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Personal loans is easily available, but it is very expensive. Its interest rates are very high because it comes under the category of an unsecured loan. No security has to be deposited for this. Due to its many features, the demand for personal loans is quite good despite being expensive. Although many times people take personal loan, but later it seems very difficult to repay it due to its heavy EMI. If something like this is happening with you too, then you can benefit yourself by taking 1 decision. This will reduce your interest instantly and due to the reduction in interest, the installment will also be reduced. This will give you a lot of relief and the bank will not be able to do anything in this matter. Know about it here.

The decision you have to take is Balance Transfer (Personal Loan Balance Transfer). Balance transfer is a method through which you can transfer your running loan from one bank to another. This is the customer's own decision, banks cannot stop you for this. Know the benefits of balance transfer in the slides below-

Most people take this decision to get relief from the increased interest rates of the loan. If your credit score is good, then other banks easily offer you a cheaper loan than the current interest rate. Due to the low interest rate, your EMI also decreases.

By using the balance transfer facility, borrowers can reset the tenure of their existing personal loan. They can choose a longer tenure than the remaining tenure of their loan. The longer tenure also reduces the EMI. However, due to this the borrower may have to pay more interest. On the other hand, if you want to get rid of the loan quickly, then you can also shorten the tenure. However, in this they may have to pay more EMI.

The third benefit is of top up loan. Many banks also offer top-up personal loans to those transferring their existing personal loans. This means that you can not only transfer your old loan at a lower interest rate, but also avail a top-up loan in the same process, giving you additional funds.

Personal loan balance transfer does not require any collateral deposit to the new bank. However, you have to pay foreclosure fees and loan transfer charges to your existing bank. Apart from this, you may have to pay stamp duty, loan processing fees and other fees to the new bank where you are transferring your loan, which is usually charged when applying for a new personal loan.