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Benefits that make a personal loan balance transfer lucrative
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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 the past several years, personal loans have become one of the most preferred financial products in the market. The unsecured loan allows one to conveniently acquire funds in the time of financial uncertainty. There is no end-use criterion for a personal loan and thus, it can be used to fulfil diverse purposes. It thus comes as no surprise that a growing number of people opt for a personal loan for travel, funding weddings, medical emergencies, and more.
If you already have an online personal loan or plan to take one, it is essential to understand the importance of a personal loan balance transfer. As the name suggests, this facility lets you transfer your loan balance from one bank to another. The transfer of your principal loan amount from one financial institution to another institution is done in a bid to avail more attractive features. Read on to know the different benefits that are associated with a personal loan balance transfer:
The benefits attached to a personal loan balance transfer help in easing your overall debt burden. However, carefully evaluate your decision before undertaking a balance transfer. Compare the choices, pick a reputed bank, undertake important calculation, and keep in mind any additional cost that you may incur.
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