Loan

Balance Transfer

Also known as: BT, Loan Transfer, Loan Switch

Moving an existing loan from one lender to another for better terms or lower interest rates.

Detailed Explanation

Balance Transfer (BT) involves transferring your outstanding loan amount from your current lender to a new lender, typically to get better interest rates, improved service, or additional features. The new lender pays off your existing loan and you continue with them. Consider processing fees and ensure the tenure doesn't unnecessarily restart.

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Related Terms

Processing Fees

Upfront charges paid to the lender for processing and approving a loan application.

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