Personal loans can be quite expensive, especially over the long-term, if interest rates are high. At some point, it might become difficult for you to repay your loan. However, nowadays, borrowers can get respite from high installment costs through a balance transfer loan.

Understanding A Personal Loan Balance Transfer

A personal loan balance transfer is when you move your outstanding balance from one lender to another with better rates, transparency, and services.

Borrowers decide on balance transfer loans due to the following reasons:

• One of the many advantages of transferring your personal loan is that it reduces current personal loan interest rates. If the new lender charges lower interest rates, the borrower can lower its monthly costs, thus helping with its budget. With Fullerton India, a borrower can get a personal loan at an attractive interest rate, starting from 11.99% p.a. 
• Another reason for switching the current lender may be that you are not satisfied with the current lender and its services, and the new lender is providing you with better services.
• Some lenders also allow you to extend your repayment tenure, which your old lender may not provide. Extending the tenure will allow you to make smaller installments and manage your finances properly. With Fullerton India, you can select a tenure of up to 5 years. 
• One great perk of transferring the personal loan balance is that it helps improve your credit score by making payments more quickly.

When you are thinking of a personal loan balance transfer, make sure to compare different lenders and services provided by them to get the best current personal loan interest rates suited to your needs and preferences.

With Fullerton India, getting a personal loan is quick and hassle-free as the process is done digitally, with minimal documentation and attractive interest rates. 

To know more about personal loans, visit our website.

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