Personal Loan Balance Transfer – Low Interest, Apply Online
A Personal Loan is a blessing for those who require instant funds to cover the costs of any planned or unplanned expenses. These loans come with no end-use restrictions, which means you can use them to cover any expense, be it wedding, home renovation, education, vacation, debt consolidation, or medical emergency. However, once you solve the purpose, you are left with the borrowed amount you have to repay and the interest rate.
Although Personal Loans have flexible repayment terms that you can choose according to your repayment capacity, it can be devastating when you find a lender who offers lower interest rates than what you are currently paying. In such a situation, a Personal Loan balance transfer can be the ultimate solution for you. In this arrangement, you can transfer your Personal Loan balance to a new lender who is offering you a lower interest rate or better terms and conditions. Clix Capital offers a balance transfer facility that you can avail to save big and be happy!
We Have a Bevy of Personal Loan Offerings!
If you wish to make your vacation one to remember, then our personal loans for travel are perfect for you!
Attaining the best education is possible with Clix Capital’s personal loans for education!
Make your special day all the more memorable with Clix Capital’s personal loan for wedding!
Medical Emergency Loan
Never fret in case of a medical emergency – our personal loans for medical treatment will quell all your worries!
Home Renovation/Expansion Loan
Clix Capital will provide you with the means to turn your house into a dream home!
What is a Personal Loan Balance Transfer?
A balance transfer is a working concept in which you transfer the outstanding amount of your current loan to a new financial institution. The primary objective of doing this is to avail of better loan terms and conditions, mainly at a lower interest rate. The most sought-after result of a balance transfer is to reduce the loan burden altogether. You can not only shift your loan for a better interest rate but also avail additional funds as a top-up on your existing loan amount.
How Does a Balance Transfer Work?
Typically, when you transfer your Personal Loan outstanding balance to Clix Capital, we pay off your existing loan on your behalf. If your current lender has a pre-payment clause, you have to pay these charges. You also need to pay the processing charges for your new loan with us. However, with a reduced interest rate, you can save big and compensate for those expenses. Once you transfer your loan balance, you have our Personal Loan EMI to pay with a reduced interest rate and a new repayment term.
A Personal Loan balance transfer has a multitude of features, including:
Easy Eligibility: Transfer your Personal Loan balance with Clix Capital against simple eligibility criteria.
Instant Approval: If you fulfil our eligibility conditions, you may get your approval in as little as 15 minutes*.
Minimal Documentation: We require only your basic documents to approve your Personal Loan balance transfer, such as your identity proof, address proof, foreclosure letter, NOC, and income proof.
Extended Repayment Tenure: Divide your loan EMIs over a period of 12 to 48 months according to your budget and repayment capacity.
Online Loan Application: Apply for a balance transfer online without visiting our office even once.
A balance transfer saves you from the hassle of applying for a new loan from a different lender while still maintaining your current debt burden. You may improve your loan terms and conditions while also quickly getting a top up to meet your financial requirements.
Several benefits of a Personal Loan balance transfer:
Reduced Interest Rates: The first significant advantage of a balance transfer is the reduced interest rate, which eventually reduces your loan burden through decreased EMIs. When you compare, you will get a lower interest rate than what you are paying currently.
Extended Loan Duration: When you transfer your existing loan to a new lender, you get a new tenure for your transferred amount. You can extend your tenure to reduce your EMI amount and pay them off easily without any loan burden.
Improved Features: By transferring your Personal Loan balance, you can not only reduce your interest rate but also avail other features offered by the new lender, such as zero processing fees, low late-payment charges, and so on.
Top-Up Loan Facility: When you transfer your loan to a new lender, you may also request a top-up on your existing loan to avail any expenses. Therefore, you do not need to apply for a new loan while transferring your loan.
How to Transfer Your Personal Loan Balance?
Considering transferring your Personal Loan balance to Clix Capital? Follow the steps below.
- Compare the interest rates of your current lender with those of Clix Capital
- Calculate the cost of your balance transfer, including all the applicable fees and charges
- Obtain a No Objection Certificate or NOC, along with a foreclosure letter from your current lender
- Apply for Personal Loan balance transfer with Clix Capital via our online application form
- Get your documents verified online
Things to Consider
Personal Loan balance transfer is an excellent option when done in the initial months of your loan. This is the time when the interest component in your loan EMIs is the highest. It may become lower in the later stages of your loan term. You may use a Personal Loan balance transfer calculator to get an estimate and know what to expect.
Before you transfer your balance, know these things to consider:
- What are the pre-payment penalties with your existing lender?
- What are the processing fees and other charges with your new lender?
- How much would you save on the interest outgo?
- Are the EMIs the same or lower than your current loan EMIs?
When You Should Consider a Personal Loan Balance Transfer?
You can consider transferring your Personal Loan balance to us in the following scenarios:
- When you get a better offer: We offer lower interest rates with better terms and conditions. Therefore, transferring your loan balance to us makes sense. The new proposal we give you will reduce your EMI amount and relieve your financial burden to a great extent.
- When you want to reduce your loan EMIs: If your current EMIs are stretching your budget, then a transfer can provide you some relaxation. You may ask us to extend your loan tenure so that your EMIs can become smaller, and you can easily adjust them in your monthly budget.
- When you get a top-up facility: When you transfer your loan balance to us, we also offer you an additional top-up loan that you can use to cover your unplanned expense. If you require a top-up on your current loan and your existing lender does not offer that, you may consider transferring your loan to us to get a top-up.
Who can avail a Personal Loan balance transfer?
Borrowers with existing Personal Loans can transfer their outstanding balance to Clix Capital, provided that they meet our eligibility criteria and fulfil our documentation requirements.
What is the repayment tenure for the transferred loan?
You get 12 to 48 months of repayment tenure to pay of your transferred loan?
What costs do I need to pay?
You need to cover the following costs at the time of Personal Loan balance transfer: foreclosure charges or pre-payment fees to the existing lender, processing fees to the new lender, and stamp duty on the loan agreement.
Do I need to provide a collateral to transfer a Personal Loan?
No. Our Personal Loans are collateral-free, which you can avail without any collateral, security, or guarantor.
Can I avail a top up on my existing loan while transferring my loan balance?
Yes. We offer you an option to avail a top-up on your existing Personal Loan. You can borrow more over your current loan at lower interest rates than what you are paying at present.
Where can I get more information about low salary Personal Loans?
* T&C Apply
What Documents Do I Need to Provide?
Completed Application Form
- We will provide you with a run-of-the-mill application form to detail out all the information we need before processing your personal loan request.
- This photograph should be fairly recent and indicative of your current physical appearance.
Identity (ID) Proof
- This can be either your Aadhaar Card, PAN Card, or Government ID (if you happen to be a government employee).
- Your Aadhaar Card is the go-to document here. In case your current address is not updated in Aadhaar card, one certified copy of any Official Valid Document (OVD) is required. These OVDs are either your Passport, Voter ID, or Driving License.
- This comes in the form of your latest one-month pay slip or Form 16 for the current year.
How Do I Apply For Personal Loan online from Clix Capital?
How do I avail a personal loan from Clix?
There’s a space at the top and bottom of this page to put in your phone number. Just provide the same and our customer representative will speak with you shortly to get a personal loan online!
What will be the tenure, down payment, EMI, and interest rate for my personal loan?
At Clix Capital, you can choose from customised repayment (EMI) and down payment options. However, the interest rate of your personal loan depends on various factors, such as the specifics of your application (including metrics like date and income). We’ll tell you the final applicable interest rate once we go through your application form and all supporting documents.
Do I need any collateral to avail a personal loan?
Not at all! There is no additional collateral or guarantors required to have your personal loan application approved.
How can I reach out to Clix for any other information on my loan?
Just call us on 0124-4545965 or 0124-3817400 between 9:30am-6:30pm from Monday to Saturday (except public holidays). Alternatively, you can also write to us at firstname.lastname@example.org to resolve your queries around personal loan.