Balance Transfer & Top-Up Loan in Vadodara
If you really save money.
Paying a high interest rate on your current loan? We check whether moving it to another bank really saves you money after all the fees, and whether you can ask for extra money as a top-up.
- We do not lend. The bank decides
- We check your papers before the bank does
- We follow up until the bank answers
What are a balance transfer and a top-up?
A balance transfer means you move your loan from your old bank to a new bank. The new bank pays off the old loan, and from then on you pay your EMI to the new bank, usually at a lower interest rate.
A top-up is extra money on a loan you already have, if you are eligible. People use it for repairs, studies or business needs. A top-up often costs less interest than a personal loan, but not always.
Moving a loan can have costs, such as a processing fee, a foreclosure charge and legal fees. Your saving must be bigger than these costs. We work this out for you and say so honestly if it is not worth it.
How Jensi Finloan helps
- Look at your current loan statement and interest rate
- Compare it with offers from other banks
- Work out your saving after all the fees
- Collect the foreclosure letter from your old bank
- Send the file to the new bank and follow up until the old loan is closed
- Check if you can also get a top-up
Papers you need
This is a general list. Your bank or insurance company will confirm the exact papers.
Your existing loan
- Loan statement
- Sanction letter of the existing loan
- Foreclosure letter from your current bank
You
- PAN card and Aadhaar card
- Income proof: salary slips, or income tax returns (ITR) if you have a business
- Bank statements, last 6 to 12 months
The property
- Ownership papers of the property
- Recent property tax receipt, if the bank asks
How it works
Five simple steps, from your first call to the bank's answer.
Share your loan details
Tell us your bank, loan amount left, interest rate and EMI.
We work out your saving
We compare new offers and count all the fees. We tell you if it is worth it.
We choose the new bank and apply
We prepare your file and send it to the new bank.
The old loan is closed
The new bank pays your old bank. We follow up until the papers come back.
Your new EMI starts
You pay the new EMI to the new bank. If a top-up is approved, you get the extra money.
Check your monthly EMI
Move the sliders to see a rough EMI for a loan. This is only an example.
- Loan amount
- Total interest
- You pay in total
This is only an estimate. Your bank's real interest rate and fees can be different.
Check this with MrugeshCommon questions
What is a balance transfer?
It means moving your loan from one bank to another. The new bank pays off the old loan and you pay the new bank. People do it to get a lower interest rate.
What is a top-up loan?
A top-up is extra money on top of a loan you already have, if you are eligible. It often has lower interest than a personal loan.
Is a balance transfer always a good idea?
No. Banks may charge fees to close and to start a loan. We compare the new interest rate with all the fees and tell you honestly if you do not gain.
Will it affect my CIBIL score?
Every loan application shows on your credit report. That is why we check your details first and apply only to banks that are likely to say yes.
Can I get a top-up without changing my bank?
Many banks offer a top-up on an existing loan. Rules are different for each bank, so ask us and we will check.
Our other services
Jensi Finloan helps with 8 kinds of loans and insurance.
Talk to Mrugesh about your Balance Transfer & Top-Up
Send your details on WhatsApp or the enquiry form. Mrugesh will contact you. Office: 14 Sai Vihar Society, Waghodia Rd, near Sharnam, Char Rasta, Vadodara 390019.