The Business Loan Balance Transfer is a process of transferring the outstanding balance of your business loan at your old rate of interest from your existing bank to a new bank of your choice offering you a lower rate of interest.
Business Loan Balance Transfer can be undertaken to reduce your EMIs by moving over to a lender who offers you a lower rate of interest or you can also choose to authorize such a transfer if you are dissatisfied with the services of your current lender.
A balance transfer allows you to transfer your debt to a bank charging you a lower rate of interest than your current lender. Resultantly, you enjoy better rates and reduced EMIs.
A balance transfer facility, which offers you a lower rate of interest, eventually materializes into decreased EMI payments. Thus you save a huge amount by paying lower value EMIs
Lenders offer you better services in terms of processing fees, waivers, last EMIs, etc. You might even find well-known lenders offering you better services, and customize your transfer facility accordingly.
Times arise when extra funds for multi-purpose uses are required when you have taken a business loan. Business loans give you access to funds for business purposes such as working capital, technological advancement, operations scale-up, etc. A top-up business loan on the other hand gives you the opportunity to avail extra funds over and above your existing business loan. A top up loan allows you to unburden your business by availing funds directly from your lender instead of making multiple loan applications for funds.
As an alternative to multiple debt requests, you simply have to request for a top up loan from your lender. Offers from NBFCs and Banks allow you the benefits of low interest rates, longer loan tenures, and quick processing for approval and disbursal of funds. This proves to be a one-stop solution for quick funds in emergencies. Take your pick of top up business loan options offered by Ruloans in association with well-known partner banks and NBFCs, and chat, email, or call 1800 2667576 to apply for a Business Loan Top Up.
At Ruloans, Banks and NBFCs offer business loan top ups with less or no documentation only if you have an existing business loan depending on the requirements the lender prescribes. Here's a list of common documents required for a top up on your business loan.
Residence or Address Proof
Duly filled Application
Passport Size Photographs
Mumbai is a city that is full of options for a loan. But I decided to go with Ruloans for my business loan in Mumbai. I decided this because I am already having my personal loan from here. The service for both my loans was very good. I will recommend other people also for this company if they are looking for a business loan
The best option to get a new business loan is through Ruloans. I am saying this with my personal experience with them. The whole loan process was quite smooth and hassle-free. I have never defaulted on any payments and my CIBIL score was good. This helped me to get a business loan without any issues.