Balance transfer on loan does it work for you

Table of Content

We all know that high EMIs burn a hole in your pocket. Even a small percentage change in your interest rate can lead to big savings over time. Little did you know that there is a way to get lower interest rates and better terms by swapping out your lender with a loan balance transfer. It lets you shift the outstanding loan amount from your current lender to another, particularly for Personal Loans, Home Loans, and Credit Card debt.

Don’t believe us? Here’s how the magic of lower interest rates works.

	Original Loan	New Loan
Tenure	12 years	12 years
Loan Amount	₹10 Lakhs	₹10 Lakhs
EMI	₹11,951	₹11,101
Total Repayment Amount	₹17.2 Lakhs	₹15.9 Lakhs

So, your total savings through a balance transfer on loan will be around ₹1.3 lakhs.

How do you get a Loan Balance Transfer? The steps are easier than you think:

Check your eligibility

A good credit score and repayment history help

Compare offers

Compare interest rates and charges

Apply for a transfer

Submit loan statements, ID, and income proof

Close old loan

The new lender clears your existing loan

Repay new lender

Begin EMIs with better terms and lower rates

Conclusion

Balance transfer on a loan can be a great financial decision, especially if the rising interest rates or high EMIs are eating into your household's monthly budget. It is recommended that you check offers, compare rates, and make the switch only if the math clearly works out in your favour. With Axis Bank Loans, you can find the right loan that works for your lifestyle so Apply Now.

Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.