Monetary needs may arise unexpectedly. You may need money to meet a sudden medical emergency, pay your credit card bills immediately or arrange funds for unavoidable home repair. Fund shortage to meet these financial emergencies is a common problem. Procuring loans from banks and leading NBFCs (Non-Banking Financial Company) during a financial emergency has also become an established trend among millions of Indians today.
The only issue that may arise with these loans is when you default on loan repayments and do not pay your instalments regularly. Your lender will charge a penalty over the interest which continues to get accrued on the outstanding principal amount, thereby increasing your debt. The same thing also applies if, instead of the entire EMI amount, you may make a partial payment or just the minimum amount due. Ultimately, you will find yourself caught in a notorious debt trap.
If you have to manage several loans every month, it is recommended to consolidate all of them into one single personal loan. This approach will help you manage the situation appropriately.
There are several other advantages of taking an instant personal loan online from Fullerton India and other reliable lenders for a balance transfer to put an end to your debt. Read ahead to know more.
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1. Applying for a Personal Loan is Hassle-free
Since a personal loan is an unsecured loan, the process is pretty straightforward. Fullerton India only asks for your income proofs, bank statements and KYC proofs for documentation and runs a credit check to assess your creditworthiness. If your documents are successfully verified, then a personal loan balance transfer is the most hassle-free way of getting much-needed financial support when you need urgent funds.
2. Low-interest Rates and a Transparent Process
Borrowers should always keep a close eye on any updates or revisions in the interest rates and opt for a balance transfer if the interest rate of your existing loan is very high. Lower interest rates on the loans can significantly reduce your financial liabilities by lowering the EMIs considerably. Moreover, choose a lender with very transparent loan terms and charges, including processing and transition fees, to avoid unexpected costs.
Fullerton India offers a competitive interest rate on personal loans starting at 11.99%. The processing fee is also very nominal, ranging between 0% to 6% of the loan amount.
3. Top-up Loans
In case you plan for personal loan balance transfer, select lenders that offer top-up loans at considerably lower interest rates. It would ensure that you can manage any unforeseen expenses without straining your finances.
4. Flexible Repayment Tenure
While consolidating your high-interest loans through a personal loan is a smart strategy, it is essential to keep track of other financial liabilities. Therefore, choose a lender that offers flexible repayment tenure. It ensures that you can pay off the entire amount in smaller EMIs without compromising on your lifestyle. With Fullerton India, you can choose a loan tenure between 12 to 60 months, which ensures that you don’t burn a hole in your pocket while repaying the loan amount.
5. Get Heavy Financing with Personal Loan
Several NBFCs and lenders offer large personal loan amounts without any end usage restrictions that can fulfil monetary needs of any scale. Fullerton India can offer a loan amount of up to Rs 25 lakhs for consolidating multiple high-interest loans.
Eligibility Criteria for Fullerton India Personal loan Balance Transfer
The eligibility criteria for Fullerton India Personal Loan Balance Transfer (BT) is similar to the criteria for obtaining a personal loan:
- Age of the applicant should be between 21 to 61 years
- Applicant should be a salaried employee or own a private company with minimum turnover as per Fullerton India policies
- Minimum monthly remuneration:
- Rs 25,000 for individuals residing in Delhi/ Mumbai
- Rs 20,000 for individuals from other locations in the country
- Minimum six months of experience in the current organisation and a minimum overall experience of one year
- CIBIL score of 750 or above can improve your chances of obtaining a balance transfer with Fullerton India. However, if your CIBIL score falls below, you can improve your score using various ways before applying for a balance transfer.
To check the tentative loan amount you are eligible for and your overall savings with a balance transfer, use the Fullerton India personal loan balance transfer calculator. You need to provide basic details such as your existing loan amount, tenure, rate of interest, EMI, the overall interest rate payable and total no. of EMIs paid. You can add up to five existing loans in the calculator.
With Fullerton India personal loan balance transfer, you can pay off several high-interest loans and open credit lines to reduce the overall financial strain. However, it is still an obligation. Therefore, plan your finances and repay your EMIs on time to come out of the debt cycle gradually.