Personal Loan Balance Transfer with the Best Banks Available in Gurgaon

A personal loan borrower has the option of moving his or her loan from one financer to another through the process of the personal loan balance transfer. In most cases, a borrower considers shifting the personal loan to another bank when his current bank/NBFC is charging him a higher interest rate on the loan than the current market rate, or when the borrower needs more loan funds and his current bank/NBFC is unable to provide it.

Benefits for using Personal Loan Balance Transfer

A borrower can transfer a loan to another lender by taking out a new loan from that lender and using a portion of that new loan to prepay or foreclose the old loan. Top-up loans refer to the additional loan amount offered by a new lender. Some of the basic advantages are as under:

• Repayment terms range from 12 to 60 months.
• The EMI of 21618/- is to be paid monthly and is based on a representative 10.75% APR based on a balance transfer of 10 lakhs and repaid over 60 monthly installments.
• Reduce the EMI on your existing personal loan.
• After a Balance Transfer, you’ll get the lowest interest rate in the business on the personal loan.
• A balance transfer with the additional loan amount at the same interest rate.
• A suitable and comfortable repayment period for the personal loan.
• All existing Personal Loans will be consolidated into a single account.
• With the help of Your Loan Advisors, compare all the banks and choose the best one!

Banks Available in India offering Personal Loan Balance Transfer

Banks and NBFCs	Balance Transfer Interest Rate
ICICI Bank	From 11.25%
HDFC Bank	From 10.75%
Axis Bank	From 12%
Kotak Mahindra Bank	10.75% onwards
Indusind Bank	11% onwards
Citibank	9.99% onwards
State Bank of India	10.35% onwards
Bank of Baroda	11.40% onwards
Bajaj Finserv	12.99% onwards
Tata Capital	10.99% onwards
Fullerton India	12% onwards
Muthoot Finance	14.50% onwards

Eligibility Criteria of Personal Loan Balance Transfer

To use the personal loan balance transfer service, you must fulfill some fundamental eligibility conditions. Personal loan balance transfer eligibility is largely determined by the borrower’s ability to repay as well as his or her creditworthiness or credit health. The following are some standard criteria that apply to balance transfers of personal loans to most banks:

• To begin the balance transfer process, the current outstanding loan amount must be at least Rs. 50,000.
• It is necessary to have a clean history of loan EMI (equivalent monthly installment) payments. The last twelve payment payouts of the existing loan will be verified at the very least.
• As required by the new lender or financial institution, one or more extra loans/credit cards in good standing.
• CIBIL Score is required of 700 and above for the loan approval.

Documents Required for a Personal Loan Balance Transfer

The following are some common documentation that a borrower may be required to produce if he or she desires to opt for a balance transfer:

• Application form for a personal loan balance transfer that has been duly signed and accompanied by a passport-size photograph
• Proof of identity (PAN card, driver’s license, passport, voter ID, Aadhaar card, etc.)
• Proof of age (PAN card, driver’s license, passport, voter ID card, Aadhaar card, etc.)
• PAN Card Officer
• Proof of address (Aadhaar card/passport/landline bill/most recent electric bill/rent agreement, etc.)

For Salaried Individuals:

• Bank statement over the previous six months
• Last three months’ pay stub
• Personal loan statement from current lender (for the loan that needs to be transferred)

For Self-Employed Individuals

• PAN Card/Statutory Invoice Number (SIN)
• In the previous three years for a firm, a balance sheet, as well as a profit and loss statement, are required.
• Individual and corporate bank statements from the previous six months
• Personal loan statement from current lender (details of the loan that need to be transferred)

Process of Personal Loan Balance Transfer

The following are the stages involved in transferring a personal loan balance:

• Calculate the interest savings on the personal loan by comparing current interest rates from different lenders.
• Calculate the expected cost of the loan transfer, taking into account any applicable charges and fees.
• Consider the net benefits before deciding whether or not to transfer your balance. Make a list of a few lenders to whom you might want to move your current loan.
• Compare the interest rates offered by the lenders you’ve narrowed down to, as well as your loan amount eligibility and their lending process.
• Apply for a NOC (No Objection Certificate) and foreclosure letter from your present lender after you’ve decided on the new lender and decided to move forward with the transfer.
• Begin your application with the new lender. Submit the loan documentation, as well as a thorough payback history.
• Obtain a letter of approval and sign the new loan arrangement with the new lender.
• Take a disbursement (of the outstanding loan amount that you owed the previous lender) from the new lender in the form of a check or a demand draught in the name of the prior lender.
• When the prior lender gets the outstanding loan money, all cheques and ECS will be canceled, and the personal loan account will be closed.

Conclusion

People want to get instant solutions for their balance transfer facility. However, many banks and NBFCs offer the balance transfer facility and it would be easy while taking help from Afinoz.com. Take advantage of the personal loan balance transfer option only if it meets your specific needs. Top-up loans and a variety of other features of the balance transfer facility may not be suitable for all customers. In such circumstances, carefully analyze the offer that you will get from Afinoz, while taking overall benefit as well as the balance transfer offers and get more information that you need for the same.