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Personal Loan Balance Transfer
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.
Key Features of Personal Loan Balance Transfer
There are many reasons why you should opt for a Personal Loan Balance Transfer including:
Personal Loan Balance Transfer Interest Rate
|BANK/NBFC||Interest Rate||Processing Fees range||Loan Amount||Tenure Range|
|HDFC||Minimum 11.49%||INR 1499||25 Lacs||1-5 Years|
|ICICI||Minimum 11.5%||INR 1499||25 Lacs||0.6-5 Years|
|IndusInd||Up to 3% reduction on existing rate||1-2%||25 Lacs||1-5 Years|
|Bajaj||1-2% Reduction on existing Rate||1-2%||25 Lacs||1-5 Years|
|IDFC First||1-2% reduction on existing rate||1%||25 Lacs||1-5 Years|
|TATA Capital||1-2% Reduction on existing Rate||1-2%||25 Lacs||0.6 - 5Years|
|Kotak Mahindra||Minimum 10.99%||1-2%||25 Lacs||1-5 years|
|RBL||1-2% Reduction on existing Rate||1-2%||25 Lacs||1-5 years|
|YES Bank||1-2% reduction on existing rate||25 lacs|
|CITI||10.99%||1-2%||25 Lacs||1-5 years|
Documents Required for Personal Loan Balance Transfer
Personal Loan Balance Transfer Calculator
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.
Frequently Ask Questions
Q. What is Balance Transfer?
A. A Balance Transfer lets you transfer an existing loan to a new lender at a better rate of interest.
Q. When should I consider a personal loan balance transfer
A. You should consider a personal loan balance transfer when
1. The interest rate of your loan is higher than current market rates
2. Your loan has a floating rate of interest and you want to reduce risk by opting for a fixed rate of interest
3. You want to lower your EMIs
Q. Is it possible to balance transfer my current loan to a different bank?
A. Yes, it is possible to do a balance transfer of your loan from the current bank/NBFC to another financial institution if you have paid 6 EMIs in the past on the loan without any delinquencies. However, the criteria for such varies from one financial institution to another.
Q. When should i not transfer my personal loan?
A. You should not transfer your personal loan when your current bank has a prepayment penalty which exceeds the amount you save on your interest payments. Check out our Personal Loan Balance Transfer Calculator to find out your savings on your current loan. For your convenience, we have taken into consideration the prepayment fee as well, hence, a positive figure would result in savings.