A balance transfer is available for all types of loans, including personal loans. Also referred to as refinancing, a balance transfer is primarily done to reap the benefits of better interest rates and other features. Do not miss a chance to lower your loan repayments when you have smarter options to choose from. Move your loan outstanding balances to Lonar, pay lower monthly installments and enjoy the savings for the other things in life that really matter to you and your family.
Lonar's Top-up loan is an exclusive financing option, our customers who opt for our balance transfer facility can borrow funds over and above the existing loan amount. You can avail of an additional Top-Up Loan to meet your business or personal needs.
Any borrower who has an existing personal loan on which he/she has paid at least 12 EMIs regularly is eligible to transfer the outstanding balance to another lender, provided that they meet the lender’s eligibility criteria.
The amount of time taken by banks to process a balance transfer may depend on the time taken by your existing lender to close the loan and issue a loan foreclosure letter. After that is done, you will have to apply for a loan with the existing lender and once it is approved, the loan amount will be disbursed to your account. The whole process should not take more than 8 days.
Anyone who has availed a personal loan for which he/she has made timely repayments for at least 12 months can opt for the balance transfer facility or even a top-up loan during the loan transfer.
Balance Transfer is always recommended when your present lender's rate of interest is at higher side than the rate offered from new lender or you have the requirement for additional amount. This additional amount can be utilized for your personal expenses such as marriage, medical expenses, education or capital infusion, etc. Additional amount can be availed at a better rate.
Top Up Loans can be availed for personal and professional needs(other than for speculative purposes) like marriage, Child's education, business expansion, debt consolidation etc.
Yes. Top loan can be availed in addition to a balance transfer loan.
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