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Personal Loan Balance Transfer
Omfinserv offers you various options to choose from, for a Personal Loan Balance Transfer, which allows you to take advantage of better and lower interest rates, and better loan periods of tenures. A personal loan balance transfer offers you the opportunity to transfer the total outstanding amount of your personal loan from your present lender, to a new lender of your choice who offers you better terms and conditions, and facilities to profit from such a process.
A Personal Loan Balance transfer does not require any security or collateral when you transfer personal loan from one bank to another. Your current lender will charge you a foreclosure or prepayment charge stipulated in your loan agreement. In the course of transfer, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable.
If you are dissatisfied with your current lender, and your relationship does not seem right, you can choose for a host of options offered by Ruloans. However, before choosing the right alternative, evaluate the offerings based on not only interest rates, and loan tenures, but also look for hidden costs such as processing fees, and other charges that increase the cost of your personal loan. Before taking a balance transfer decision, also consider the lender’s reputation and compatibility with your service expectations.
Balance Transfer Charges
When you choose to transfer the outstanding balance of your existing personal loan, you will have to pay a few charges depending on the bank or NBFC you’ve taken the loan from. Your current lender will charge you an amount when you transfer personal loan to another bank, and the new lender will charge you another amount for processing your personal loan balance transfer. The charges other than personal loan balance transfer interest rate chargeable in brief are as follows.
Foreclosure Charges
The amount charged by your existing lender for transfer of the outstanding amount of your personal loan to another lender may be known as a Foreclosure Charge. A foreclosure charge levied on your principal loan outstanding varies from lender to lender from 0% to 4%. Some even charge a flat foreclosure charge based on the loan agreement.
Processing Fees
Processing Fees are another feature of a Personal Loan Balance Transfer that has to be paid; which may be a flat fee, or Rs. 500 to 4% or your loan amount. Your new lender will charge you this fee to cover costs of stamp duty agreement, etc., if applicable.
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