Do not unnecessarily switch to banks for loan repayment!

By | April 9, 2011

It should be done only if you are certain that transferring your loan from the current bank to another, does not carry a heavy penalty.

Although you might have purchased the home loan or a personal loan etc., at a teaser rate, transferring to another bank which offers lesser interest rate does not guarantee you lower EMI payments, if you add up the processing fee, legal fee etc., its going to account for a good whole sum getting out of your pocket.

So, if a 1-2% change in the interest rate, should not affect you much as it is likely that with the constant changes in the banking policy, rates are bound to be stabilized across banks.

Considering the fact that if your banks rates go up faster, you can consider changing your bank, but considering the transaction cost and the whole time cost it takes, its best advised to stick with your existing banker.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Articles

About BankBazaar

BankBazaar is the world's first neutral online marketplace for instant customised rate quotes on Loans, Credit Cards, Insurance and Investment products. Shop for financial products just like you buy everything else now - online.

Leave a Reply

Your email address will not be published. Required fields are marked *