Higher Down Payment

One of the main characteristics or advantages of a personal loan balance transfer is that it frequently provides a lower or better interest rate. In general, on the credit transfer, the new lender will give a lower interest rate. This decreases the interest burden of the borrower by decreasing EMIs.

Select a Loan with a Longer Repayment Period

Balance transfer most also helps you to renegotiate loan conditions for the extension of your repayment tenure by the new lender. The monthly EMI pressure would be reduced. However, the average interest payment could be higher.

Go for a Step-Down EMI Plan

You will also be able to receive the deal from other lenders for better loan features, like last EMI waivers, zero transaction fees, lower interest rates, etc. depending upon the past payments record and evolving income dynamics.

Prioritize Loan Payments with the Highest Interest Rates

The transfer of personal loans most also allows you to benefit from better services in case you are not comfortable with the existing loan or financial institution services provided. You can opt to contact the lender, who can provide better services than the current one, with the balance transfer facilities.