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Personal Loan Balance Transfer to SBI, HDFC, Axis, ICICI Bank, Bajaj

Last Updated 21st Aug 2017

Save Interest, Reduce EMI , Avail top up by transferring personal loan

  • Personal loan balance transfer options starting @ 11.29%
  • Reduce EMI by 5 – 8% by transferring personal loan
  • Avail top up loan to pay down high cost credit card dues
  • Loan tenure of 1 to 5 years with minimum documentation
  • Offer available for those who have availed personal loan from banks like SBI, Axis, ICICI, Bajaj, Kotak and paid at least 12 EMI’s
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Personal loan balance transfer rates and offers

Bank Name Personal Loan Balance Transfer Rates
HDFC Bank 11.29% - 11.70%
IDFC Bank 11.49%
Citibank 11.49%
ICICI Bank 11.69% - 12.69%
Tata Capital 11.99%

Savings on balance transfer

  • By transferring a five year Rs. 5 lakh personal loan from 14.5% to 11.29%, your EMI can reduce from Rs. 11,764 to Rs. 10,944.
  • Personal loans are general purposes loans for family vacation, medical emergency, wedding, paying off credit card debts, etc.
  • Balance Transfer option is available to customers to avail the benefit of lower interest rate with or without top-up loan amount.

Illustration of Interest Savings with Balance Transfer

Existing Loan New Loan
Balance Outstanding Rs. 2 Lakhs Rs. 2 Lakhs
Rate of Interest (ROI) 14.5% 11.29%
Loan Tenure Remaining (months) 48 48
EMI Rs. 5,516 5,197
Monthly Reduction in EMI Rs. 318
Total Savings Rs. 15,277

What are the benefits of transferring personal loan to new bank?

  • Lowest interest rate @ 11.29%
  • Additional money through top-up loan to pay down expensive credit card balance
  • Reduced interest rate with no requirement of guarantor
  • Lower monthly EMI

What are the eligibility criteria for personal loan transfer to new lender?

  • Loan amount being transferred should be at least Rs. 50,000
  • Clean EMI payment track record of at least 12 months
  • CIBIL Score required as per bank policy, typically 700 and above

Documents Required for Personal Loan Transfer

  • Filled application form with passport size photograph duly sighed
  • Identity and age proof (PAN card/ passport, driving license/ Aadhaar card/ voter id card)
  • Address proof (Electricity bill/ telephone bill/ Aadhaar card/ rent agreement)
  • Last 3 months salary slip, and last 6 months bank account statement
  • Personal loan statement of loan to be transferred

FAQs on Personal Loan Takeoever

Who can avail the balance transfer and top-up of personal loan?

The individuals who are currently running a personal loan and have paid at least 12 EMI’s regularly are eligible to avail balance transfer.

What is the time duration for transfer of loan?

It may take 4-10 days for the loan to get transferred from existing lender to new lender.

Do I have to submit any security or collateral for personal loan?

No, there is no need of security or collateral for personal loan.

What is the loan tenure for the balance transfer of personal loan?

The repayment period for loan is around 12 to 60 months i.e. 1-5 years.

What are charges on the transfer of loan?

Apart from rate of interest, other charges include:

  • Processing fee payable to new bank
  • Pre-payment or foreclosure fee payable to existing bank
  • Stamp duty on loan agreement in some states
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