Welcome

  • +91-9537-124 124

    care.f@livanity.com

  • A-504, Rajnigandha Apartment

    VADODARA-390021,GUJARAT,India.

pscDiv1Img1.jpg

Balance transfer of the Business Loan means that the entire remaining unpaid amount is transferred to the new bank of your choice.

Business Loan Balance Transfer

A business loan balance transfer in India refers to the process of transferring the outstanding balance of an existing business loan from one lender to another.

This is typically done by availing a new loan from the second lender, who then pays off the remaining balance of the original loan to the first lender.

Business loan balance transfers are usually undertaken to take advantage of better terms, lower interest rates, or improved repayment conditions offered by the new lender.

This can potentially help businesses reduce their financial burden or improve their cash flow by securing more favorable loan terms.

However, it's essential to carefully consider factors such as processing fees, prepayment penalties, and overall cost-effectiveness before opting for a balance transfer.

Get a Quote

Business Loan Balance Transfer-

For an Inquiry

Occupation
Nature of Loan
pscDiv2Img1.jpg

Following are the procedure steps:

1. Assessment of Existing Loan:

Begin by thoroughly evaluating your current business loan, including the outstanding balance, interest rate, tenure, and any associated fees or penalties for early repayment.

2. Research and Comparison:

Research various lenders in the market to find options offering more favorable terms, such as lower interest rates, longer repayment tenure, or reduced processing fees. Compare the benefits and drawbacks of each potential lender.

3. Eligibility Check:

Once you've identified a suitable lender for the balance transfer, check their eligibility criteria to ensure your business meets the requirements. This may include factors such as credit score, business vintage, annual turnover, and financial stability.

4. Application:

Complete the application process for the new business loan with the chosen lender. Provide all necessary documentation, which typically includes business financial statements, tax returns, bank statements, identity proof, address proof, and any other documents requested by the lender.

5. Loan Approval:

Await the lender's approval for the new loan. The approval process may involve a thorough review of your business's financial health and creditworthiness.

6. Loan Disbursement:

Upon approval, the new lender will disburse the loan amount to your account. Ensure that the disbursed amount is sufficient to cover the outstanding balance of your existing loan.

7. Repayment of Existing Loan:

Once you receive the funds from the new lender, use them to repay the outstanding balance of your existing business loan to the original lender. Follow the specified procedure for loan repayment, which may include online transfers, cheques, or direct payments.

8. Closure of Previous Loan Account:

After repaying the existing loan, request a closure certificate or a no-dues certificate from the original lender to confirm that the loan has been fully paid off.

9. Post-Transfer Follow-up:

Monitor your new loan account to ensure that the balance transfer has been successfully processed and that the terms and conditions of the new loan are as agreed upon.

10. Maintain Timely Repayments:

Make timely repayments on your new business loan to avoid any default or penalty charges. Adhering to the repayment schedule will help maintain a positive credit history and strengthen your business's financial profile.

Why choose Livanity for Business Loan Balance Transfer?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Business Loan Balance Transfer, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Business Loan Balance Transfer at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

Copyrights © 2020 All Rights Reserved. Powered by Livanity Financial Services