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