A personal loan balance transfer is best if you want to save money on interest. If you have a good credit history and can find a lender offering you a lower personal loan interest rate, a balance transfer can greatly benefit you.

It can be done online or in-person and is easy to do either way.

The first thing you’ll need to do is find a personal loan provider with the best interest rate that fits your needs. Ensure that this lender accepts personal loan balance transfers. You will require to put in a fresh personal loan application with residence, income and identity documents to apply for a personal loan balance transfer. Once the application process has been completed and approved, it will then be time for you to transfer your balance from one lender to another. 

You will then be required to get a NOC and foreclosure from your existing lender. 

Once you get a loan sanction letter and the amount from the new lender, you can pay off your existing lender and close your loan. Ensure that the lender gives you a No Dues Certificate.

Things to keep in mind when opting for a personal loan balance transfer:

• Calculate and ensure that the overall cost of the transfer isn’t amounting to a big loss.
• Make sure you know what all the fees of a balance transfer are. 
• Know exactly when the new lender’s payments will begin and how they will affect your existing loans.

Additional Read: Is using personal loan Balance Transfer a good idea or not?