New Delhi, March 26 -- During a medical or any other emergency, an individual may take a personal loan from the first lender willing to approve and disburse the funds. However, once the emergency is taken care of, the individual may realise that the personal loan which they have taken has come at a higher interest rate than required.

In such a scenario, the individual can switch to another lender with a lower interest rate through a personal loan balance transfer. In this article, we will understand what a personal loan balance transfer is, its benefits, factors to consider, and how it works.

A personal loan balance transfer is the process of shifting/transferring the outstanding amount on an existing personal loan from one financial in...