SBI Personal Loan Balance Transfer

SBI Pension Loan is a personal loan offered exclusively to state or central government pensioners and defence pensioners. It is also given to a family pensioner, who is the spouse of the pensioner, who is authorized to obtain the pension when the pensioner dies. The family pensioner can be the spouse of a government pensioner or a defence pensioner.

SBI Saral Personal Loan is a loan provided to an individual for any purpose such as medical expenses, holiday plans, wedding arrangements, etc.

Personal Loan Balance Transfer Calculator

If you are wondering how much you will save by going for a balance transfer, you can check out any of the personal loan balance transfer calculators that are available online. In the calculator, you will need to enter the existing loan amount that you borrowed, the EMIs you have already paid, the interest rate that is charged by your existing lender, and the EMI amount that you are paying.

You will also need to enter the amount that you have to pay to a new lender. You will also have to key in the interest charged by your new lender. After you enter the details, you will get your new EMI. You can then compare this new EMI with the existing EMI that you are paying. You can then accordingly decide to go for a balance transfer or not.

Personal Loan Balance Transfer to SBI Personal Loan Account

Are you looking for better features for your personal loan that you have taken from another bank? You can shift the balance amount of your existing personal loan to an SBI Personal Loan. State Bank of India welcomes people to transfer their loan balances to an SBI personal loan account. Once you complete the transfer, your new lender will be SBI.

Features of State Bank of India Personal Loan Balance Transfer

1. Lower rates of interest: When you choose to transfer your loan balance from your existing lender to an SBI personal loan, you can enjoy lower interest rates. Shifting to a new lender for your loan will always help you minimize your loan expenses as your EMIs and overall interest liability will come down.
2. Better credit score: You can go for a balance transfer of your personal loan if you have been paying your EMIs promptly on a regular basis but feel that paying your remaining EMIs will be difficult due to some other personal financial difficulty or sudden additional expenses. When you complete the transfer, your EMIs will reduce and hence, you can save a lot on your loan expenditures. This, in turn, will positively impact your credit repayment cycle. As a result of this, your credit score will increase effectively.
3. Higher loan tenure: When you choose SBI as your new lender, you can have a new discussion with the bank and make changes to your loan terms and conditions. This can include even the tenure of your loan. When your tenure increases, your monthly EMI will decrease and you can repay them over a longer period of time conveniently.
4. Additional loan funds: When you transfer your personal loan balances to your SBI personal loan account, you may also be allowed to borrow additional funds in your loan account. With your existing lender, if you go for a top-up loan, you may be asked to pay a high interest rate. Instead, you can transfer your existing loan balance to SBI personal loan account and receive additional funds. However, you will need to check with an SBI representative if you will get a top-up loan and if there are any requirements to get it.

Personal Loan Balance Transfer from SBI to Other Banks

You may also transfer your SBI Personal Loan balance to any other bank's personal loan account. You will need to check the interest rate, loan tenure, and other features offered by the new lender. If the new lender provides better features for a personal loan after you make the transfer, you can go ahead with it. You will need to check the requirements and the eligibility criteria for the loan balance transfer from this new lender.

Transferring your loan balance to a new lender makes absolute sense if the new lender makes your borrowing process more economical and beneficial. You can count on SBI to give you excellent benefits when you transfer your present loan balance to an SBI Personal Loan account.

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