More information on Balance Transfer at LoanzBazar
A balance transfer is referred to the transfer of money when customers can transfer their debts, such as credit card balances, student loans, home loan medical costs, and car loans, to a credit card with a zero or lower interest rate for a promotional or limited term.
A balance transfer occurs when a debt balance is transferred from one account to another. Shifting debt from one credit card to another is the most prevalent sort of balance transfer. The most common reason for transferring a balance is to benefit from a cheaper interest rate. The credit card and credit score govern the total amount that can be transferred as well as the types of balances that can be transferred.
At LoanzBazar balance transfer is easy, convenient and has a cheaper rate of interest.
The transfer of a credit card balance is very fast and it normally takes two to three days for the money to arrive at the new bank.
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Why is LoanzBazar best to take cash balance transfer from?!
LoanzBazar guarantees loan approval within 2-3d days after screening the required documents.
With the fastest and most convenient loan approvals, LoanzBazar always offers options for repayment where you can pay the bills in one go. Otherwise, you might lose the card.
At LoanzBazar you can make a bank transfer loan from anywhere between Rs 50,000 to Rs 10,00,000 for your personal use.
You can repay your loan amount with interest within 18 months or more where interest might be charged or not depending on the bank by opting for LoanzBazar’s services.
When you are opting to take a balance transfer loan with LoanzBazar you won’t be worrying about documents. As you don’t have to take care of documentation because we will do it for you.
Financial organizations provide their customers with cash credit and overdrafts to prevent returned payments. When there are insufficient funds in checking accounts, both are utilized to prevent cheques from bouncing or debit cards from being denied.
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CC/overdrafts rate of interest are usually different at different banks. The rate of interest for overdrafts is higher than for cash credits. The lowest interest rate for cc is charged in ICICI at 10.4% to 11.5% p.a. Whereas the lowest interest rate for overdraft is charged at SBI Starting at 9.65%.
| Bank Name | Rate of Interest for Salaried Employee |
|---|---|
| HDFC Bank | 10.99% - 17.85% |
| Axis Bank | 11.99% to 24% |
| ICICI Bank | 10.99% - 17.85% |
| Standard Chartered Bank | 11% - 16% |
| IndusInd Bank | 14% - 16% |
| Kotak Bank | 11.50% - 24.00% |
| Bajaj Finance | 14.25% - 16.75% |
| HDB Finance | 14% - 21% |
| Fullerton Finance | 13.00% - 24.00% |
| State Bank of India | 11.00% - 17.65% |
| IDFC Bank | 10.99% - 17.85% |
| IDFC Bank | 10.99% - 17.85% |
| Tata Capital | 13.50% - 18% |
| Yes Bank | 12.50% - 16.00% |
The borrowing limit for cash credit is based on stock volume and inventory whereas in overdrafts the borrowing limit is based on financial statements and security deposits.
Ye cash credit is a short-tenure loan amount which you can return within a year.
A CIBIL score of 750 or above is required for cash credit.
To be eligible for an overdraft, an applicant must have a current account with the bank. Only the amount that has been utilized is subject to interest.
Businesses can take out cash credit loans to borrow money from their bank account over their account balance as many times as they wish, up to a pre-determined borrowing limit. However, interest is only levied on the amount borrowed, not on the total amount borrowed, unlike other loans.
