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Personal Loan Balance transfer to HDB Financial

Refinance HDB Financial Personal Loan

Last Updated 28th May 2021

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Interest Rate 13.99%
Processing Fee Upto 2% of Loan Amount
Lowest EMI per lakh ₹ 2,326
Loan Tenure 5 years
  • HDB Financial Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to HDB Financial.
  • Avail top up from HDB Financial at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for HDB Financial personal loan balance transfer at 13.99%.
  • HDB Financial offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare HDB Financial Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

HDB Financial Personal Loan Balance Transfer

HDB Financial Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to HDB Financial to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on HDB Financial balance transfer ranges from 13.99% to 16.99%, while the repayment tenure ranges between 12 Months to 60 Months.

HDB Financial Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to HDB Financial must be taken keeping in mind the interest rate of the current Bank and HDB Financial.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the HDB Financial balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

HDB Financial Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to HDB Financial

The benefits of transferring the Personal loan to HDB Financial are as follow:

  • HDB Financial offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • HDB Financial Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the HDB Financial and avail better facilities.
  • HDB Financial offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

HDB Financial Eligibility Criteria and Documents required

Eligibility criterion of the HDB Financial is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the HDB Financial Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for HDB Financial Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare HDB Financial Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare HDB Financial Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to HDB Financial?

Steps for the personal loan balance transfer to HDB Financial are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the HDB Financial personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the HDB Financial start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the HDB Financial in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, HDB Financial charges lowest interest rate on personal loan balance transfer.

How do I check my HDB Financial personal loan balance?

You can check your personal loan balance of HDB Financial by below mentioned ways:

  • By visiting the HDB Financial branch.
  • By calling the customer care of the HDB Financial.
  • By logging on into the HDB Financial mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my HDB Financial loan application?

You can get update about HDB Financial loan application via the ways mentioned below:

  • Net banking : You are required to login into HDB Financial net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the HDB Financial : You can also visit the HDB Financial branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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