New Delhi, June 4 -- During a medical or any other emergency, an individual usually takes a personal loan from the first lender willing to give it. Due to the emergency, they can't afford to spend time comparing which lender offers the lower interest rate and better terms. Once the emergency subsides, the existing personal loan (if it has been taken on a higher interest rate) can be replaced with another one at a lower interest rate through refinancing.

In this article, we will understand what personal loan refinancing is, why borrowers go for it, the factors to consider, and whether you should go for it.

Personal loan refinancing is the process of replacing an existing personal loan with another personal loan. Borrowers usually refinan...