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If you’re interested in learning more about practicing Intelligent Finance in your daily life, why not get started with this video here
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What is mymoneykarma?

This channel is dedicated to simplifying the concepts and best practices of Personal Finance through explainers, FAQs, tips, and educational material. We empower viewers to each become a paragon of Intelligent Finance.

Founded by a group of Stanford alumni with a strong background in banking and technology, MyMoneyKarma has been revolutionizing the Indian Fintech sector and ushering in the future of personal finance. Committed to a social mission of creating a measurable impact on people’s lives, MyMoneyKarma has empowered millions of people to reclaim control over their finances by addressing the 3 biggest issues and barriers in the sector:

Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done
Low information transparency means it can be difficult to know the best interest rates for each customer’s unique profile, the financial providers that offer the best terms, and how to maximize one’s chances of being approved (where a rejection further worsens the credit score)
High effort and hassle means one is too hard-pressed to shop around, try multiple options and find the best fit, instead ending up with sub-optimal decisions and a whole lot of wasted time and sweat

MyMoneyKarma’s fully online loan optimization technology helps customers with an extensive range of financial products, delivering the lowest interest rates and comprehensive service at the touch of a button.

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Watch this video if you have an existing home loan - you might be losing lakhs on this loan by failing to do a strategic transfer of your loan.

What Is a Home Loan Transfer?
A home loan transfer, also known as balance transfer or refinancing, is when you move the total outstanding amount on an existing home loan to a different lender. The new lender pays off the balance principal to your original lender, and that account is closed.

Why Refinance?
This process, refinancing your loan, gets you lower interest rates, lower total interest payments, and other benefits. Interest rates in the market fluctuate, and opportunities may come up to significantly cut your EMIs by taking advantage of special rates offered by different lenders. Additionally, a new lender gives you the chance to negotiate better terms and explore strategies like pre-paying your loan, reducing your tenure, or topping up your loan amount.

How to Transfer Your Loan
Step 1: Find the best lender, analyze your profile and negotiate the lowest rate such that a balance transfer makes financial sense.
Step 2: Collect and complete all the paperwork, including NOCs from your existing lender and the set of documentation required for your loan.
Step 3: Once your application is approved, your new lender pays off your balance principal and transfers your outstanding loan amount.

Why go with mymoneykarma?
The all-important step in a balance transfer is to secure a deal that maximizes the savings you make in terms of the interest rate on your loan. A tech powered platform like mymoneykarma keeps track of interest rates in the market and secures specially negotiated rates that are not available on the open market. That means at any point of time, approaching such a platform will ensure you have access to the best deals. Even after this, the processing time, effort and fees might eat into the profitability of a balance transfer, so mymoneykarma’s operations team handles the entire process with comprehensive service, ensuring that this part of your application is merely a formality and never a barrier or stumbling block.
You can get started with your balance transfer right away by following the link below.

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