What is a personal loan balance transfer?
This is a facility that allows you to transfer your outstanding loan balance from one bank to another with better facilities or a lower interest rate.
Features of Bajaj Finserv Balance Transfer Personal Loan include:
An option to pay interest only during the first two years of the loan refinanced at a negotiable interest rate.
The company has made this process quick and you can get instant approval by requesting a balance transfer from other banks online.
If the eligibility criteria are met by the applicant, the transfer of the balance will be made immediately.
Bajaj Finserv does not charge interest on the principal but on the amount used from the loan limit. This helps control accrued interest throughout the life of the loan.
Free and unlimited advance payments and partial withdrawals
With the hybrid flexi function, the borrower can make multiple withdrawals on the pre-authorized amount and make unlimited partial prepayments without any fees.
45% reduction in electromagnetic interference
The company claims that by opting for interest-only flexi loan IMEs, you can reduce the amount payable in IME by 45%.
Extension of the repayment term
After transferring a previous loan to Bajaj Finserv, one can get an extension of up to 84 months in the term of the loan.
Very few documents are required such as identity, address and proof of income to benefit from a balance transfer.