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HDFC Personal Loan Balance Transfer

Personal Loan Balance Transfer to HDFC Bank: Details

Last Updated 19th May 2022

  • HDFC Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to HDFC Bank.
  • Avail top-up from HDFC Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • HDFC Bank offers attractive interest rates, a top-up facility and many more benefits on balance transfer.
  • Compare HDFC Bank Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 10.25% Check Best Offers
Processing Fee Upto 2.50% Min Rs. 1,999
Lowest EMI per lakh ₹ 2,137
Loan Tenure 5 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Voucher

HDFC Balance Transfer Personal Loan

HDFC Bank personal loan balance transfer is a facility that allows you to transfer the outstanding principal amount of personal loan from another bank to HDFC Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and much more.

HDFC Bank personal loan balance transfer interest rate ranges from 10.25% to 22.00% and you can avail personal loan transfer to HDFC Bank for a flexible repayment tenure upto 60 Months.

HDFC Bank Personal Loan Balance Transfer Calculator

HDFC Bank personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable with details such as the entire loan amount, interest rate in the current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender. In addition, you can calculate HDFC Bank balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to the current rates of your bank.

Benefits of Personal Loan Balance Transfer to HDFC Bank

The benefits of transferring the personal loan to HDFC Bank are as follow:

  • HDFC Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • When you opt for HDFC Bank balance transfer you can negotiate the loan tenure as per your requirements.
  • Balance transfers also allow you to avail the top-up facility and fulfil your cash requirement.
  • If you are not satisfied by the services offered by your existing bank, you can transfer your personal loans to the HDFC Bank and avail better facilities.
  • HDFC Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

HDFC Bank Personal Loan Balance Transfer: Eligibility Criteria & Documents Required

The eligibility criteria of HDFC Bank depends on factors such as repayment history, CIBIL Score and income. Some of the basic eligibility criteria is mentioned below:

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

Documents required are as follow:

Salaried Individuals
  • Identity proof: Aadhar, Driving license, Passport
  • Address proof: Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for last 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

How can I Transfer my Personal Loan to HDFC Bank?

To transfer the outstanding personal loan balance from your existing bank to HDFC Bank, follow the steps as follow:

  • Firstly, identify the bank offering a low-interest rate and other charges on a personal loan to which you want to transfer the loan.
  • Estimate the cost of loan transfer which primarily includes processing fees and prepayment charges you will have to pay to your existing bank.
  • Next, calculate your net savings if you opt for transfer by deducting the transfer cost from the potential interest savings. If your potential net benefit is significant, proceed with the transfer process.
  • You can then apply for HDFC Bank balance transfer loan by submitting your loan documents once you have received a NOC and foreclosure letter from your existing bank. Finally, get the sanction letter loan agreement from HDFC Bank.

Comparison of HDFC Bank Personal Loan Balance Transfer Rates & Fees with Top Banks

Comparison based on the interest charged on a balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare HDFC Bank Personal Loan with Other Banks

FAQs

How do I transfer my HDFC Bank personal loan to another bank or NBFC?

You can transfer HDFC Bank personal loan to another bank or NBFC if the current HDFC Bank personal loan balance transfer charges are higher. The steps for balance transfer include: (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from HDFC Bank. (ii) Start the personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the new Bank or NBFC, sign the loan agreement with the bank. (iv) Take a disbursement of the outstanding loan amount from the new lender in favour of HDFC Bank. (v) Once the HDFC Bank receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my HDFC Bank personal loan balance?

You can check your personal loan balance of HDFC Bank by following ways: (i) Visiting the HDFC Bank branch. (ii) By calling the customer care of the HDFC Bank. (iii) By logging on to the HDFC Bank mobile application and checking the personal loan status. (iv) Via internet banking.

Can I transfer my personal loan balance from HDFC Bank to Axis Bank?

Yes, you can apply for a balance transfer to Axis Bank if the personal loan rates are lower and the potential net benefit is significant after deducting all the balance transfer charges.

How do I know my HDFC Bank loan application?

You can check the status of your HDFC Bank loan application in two ways: (i) Net banking: You are required to login into HDFC Bank net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the HDFC Bank: You can also visit the HDFC Bank 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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HDFC Personal Loan News - May 2022
  • 2022-04-04 : HDFC Bank Reports Growth in Profit for Q4 2022
    HDFC Bank advances have grown 20.9% year-on-year (y-o-y) and 8.6% on a sequential basis to reach Rs 13.69 trillion as of March 31, 2022. In addition, deposits of the bank grew 16.8% y-o-y and 7.8% sequentially to Rs 15.59 trillion.
  • 2022-02-02 : HDFC Net profit Rises by 11 Per cents for Q3
    HDFC has reported an 11% rise in its standalone net profit for the third quarter ended December 2021 at ₹3,260.6 crores compared to ₹2,925.8 crores in the same quarter last year. As a result, shares of HDFC were trading more than 1% higher at ₹2,610 apiece on the BSE in the afternoon deals.
  • 2022-01-05 : HDFC Bank Reports Growth by 16.4%
    The private lender HDFC Bank reported that its advances growth rose by more than 16.4% in the December quarter. As a result, the advances reached Rs 12.6 lakh crore compared to Rs 10.8 lakh crore in the same period last year.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-09-02 : HDFC Bank offers Special Personal Loan
    HDFC Bank has launched a personal scheme for new, and BT offers at an attractive rate. The new personal loan rates are stating at 10.25%
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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