Balance Transfer (BT)
balance transfer is a process of transferring an outstanding loan from one bank or lender to another, usually with the aim of obtaining a lower interest rate or better terms and conditions.
Whats are the benefits of (BalanceTransfer)
- Lower Interest Rates: By transferring high-interest debt to a balance transfer credit card with a lower rate, you can reduce the amount of interest you pay on your debt.
- Debt Consolidation: Transferring multiple credit card balances to a single card can simplify your debt repayment process.
- Short-term Interest-free Period: Many balance transfer cards offer an introductory 0% APR period, during which time you can pay off your debt without accruing interest.
- Improved Credit Score: Paying off debt and reducing credit card balances can have a positive impact on your credit score.
- Flexible Repayment Terms: Some balance transfer cards offer longer repayment periods, giving you more time to pay off your debt.
Eligibility for Personal loan Transfer:
- Good Credit Score: Lenders usually consider your credit score when approving a balance transfer personal loan. A higher credit score can increase your chances of approval.
- Stable Income: A stable source of income is a key factor that lenders consider when evaluating your eligibility for a balance transfer personal loan.
- Debt-to-Income Ratio: Lenders look at your debt-to-income ratio to determine your ability to repay the loan. A lower debt-to-income ratio can increase your chances of approval.
- Minimum Loan Amount: Some lenders have a minimum loan amount requirement for balance transfer personal loans.
- Age: You must meet the minimum age requirement, usually 18 years or older, to be eligible for a balance transfer personal loan.
- Residency: You must be a resident of the country where you are applying for the loan to be eligible.
- Financial History: A history of timely loan repayments and a lack of default can increase your chances of being approved for a balance transfer personal loan.
Eligibility for Home loan Transfer:
1) for existing loans there shouldn’t to be any default on EMIs.
2)At least 12EMI on existing loan should to be paid by the applicant.
3)For ready property, registeration should be completed.
4)For under construction property,the new leader must approve the project.
NOTE:- should have a good credit score/ laon history
Balance Transfer For Salaried Individual (Documents Required)
1.Proof of Identity (PAN Card) of residence Applicant & Co-Applicant.
2.Proof of Address (Aadhaar Card or Passport) of residence Applicant & Co-Applicant.
3.Latest salary slipsfor the last six months
4.Form-16 issued by the current employer.
5.Bank statements for the last 12 months (from which the loan EMI is paid).
6.Statement of personal/homeloan from current lender.
Photo of Applicant & Co-Applicant.
*Note: The list of documents required varies from bank-to-bank and financial institutes.
Balance Transfer For Self Employed Professional (Documents Required)
1.Proof of Identity (PAN Card) of residence Applicant & Co-Applicant.
2.Proof of Address (Aadhaar Card or Passport) of residence Applicant & Co-Applicant.
3.Business and Office Proof.
4.Bank statements for the last six months (from which the loan EMI is paid).
5.Photo of Applicant & Co-Applicant.
6.Last 3 years balance sheet and profit and loss statement.
7.Statement of personal/homeloan from current lender.
8.Gst certificate