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Balance Transfer

Balance Transfer of your existing loan amounts or credit card outstanding dues can help you save money. Various offers from banks and lending institutions will help you in lowering your cost of credit considerably.

Types of balance transfer

There are primarily three types of balance transfer you can avail of, viz. -

1. Paying off the balance outstanding on one loan by transferring it to another loan
2. Paying off the balance outstanding on one credit card by transferring it to another card
3. Taking a personal loan and paying off dues on an existing credit card
Benefits of balance transfer

The reason for availing a balance transfer is to close off debt that is currently at a high rate of interest and switching to one with a lower rate. Hence, the primary benefit is that of saving money by way of interest costs, if this facility is used judiciously.

Features of balance transfer

Primarily, a balance transfer offers the customer attractive interest rates. Lenders also tend to make the documentation requirement simple, and offer other options such as doorstep service, additional top-up loan amount on a case to case basis.

Balance transfer: Eligibility criteria

The eligibility criteria are similar to any other regular loan or credit card. The repayment capacity and the current credit health of the borrower.

Balance transfer: Documents required

A balance transfer loan is treated as a fresh loan application by the lender. Therefore, current income and KYC documents need to be submit with the lender taking over the balance of existing loan or credit cards.

Credit score and balance transfer

A balance transfer essentially entails moving from a high cost loan to one with a lower cost. A higher credit score could result in being offered a balance transfer facility at lower cost, as compared to the offers available with a low score.

How Credit Sudhaar can help you?

Credit Sudhaar can help you find out the best lender to take over your existing balances so that you are able to save the maximum from this transaction.

In case of any concerns related to your existing credit health, Credit Sudhaar shall also be able to help you to improve it before the balances get taken over for continued saving.

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