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05 JUNE, 2020
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 a 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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