Balance Transfer of Personal loans is a loan where you can transfer your multiple loans (up to 3 loans) to a single loan under one bank/institute for better rate of interest and can avail additional loan amount for your business purpose. Balance transfer is a very lucrative facility for individuals who have taken a loan, but surprisingly very few avail of it.
Almost all the Banks/NBFC rules says that you are eligible for a top up loan only after 6-12 months of paying off the earlier loan regularly. You can avail top up loan with your existing track record for your urgent requirement. It may be for business expansion or for personal need. You need to have good repayment record to avail a top up loan. The final decision is always with the loan provider. The Bank/NBFC will also investigate with you the purpose of taking the top up loan.