Do you have an ongoing personal loan and managing a higher interest rate leading to the payment of bigger EMIs? If yes, then you can always go for the personal loan balance transfer facility. The personal loan balance transfer lets you switch your loan account to a lender offering a lower rate. In turn, it can help you pay lower EMIs and manage your outlays better. But before you go ahead with the personal loan balance transfer, you should consider a few points. Read on!
2. Check if you are availing a lower rate of interest The biggest reason for going for the personal loan balance transfer is enjoying the lower interest rate. And if that does not happen, then there is no purpose of doing that. Hence, you should check the charges by using the personal loan balance transfer calculator. It is available on the website of the lender that you are applying with. 3. Go through the fine prints The new lender that you are applying for the personal loan balance transfer will have new terms and conditions for new customers. Hence, you need to go through the entire fine prints of the loan before making the switch. This way, you will come to know of any extra charges that you may have to deal with the personal loan balance transfer. By considering these aspects, you can easily approach the ensuing personal loan balance transfer and avoid paying extra. Must Read: Everything You Should Know About Personal Loan Balance Transfer
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |