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HDFC Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to HDFC Bank

Last Updated 03rd Dec 2021

  • 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, 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* Cashback

HDFC Bank Personal Loan Balance Transfer

HDFC Bank Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to HDFC Bank 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 HDFC Bank balance transfer ranges from 10.25% to 22.00%, while the repayment tenure ranges between 12 Months to 60 Months.

HDFC Bank Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to HDFC Bank keeping in mind the interest rate of the current Bank and HDFC Bank. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the HDFC Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

HDFC Bank Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You 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 in comparison to current rates you are paying.

Benefits of Transferring Personal Loan 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.
  • HDFC Bank Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, 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 Eligibility Criteria and Documents Required

The eligibility criterion of the HDFC Bank is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion 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 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 HDFC Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on 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 can I transfer my personal loan to HDFC Bank?

Steps for the balance transfer to HDFC Bank are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the HDFC Bank personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the HDFC Bank, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from HDFC Bank in favour of the earlier lender. (v) Once the previous lender 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 in below-mentioned ways: (i) By 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. (v) Via internet banking.

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 - Dec 2021
  • 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%
  • 2021-08-01 : Special HDFC Bank Offer for Government Employees
    HDFC Bank has launched a special Freedom Dhamaka Offer for personal loans for government employees. The personal loan rates start at 10.25% and are valid till 15th August 2021.
  • 2021-07-08 : HDFC Bank loan growth hit amidst covid-19 pandemic
    Private lender HDFC Bank numbers for the June quarter showed loan growth moderation and contraction in its retail credit book. The bank slowed its retail disbursements which were down 30% sequentially, reflecting the impact of the second Covid wave. The continued weakness in the retail segment led to retail segment share in total loans that include Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, Two-wheeler Loan, Car Loan, Education Loan and Top-up Loan slipping down to 45% from 47% in June quarter last year.
  • 2021-05-28 : HDFC Bank commits Rs 100 cr towards COVID relief in FY22
    HDFC Bank committed Rs 100 crore for setting up medical infrastructure for COVID-19 relief in 2021-22. The bank is planning to set up 20 oxygen plants in hospitals besides three 100-bed COVID care facilities as part of the plan.
*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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