what is personal loan transfer
20 Oct

During a financial emergency you take a personal loan from a lender at a high interest rate. As you need funds to help you out in the emergency situation. However you realize later that the EMI burden is taking you done and it is becoming harder to pay back the loan. 

If this is the case for you then you need to look for a loan transfer or loan refinance. 

What is a Personal Loan transfer?

Personal loan balance transfer or loan refinance is a process of transferring the remaining loan amount from one lender to another to reduce the burden of debt. It happens when the other lender offers a lower interest rate on the outstanding amount. 

The loan transfer process is quite easy and doesn’t require any kind of collateral to be provided. Except for the few charges that you might incur such as foreclosure charges, processing fees and stamp duty.

If you are looking for a personal loan in ahmedabad then you can always come at Zatpat Loans. Where we offer personal loan transfer at  the best interest rate available in the market. Once you transfer your personal loan with Zatpat Loans. All the future EMIs will also be paid to us. 

How does Personal Loan transfer work

If you are planning to transfer your personal loan to a new lender – which in your case would be Zatpat Loans. Then your personal loan will be paid by Zatpat Loans and you will be paying us your monthly EMIs after the transfer. 

While the transfer takes place there will be few charges that you will have to incur. Such as processing fees, prepayment of some amount (if your loan had any clause related to it) or any other kind of fees. 

Is Personal Loan Transfer A Good Option

Loan transfer is a great option if you are planning to transfer your loan in the early years. As it is that time when the interest is at its peak in your loan amount. 

Over the years the interest part in the overall loan decreases. This is why you need to ask yourself few questions before you go for a personal loan transfer:

  1. Is there any kind of penalty with your bank if you want to transfer your personal loan
  2. Will you EMI amount decrease and by how much
  3. How much you will be saving on the interest

Once you have the answers to all the above questions. You will have a clear answer as to what is good for you.