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Business Loan Balance Transfer
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.
Home Loan Balance Transfer Features
Better Rate of Interest
Easy Terms and Conditions
Extended Loan Tenure
Business Loan Balance Transfer Benefits
Lower Rates of Interest
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.
Save More
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
Better Service
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.
Top Up Loan on Business Loan
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 Pay U Loans in association with well-known partner banks and NBFCs, and chat, email, or call 080 40986669 to apply for a Business Loan Top Up.
Eligibility Criteria for a Business Loan Top Up
- You will be offered a top up business loan by your lender only when you have an existing outstanding business loan.
- Availing a top up business loan requires that you complete a stipulated period of paying a prescribed amount of your business loan.
- You are required to possess a good track record of repayments without overdue EMIs, and without missing EMI payments.
- The vintage or your business or your business should have been running for a stipulated period with a stable outlook.
- For eligibility to a top up business loan, a good credit score reflects a degree of the capacity to repay loans, and thus you will have to show a good credit score.
Documents Required for Business Loan
At Pay U Loans, 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.
- Aadhaar Card
- PAN
- Voter ID
- Passport
- Driving License
- Rent Agreement
- Utility Bills
- Passport, etc.
- Registration Certificate
- GST Details, etc.
- Bank Statements, etc.
- Duly filled Application
- Passport Size Photographs
