Can You Transfer Your Personal Loan?
A personal loan is a kind of loan in which you borrow money from the bank at some interest rate. You can use your personal loan anywhere in your personal life. For example, you can use this amount of loan for wedding purposes, renovate your home, or buy a car.
Besides that, a personal loan is unsecured. You don’t need any collateral for this loan. You don’t need to pledge anything to the bank. A personal loan is totally based on your credit history and your salary. If you are eligible, then you will be able to get a personal loan in no time.
Now, if you are eligible and have gotten a personal loan, but in that duration of time, if you realize that you are getting lesser interest rates somewhere else, there is no need to worry about it. You can transfer your personal loan to another bank, but there are some things that you should keep in your mind.
- First, you should read the terms and conditions given by both banks carefully before transferring the loan.
- One more thing is that you should take all the documents from your old lender and provide them to your new lender.
- Sometimes you get fewer rates of interest, and the bank puts some additional charges on your loan. So you need to properly analyse whether you will benefit from this loan transfer or not.
How to transfer your personal loan?
The process of the loan transfer is straightforward. First of all, you need to apply to your current lender, and after that, if you are not a defaulter, the bank will provide you NOC and a statement that mentions the due amount of the loan.
You need to submit this document to your new bank. The bank will examine these documents, and if you are eligible, you will get a loan transfer from that bank.
Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.
Read more at Dialabank and apply for your Personal Loan at the lowest rates.