What Is Refinancing a Loan?
A borrower can refinance their loan to replace their existing debt obligation with one that has better terms. A borrower takes out a new loan to pay off an existing obligation, and the previous loan’s conditions are replaced by the revised arrangement. Borrowers can renegotiate their loans to receive a cheaper monthly payment, a longer term, or a more flexible payment schedule.
When should you refinance your Personal Loan?
- A lender has offered you a favourable loan rate
- Your income has grown significantly
- Your credit score has improved
- You want to prolong your loan’s payback period.
- Delete or add a co-applicant to the loan
How Loan Re-financing can help
Lenders offers low-interest debt consolidation loans that you may repay whenever you choose. After knowing a bit about you, we distribute consolidation loans online in a matter of clicks.
We provide credit card consolidation services with low interest rates that won’t break the bank and allow you to repay your debt quickly.
Our auto-debit service automatically deducts monthly payments from your bill consolidation loan, allowing you to focus on living rather than worrying.
Key Features and Benefits
- Attractive Interest Rate
- Avail top-up loan facility
- Hassle free transfer with minimal documentation
- Increased tenure
Reasons to opt for Debt Consolidation personal Loan
- To begin with, personal loans include debt consolidation loans. It indicates that the interest rates and payment terms will be appealing.
- For moderate amounts of consumer debt, a debt consolidation personal loan is the ideal option.
- It might assist you in paying off all of your bills at once.
- Your payments will be simplified and streamlined with a personal loan to consolidate debt.
- It aids in the reduction of all monthly costs and debt payments.
- You have the power to select the monthly payment that is most appropriate for your current financial situation.
Documents required for Balance Transfer
- Most recent loan statement
- Last 6 months bank statement along with repayment schedule
- Salary slip
- KYC
Would Loan Refinance be a better option or a Loan Transfer?
If you’re in the early stages of your loan, refinancing is a terrific alternative. That’s when your EMIs’ interest component is the largest. The interest component is gradually reduced.
Consider the following factors before deciding to refinance:
- What are your current bank’s prepayment penalties and your new bank’s processing fees?
- How much money have you saved in terms of interest? Make a cost-benefit analysis to see how much money you’ll save.
- Is the EMI for a similar loan amount less than your existing loan?’