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- Balance transfer on loan – does it work for you
Personal Loan
Crack the secret to lower EMIs with a Loan Balance Transfer
Too Long, Didn’t Read?
A Loan Balance Transfer allows you to shift the outstanding loan amount from your current lender to another, which helps you negotiate lower interest rates and avail yourself of better terms. It is recommended that you
- Check offers
- Compare rates
and make the switch only if the math clearly works out in your favour.
This simple process is highly worth the benefit it offers you.
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.
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