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How It Works


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Loan Disbursal

Receive the loan amount within two days.

Key Features of Personal Loan Balance Transfer

There are many reasons why you should opt for a Personal Loan Balance Transfer including:

  1. Reduced interest rates : A balance transfer provides you the benefit of lower interest rates. The new bank will generally offer you a low interest rate than the original bank, thus decreasing your EMI amount and total interest liability
  2. Longer tenure :While switching to a new bank, you can re-negotiate the loan terms and ask them to extend the repayment tenure. Doing this will lower your monthly EMI which you will pay over a longer period of time.
  3. Improved Credit Score : If you have regularly paid your past EMIs completely and on time, but foresee that it will be difficult for you to make complete payments for the next few months because of some unexpected financial constraints, it is wise for you to consider transferring your loan. This will increase your credit repayment cycle and also help in maintaining a high credit score.
  4. Top-up Loan Personal Loan Balance Transfer gives you the flexibility to borrow more money. If you have an existing loan with a certain bank and are in need of an additional loan, you can approach a separate bank who would willing to offer a loan at a better rate if you agree to transfer the outstanding balance of your current loan.

Bank Policy Details

# Financial Institutions Rate of Interest Processing Fee Loan Amount Fore Closure Conditions and Charges Part Payment Option Disbursal TAT Minimum Monthy Income Tenure
1 HDFC 10.25%-12.25% Rs 4719 Min. 50,000 Max. as per eligibility 4% fo Loan Amount Less than 10 Lakhs and NIL Charges for Loan Amount More than 10 Lakhs(Allowed after 12 EMI's) Yes 3 - 4 Working Days Rs 25000 1-6 Years
2 Bajaj Finance 13.00% - 15% Upto 1.50% Upto Rs.35 Lacs 4% Charges( Allowed after 1 EMI) Yes 24 Hrs Rs 40000 for Metro and Rs 25000 for Non Metro 1-7 Years
3 IDFC 10.75% - 13.45% upto 3999 + GST Min. 50,000 Max. as per eligibility Nil (For Loan amount>10 lakhs and 12 EMI paid), else 4% No 1 - 2 Working Days Rs 20000 1-5 Years
4 ICICI 10.50% - 17.50% Rs.4999 for Special offers otherwise 1% - 1.5% Min. 50,000 Max. as per eligibility Nil (For Loan amount >10 lacs & 12 EMI paid), else 4% No 1 - 2 Working Days Rs 25000 1-6 Years
5 Standard Chartered 11.00% - 12.50% 1% Rs.1,00,000 - Rs.50,00,000 Upto 5% No 1 - 2 Working Days Rs 25000 1-5 Years
6 Kotak Mahindra 10.50% - 16.99% 0.99% - 2.0% of Loan Amount Rs.100,000 - Rs.20,00,000 Zero (if loan Amount is more than 10 lakhs) Else 4% Yes 3 - 4 Working days Rs 25000 1-5 Years
7 Tata Capital 11.99% - 17% 1.50%-2.00% Rs.75,000 - Rs.15 Lacs 4% Charges( Allowed after 1 EMI) Yes 1 - 2 Working Days Rs 25000 1-6 Years
8 Fullerton India 11.99% - 26% 1.00%-2.00% Rs.50,000 - Rs.15,00,000 7% Before 12 EMI and 5% After 12 EMI No 4 - 5 Working Days Rs 20000 1-5 Years
9 IndusInd Bank 12.99% - 20% 0.5% -2% Rs.1,00,000 - Rs.25,00,000 4% Charges( Allowed after 12 EMI) No 4 working days Rs 25000 1-5 Years
10 Yes Bank 10.75% - 16.99% 1-2% Rs.100,000 - Rs.40,00,000 4% Charges( Allowed after 12 EMI) Yes 3 - 4 Working days Rs 25000 1-6 Years
11 Axis Bank 10.75% - 16.99% 1.00%-2.00% Rs.100,000 - Rs.30,00,000 4% Charges( Allowed after 1 EMI) Yes 48 Working days Rs 20000 1-5 Years
12 asd 99 99 99 99 99 9 9 99

Documents Required for Personal Loan Balance Transfer

The common documents required for an online personal loan balance transfer approval are given below:

  1. KYC-Pan
  2. Address proof: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  3. Identity proof (any one): PAN Card, Driving license, Voter’s ID card, employee identity card.
  4. Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  5. Income proof: audited financials for the last two years
  6. Bank statement
  7. Repayment Schedule of the Loan to be Transferred
  8. Passport-size photograph

Frequently Ask Questions

A Balance Transfer lets you transfer an existing loan to a new lender at a better rate of interest.

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

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.

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.