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Steps to apply for a personal loan balance transfer
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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In times of financial constraints, a personal loan can be used to keep your financial flow steady. The funds obtained from this type of loan can be used to serve different purposes. This includes medical emergencies, wedding costs, vacation costs, and much more. While it is a great source, you may come to realize that you are paying a high amount in the form of interest costs. Fortunately, you can resort to the option of a personal loan balance transfer.
A personal loan balance transfer is a process in which you can transfer the total outstanding amount from one bank to another. It makes for a great move if the new bank offers you better loan features with a lower interest rate. Typically, a personal loan transfer is taken with the purpose of lowering the debt burden.
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Read on to know the steps to apply for a personal loan balance transfer:
The balance transfer option can open for you an avenue to several great benefits. This includes the opportunity of lower interest rates, extended loan tenure, zero processing fees, and better customer care. Choose your bank wisely to ensure that you get the best offer upon your personal loan balance transfer.
Factors to consider while planning a Personal Loan balance transfer
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