Education loan refinancing is one of the best ways to convert your secured loans into unsecured loans. Through this, you can free your asset that was mortgaged while taking the education loan to study abroad. Student loan transfer service is provided by a lot of government and private banks or NBFCs at a lower interest rate.
Fly Finance is one of the most preferred choices for loan transfer services with the lowest interest rates. By availing balance transfer on your education loan, your loan will become cheaper. Let’s check all the features, benefits, and application processes of Fly Finance Loan Transfer Service.
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Features of Fly Finance Education Loan Transfer
Fly Finance provides you with best offers on loan transfer i.e. education loan refinance. It will negotiate the interest rate with the bank on your behalf and you will get the lowest rate of interest compared to others. Fly Finance is associated with multiple lenders including public sector or government banks, private banks and NBFCs. You can immediately get loan transfer approval from the best banks. One of the major reasons for choosing loan refinancing is you can get unsecured loans from other banks to foreclose the ongoing education loan for which you have mortgaged your property. Hence, you can convert a secured loan into an unsecured loan and this will help you free your collateral.
- You can get attractive loan offers at a fixed rate of interest which will remain the same during the entire loan repayment period.
- The repayment period for takeover loans will be flexible and you can choose a period of up to 15 years on study abroad loans.
- Students can apply for loan transfer of an amount up to INR 1.5 crores subject to terms and conditions applied by the lender/bank.
- The application process for the loan transfer will be completely online and you can enjoy the service sitting at your doorstep. You don’t need to visit any branch physically.
Also Read: Identify the Best Time to Apply for Education Loan Refinance
Benefits of Loan Transfer via Fly Finance
Fly Finance helps you to get the lowest interest rate in the market on your education loan and loan takeover. On your behalf, the company will apply and negotiate for the loan to a bank and will secure the best-suited loan offer for you at the cheapest interest rates. Check some of the benefits of applying loan transfer through Fly Finance:
- Easy online application process for education loan transfer
- You will get the lowest rate of interest starting from 7.5% p.a.
- Students will get expert assistance if they want to raise any kind of loan-related queries
- The loan will be disbursed quickly after approval through online mode.
Fly Finance Education Loan Transfer Eligibility Criteria
All the banks in India operate as per the guidelines and directions provided by the Reserve Bank of India (RBI). The bank has laid some essential eligibility criteria in order to approve an education loan which you need to fulfil. As Fly Finance will get you a study abroad education loan transfer through a partner bank, it will be essential to fulfil all the eligibility criteria. Check details below:
- You must be an Indian Citizen
- The existing bank must have disbursed all the loan amount and there shall be no pending instalments.
- The bank may ask for a guarantor of the loan or a co-sponsor
- The EMIs must have been paid on time and it should be regular in the books of the existing bank.
- The credit score of the applicant must be good i.e. above 700. You can also get an education loan to study abroad with a low credit score but maintaining a good score makes the process easy.
Also Read: Forex Card for International Expenses
How to Apply for Fly Finance Loan Transfer Service
The application process for loan transfer via Fly Finance is completely online. You can visit the official website and submit the loan application form within minutes. You will get the option to choose the bank that is best suited to your requirements. Check the steps involved in applying for a Fly Finance education loan transfer:
- Visit the official website of Fly Finance
- Click on education loan to study abroad
- Enter your requirements
- Fill out the application form and submit it along with the supporting documents.
- If you want assistance while filling out the loan application form, you can request a callback online.
FAQs
You can apply for Fly Finance study abroad education loan takeover through online mode by visiting their official website. You can also put in a callback request if you need to make any kind of inquiry or assistance.
SBI is one of the partner banks of Fly Finance. You can choose SBI while applying for a takeover loan through Fly Finance.
Fly Finance offers you the lowest interest rate in the market. You can get your loan refinanced at an interest rate starting from as low as 7.5% per annum.
If the bank is yet to pay any instalment of the loan then you cannot get a loan transfer service. As per the terms and conditions of the banks, there shall be no pending amount from the bank which is yet to be disbursed.
Fly Finance provides you easy education loans to study abroad. You can apply for loan or take over loans online through the official website.
To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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