Car Loan Balance Transfer: Benefits and Documents Requirement

A car loan balance transfer permits you to audit your obligation commitments according to your budget. In any case, you should know that there is a charge associated with the balance transfer. If you are hoping to cut expenses on your present car loan, at that point you can consider going for a balance transfer. This permits you to take advantage of lower financing costs and cut down the total cost of your EMI.

Watch out for offers on car loan balance transfer. Shop around to locate the best offer. The internet can act the hero here and you could call various dealers to get the best car loan offer. Make sure to check if you are eligible to move your loan to the bank you are keen on. Discover the loan specialist's interest rate on your balance transfer and check the charges related to it.

When you have zeroed in on your offer, talk with your present loan specialist about moving the balance to another bank. Discover the chief sum remaining, the number of months/years serviced for the loan and the overarching rate of interest This should be possible online with the help of some clicks if you have net banking. Be that as it may, you would be required to visit your home branch to find in which name the check or DD should be made for a balance transfer.

Benefits of car loan balance transfer

When you transfer your current car loan to another financer then you can get the following benefits.

• Lower interest rate than your current loan

• Batter loan features

• Lower fees and charges related to your loan

• Batter payment terms than your current loan

• Generally reduction in your car loan amount

Documents requirement

You have to collect the following documents to get your car loan transferred to another bank or financer.

• Passport size photographs of the loan holder

• ID proofs, and address proofs

• Salary proofs like salary slip or ITR

• Bank statements of the last three years

• And other KYC documents