Balance Transfer is a process wherein the unpaid or the outstanding principal of your loan amount can be transferred from one bank to another bank. The primary intention of the balance transfer personal loans procedure is to reduce the financial burden and to carry forward the remaining proceedings with another financial institution which offers more suitable terms. The most common reason why people choose a balance transfer of small personal loans is because they want to move their loan dealings from the existing bank to another bank or NBFC, which offers more favorable specifications like lesser interest rates, better loan tenure, zero processing fees, top-up loan facilities, dissatisfaction with the current bank services, etc.
Although this concept of balance transfer started with the credit card outstanding, it is now available for other quick personal loans and home loans also. The balance transfer method does not need any collateral to be placed as a guarantee by the borrower, but the current financier may levy foreclosure charges and, the new financier may charge some processing fee.
Due to the provision of more preferable conditions, the demand to opt for the balance transfer option has also increased in the market. However, it is essential that as a borrower, you compare all your options well and choose the most suitable one.
At Finfree Enterprises, you can easily apply for and choose to get a balance transfer of your personal cash loans from one financial institution to another one in a hassle-free process. We assure that your financial requirements will be fulfilled as per your preferences, along with better terms & manageable repayment options. Our financial team ensures that the complete process, right from applying for a balance transfer to the completion of the process happens in a smooth and unstrained way.
Like the eligibility criteria, different banks need different documents for verification that proves the authenticity of the borrower. At Finfree Enterprises, along with a completely filled-in application form with a recent photograph, you may have to submit a couple of more documents, as needed by the financial institution with which you are applying for a balance transfer. Mentioned below are a few documents that should be submitted for the verification process.
Identity Proof - Pan Card / Aadhaar Card / Voter ID card / Driving License / Passport Copy
Current Address Proof - Driving license/ Passport Copy/ Latest Gas Bill / Latest Property Tax Bill / Bank Passbook / Ration Card
Age Proof - Pan Card / Aadhaar Card / Voter ID card / Passport Copy / Any Other Statutory Authority Certificate
Loan Documents - All Documents Related To The Current Existing Loan
Bank Statement - Updated Latest 3 Months Statement
Company ID - For Employment Proof
Salary Slip - Last 3 Months
Form 16 - If Required
At Finfree Enterprises, you can easily apply and choose for Balance Transfer Loans to overcome your monetary crisis. Our team ensures that you, as a borrower will not have to go through the complicated processing methods and have the application approved quickly with prompt completion of the complete process. Here are a few benefits of choosing personal loans balance transfer from us.
Better & More Suitable Loan Terms
Unrestricted Preconditions For Usage
Does Not Need Any Collateral
Manageable Repayment Options
Considerable Interest Rates of 10.99%*
Quick Processing & Approvals