Cashkumar Ulsoor, Bangalore, Karnataka

Best deal for personal loans from 50,000 to 40,00,000 given by the major banks and financial institutions according to your profile. Apply for a personal loan online now.

As the name suggests, a business loan is a short term financial instrument exclusively designed for business purpose and advanced to self-employed proprietors as well as entities such as partnerships, private and public limited companies. A business loan can be utilized for various business reasons such as to maintain business operations, invest in equipment, set up a new branch and so on. Business loans are usually lent based on the business turnover and it returns filed for 2 or 3 years.

Balance Transfer as a concept was first linked with a transfer of your outstanding balance from one credit card provider to another. The reason behind this was to transfer your debt from the credit card with a higher interest rate to a credit card with a lower rate. It was also used smartly by a few who transferred money from one credit card to another by rotation to avoid late fees. This transfer was available at low or no cost by banks as in most cases the customer would pay the minimum balance due and pay an interest on the balance outstanding. This facility has now been extended to other debt instruments such as personal loans, home loans and so on. The idea of a Balance Transfer for a personal loan is to shift your outstanding loan amount from one bank to another. There are many reasons to do a Balance Transfer including:

Debt consolidation is the process of taking a new single loan to pay off all your existing loans thereby leaving you with just one monthly payment rather than several. The theory is that one payment will be easier to manage. The goal is to lower the interest rate and the monthly payment while paying off your debt more quickly. Debt consolidation is usually opted for by individuals who are repaying several debts with several banks such as a Student loan, personal loan, credit card bills etc that aren’t tied to an asset (Unsecured). It is very difficult to manage several debts as one might miss out on a repayment dates or fail to manage the loans efficiently by controlling high interest rate as they are trying to cope with overwhelming debt.