posted on 2019-10-05 13:27:33 by Admin
You can say that a lot of people apply for a personal loan to fulfill their dreams and requirements such as managing a wedding in the family, education expenses, medical payments and more. That summarizes the effectiveness of an instant personal loan online. But, personal loans could be offered at higher rates as the applicant could get access to the required funds without showing any kind of collateral.
The higher interest rates could raise the burden for the customer to pay back the borrowed loan amount. It could go low, and therefore make the person feel happy. So, if you are struggling to pay your monthly installments then, this is the right time for you to reduce the stress with a few helpful points mentioned below.
Appeal the bank to decrease the Interest Rate
You should enquire with the loan provider to cut down the interest rates, as the bank can make it happen if you have a good repayment record with no payment failure. The decrease in rates will lower down the Equated Monthly Installment (EMI) as well as the interest to be paid.
Choose Balance Transfer facility If the bank rejects the request for low-interest rates
If the present loan provider refuses to cut down the interest rates, then this is the right time for you to look for other available options like a financial institute that can capture your current loan at comparatively reduced rates.
This is a frequent thing among the applicants in order to cut down the burden of paying back the borrowed amount. On the other hand, this could be offered with minimal charges of the balance transfer service. Therefore, the solution lies in acquiring the balance transfer facility at the most affordable prices. If possible, search for the offers with zero fees to boost your savings.
Regulations for the Personal Loan Balance Transfer
The balance transfer is carried out by finishing the required official procedure.
● Appeal the existing bank to provide NOC regarding the balance transfer to the new financial service provider
● You should also ask the bank to provide a detailed statement reflecting the loan amount paid till date, outstanding due amount, interest rate so far, remaining tenure.
● Show these credentials to the new bank in order to proceed with the balance transfer request.
● The bank in which the balance has to be transferred would examine the EMI record before giving the final approval to the requested loan.
Utilize Low-profit Investments for repayments
You might have invested in various services like recurring deposits and fixed deposits. The standard return that is acquired through these add-on saving policies could be near about 7%-9% annually, barely sufficient to manage the existing inflationary situation. The profits get decreased after the tax payment. Therefore, it is suggested to get benefited through these savings in order to shell out a certain amount of loan to decrease the outstanding due loan amount as well as the interest to be paid.
If you are also stuck with the same situation and looking for a suitable way out then, it would be perfect to apply for personal loans online.