apps, listed below are few essential factors that you must consider:
· Evaluate total deal:
It is necessary for you to calculate how much you will pay in total to the transferee bank. While they might offer you lower EMI, you must check the loan repayment duration. If you have been offered a longer duration, you must remember that the overall outflow of interest will increase as well. Any online personal loan balance transfer calculator can assist you to compare and assess the old option with the new one.
· Account for the prepayment or foreclosure charges:
When you close your account before completion of the loan repayment tenure, you might be charged a penalty by the existing bank. A penalty of up to 5% on the principal outstanding might be charged. Therefore, you must finely calculate and then take a wise decision.
· Read the fine print and details carefully:
You must carefully read & thoroughly understand the key documents of your personal loan transfer balance agreement with caution before you opt for the transfer. It is essential that you are completely aware of key terms and conditions linked with the balance transfer. Read the fine print to certain that you do not miss any of the hidden charges, which might increase the overall amount payable for a personal loan.
· Examine the additional offered benefits:
Banks might offer added benefits like free personal loan accident insurance to persuade you for the balance transfer. You must carefully analyse the terms and conditions and then decide if you need such offers and then make the final decision.
Benefits and features of personal loan balance transfer option through Money view loans or Instant loan apps
Instant approval
A personal loan balance transfer is disbursed instantly. The refinance facility permits easy personal loan balance transfer from one lender to another lender with minimum eligibility. You just require keeping the documents handy when applying for the option.
Flexi benefits
Transfer your personal loan to another lender to enjoy flexi benefits. Borrowers require paying interest just on the amount used from the loan limit & not on overall principal. This keeps the interest accrual in review throughout loan repayment tenure.
Unlimited part prepayment & withdrawals at no charges
Flexi hybrid feature on Money view loans or instant loan apps even ensures you make various multiple withdrawals from pre sanctioned amounts. These withdrawals do not come with any charges and can be performed as and when required.
Extended loan repayment tenures
One can get extended loan repayment tenure with a personal loan balance transfer, which allows them to make EMI repayments conveniently. Tenure flexibility permits you to select a repayment period based upon your financial capacity and affordability and assists to keep the EMIs under budget.
Minimal documentation
Borrowers can take up a personal loan balance transfer by submitting minimal documents. One can provide just a handful of important documents like identity proof, income proof, address proof to take up personal loan balance transfer options.
Online loan account management
Transfer your personal loan, which you are currently serving and access all your account details with just a few clicks. Lenders like Money view loans or Instant loan apps provide simple online management of personal loan accounts for hassle-free accessibility to loan takeover info and on the go tracking.
Bottom line
In your best interest, it is very much advisable that you consider all factors mentioned above before you opt for the personal loan balance transfer through Money view loans or instant loan apps. Before opting for the balance transfer, assess the long term advantages and make sure that you are not doing it for an offer that is marginally better.