Gerenti Lulus Loan

Every time you try to find out some information about Personal Loans, you are simply bombarded with so much of information that you really don't feel like sifting through all of it. So, let's take it one step at a time and try to understand with clarity the various aspects related to Unsecured Loans.

This article particularly deals with knowing and understanding the difference between a Balance Transfer (BT), Top-up and a parallel loan.

Apart from availing loans for personal uses, or for buying a new home, there are always other needs that arise. For instance, when you purchase a new apartment, you might be forced to purchase a parking lot to park your car. This might not be expected at the time when you avail the actual home loan, which is why a top-up loan will be of great use.

Now, here's another situation where a balance transfer will come in handy: you have availed a home loan with a floating interest for tenure of 15 years. However, after 5 years of paying your EMI, you come across another bank that allows you to transfer your current outstanding to their bank at an interest rate that is lower than your current interest rate. Now, isn't that convenient?

When you have availed an unsecured loan, and there's suddenly a further need for some more money for an entirely different purpose. You can very well avail a parallel loan. The benefit here is that you will be paying two separate EMIs and at different interest rates, this will not hinder your on-going loan.

The following paragraphs should give you some clarity and help you decide the type of facility to choose.

What is it?

• Balance Transfer

Transferring the outstanding value from your existing loan from one bank to another

• Top-Up

When you avail a loan, but not the maximum value you're eligible for. You may avail the remaining loan amount at a later time. (Maximum loan amount- actual availed loan amount = Top up Loan value)

• Parallel Loan

You may avail a loan parallel to your existing loan.

2. Interest rates

• BT: Better interest rates than your current loan

• Top-Up: Same interest rate as your present loan

• Parallel Loan: Different Interest rate than your existing loan

3. Eligibility

To avail any of these facilities you will first need to prove that you are capable of repaying your obligations in time, which is why you will be eligible for a BT, Top-Up or a parallel loan; after paying the specified number of EMIs as put forth by the bank providing your existing loan

For starters, visit our site http://www.rupeezone.in you will find a whole lot of details on personal loans and To find out if you are eligible for availing best personal loans by visiting http://www.rupeezone.in/personal-loan-eligibility-calculator.php?

With over 2 lakh customers, 25 + years of expertise in the field, we are a well established financial services organization specializing in various types of loans; be it for your personal use or otherwise.