Takeover loan
A takeover loan, also known as a loan transfer or refinancing, allows you to move an existing loan to a new lender. This process can help secure better interest rates, reduced EMIs, or more favorable terms. It’s often used to consolidate multiple loans into one for easier management. By shifting to a lender with lower rates or better terms, you can save money over time and potentially shorten your loan tenure. This option is ideal for improving financial efficiency and reducing the overall burden of debt.