Balance Transfer of Business Loan

Balance Transfer of Business Loan Overview

Unsecured Business Loan is similar to a personal loan, but is specifically designed for business use. With Unsecured Business Loan, you borrow a certain sum of money over a period of years, and the interest rate and monthly payments are fixed over the term. Unsecured Business Loan can prove vital when managing the demands of employees, clients and cash flow for a smaller business. With some types of Unsecured Business Loan, you can set out how much you want to borrow and for how long. As a customer you need to decide when to go for a change and enjoy the benefits of Balance Transfer of Business Loan

Balance Transfer of Business Loan is a loan where you can transfer your multiple loans (up to 3 loans) to a single loan under one bank/institute for better rate of interest and can avail additional loan amount for your business purpose. Balance transfer is a very lucrative facility for individuals who have taken a loan, but surprisingly very few avail of it. The problem is very few are aware of it. Every individual that has taken a Business Loan should opt for a balance transfer at least once during the tenure of the loan. Balance transfer of Business Loan reduces you interest rates and finally enables you to save on the interest you have to pay. Balance transfer of Business Loan is a great facility that lets you reexamine your debt, make changes to it and also tweak it according to your requirements.

Balance transfer of Business Loan happens when the entire unpaid principal loan amount is transferred to another bank for a lower rate of interest. The bank that had originally extended the loan to you gets the unpaid amount and you have to, in turn, now pay your EMIs at the new rate to the bank that has taken up the loan. Most of the private bank/NBFC's has a facility for Balance transfer of Business Loan and if you have been paying your EMIs regularly, there is often no problem associated with it.

There is, however, a need to carry out a cost benefit analysis. Balance transfer of Business Loan will depend on the difference between the interest rates offered by the two banks, the amount of the loan left unpaid and the tenure remaining. If the unpaid amount is low or if only a few years remain in terms of tenure, Balance Transfer of Business Loan may not be ideal. This is also because banks often levy a processing fee for balance transfer and in the end it may not be all that beneficial.

WE at Creative Finserve encourage borrowers to maintain a healthy credit profile by paying all their loan EMI's regularly. Taking a loan means a long term obligation to repay it and hence, we recommend you do a thorough research or Creative Finserve will guide you in all aspects and give you a personalized solution through its professional team and dedicated service.

Balance Transfer & top up of Business Loan features & benefits

•  Our expertise to get u the right Banks / Institute to fulfill your requirement
•  Loan repayment in flexible tenures from 12 months up to 60 months.
•  No collateral/ guarantor / security required
•  Speedy approvals
•  Attractive Rate of Interest
•  Special Interest Rate for professional Doctors/ CA & Architect.
•  Minimum/Hassle free Documentation.
•  Funds available for business expansion, working capital, child's education or home renovation
•  Convenience of doorstep service

Balance Transfer of Business Loan Process

There are several steps in the Balance Transfer & top up of Business Loan process. Here are the steps in brief:

•  Application form & Document submission
•  Cibil report check
•  Residence verfication
•  Office verfication
•  Eligibility calculation
•  Personal Discussion
•  Credit decision
•  Signing of agreements and submitting post-dated cheques
•  Disbursement

Balance Transfer & top up of Business Loan eligibility

SELF EMPLOYED INDIVIDUAL

•  An Indian Resident.
•  You should be in business for a minimum of 3 years.
•  You should be self employed Minimum 24 to maximum 65 years of age.
•  Your current place of residence should be occupied for a minimum of 3 years in the city.
•  You should have residence or office owned.

SELF EMPLOYED PROFESSIONAL

•  An Indian Resident.
•  You should be Practicing Doctor or CA business for a minimum of 3 years.
•  You should be self employed Minimum 24 to maximum 65 years of age.
•  Your current place of residence should be occupied for a minimum of 3 years in the city.
•  You should have residence or office owned.

Contact Info :

Office No 35, Ground Floor,

Shiv Shambhu Chs (Seawoods), L.T. Road.

Borivali (West), Mumbai - 400092.

Telephone: 022 - 65662010 / 022 - 69000012 / 022 - 69000033

E-mail: info@cfplindia.com / cfpl@live.in