1) What is the difference between fresh loan and balance transfer?
A balance transfer is often used to move your debt account from one creditor to another, usually in an effort to get a lower interest rate. A fresh personal loan is new debt that can be used for various purposes, including debt consolidation or new purchases
2) What is the benefit of loan transfer?.
The primary reason why borrowers opt for a loan balance transfer is a lower rate of interest offered by another lender. Lower interest rates reduce the EMIs and, eventually, the total cost of the loan. Part-prepayment enables you to pay a portion of your outstanding loan principal.
3) Is balance transfer of loan a good idea?
Balance transfer of personal or home loans can be a good option if you are looking to save money on interest payments. A balance transfer Personal or Home loan allows you to transfer your existing loan to another lender who offers a lower interest rate.
4) Is loan transfer possible?
If you are satisfied with the repayment terms, you can apply for a loan transfer. You need to fill in all required details about the existing loan, lender, and property. Upon filling in the information, you may receive a loan offer .
5) What is the difference between a balance transfer and a top up loan?
A Top Up is an additional loan over the current loan. A borrower can borrow the additional top-up loan from the existing lender or some other lender. A balance transfer is a transfer of credit to a new bank or financial institution that offers a better interest rate than the existing rate.
6) What is balance transfer rate?
A balance transfer isn't a get-out-of-debt-free card. Balance transfers typically come with fees, and you'll likely have to pay interest on whatever balance you transfer. Some card issuers will offer an introductory 0% APR on balance transfers for a specified period of time to encourage balance transfers.
7)Can you do multiple balance transfers?
Yes, you can do multiple balance transfers or transfer a balance from one 0 percent APR card to another. Multiple transfers might be possible from several cards to one card or even several cards to several cards.
8) How long will it take to transfer credit card balance from one bank to another bank's credit card?
If you meet their eligibility criteria, it will be taken up immediately and process gets completed in a minimum of 3 days.
9) Can I get a new credit card for the purpose of credit card balance transfer?
If you have a good income and stable employment and fulfill the eligibility criteria set by bank, you will be eligible to get new credit card for the purpose of balance transfer.