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Personal Loan Balance transfer was first started as a process of transferring your outstanding balance from one credit provider to another. However, this process was restricted to credit cards at first. The idea behind this was to transfer your balance from a high interest credit card to a credit card with a much lower interest rate (also to avoid late fees).
Now, the process has been extended to other forms of credit such as personal loans, home loan etc. It is a process where the entire unpaid principal loan amount is transferred to another bank or NBFC which is offering a lower interest rate. In simple terms, now you just have to pay your EMIs to the bank you've transferred your loan to, at the new and lower interest rate.
There are many reasons why you should opt for a Personal Loan Balance Transfer including:
How it Works
Apply online in less than 2 minutes
We will review your application and give you a decision within minutes
You will start receiving your loan offers and money will be with you within a few days
|BANK/NBFC||Interest Rate||Processing Fees range||Loan Amount||Tenure Range|
|HDFC||11.29%||INR 1499||25 Lacs||1-5 Years|
|ICICI||11.69%||INR 1499||25 Lacs||0.6-5 Years|
|IndusInd||2-3% Reduction on existing Rate||1-2%||25 Lacs||1-5 Years|
|Bajaj||2-3% Reduction on existing Rate||1-2%||25 Lacs||1-5 Years|
|IDFC First||11.69%||1%||25 Lacs||1-5 Years|
|TATA Capital||2-3% Reduction on existing Rate||1-2%||25 Lacs||0.6-6 Years|
|Kotak Mahindra||11.79%||1-2%||25 Lacs||1-5 years|
|RBL||2-3% Reduction on existing Rate||1-2%||25 Lacs||1-5 Years|
|CITI||10.99%||1-2%||25 Lacs||1-5 Years|
Address proof: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
Identity proof (any one): PAN Card, Driving license, Voter’s ID card, employee identity card.
Income proof: audited financials for the last two years
Calculate your interest savings by using our Personal Loan balance Transfer Calculator before you transfer your loan account to another bank or NBFCs.
Its free! No Hidden charges and fees.