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Personal Loan Balance transfer to IDBI Bank

Refinance IDBI Bank Personal Loan

Last Updated 14th Jun 2021

Interest Rate 12.00%
Processing Fee 1.00%
Lowest EMI per lakh ₹ 2,224
Loan Tenure 5 years
  • IDBI Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to IDBI Bank.
  • Avail top up from IDBI Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for IDBI Bank personal loan balance transfer at 12.00%.
  • IDBI Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare IDBI Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

IDBI Bank Personal Loan Balance Transfer

IDBI Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to IDBI 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 IDBI Bank balance transfer ranges from 12.00% to 13.50%, while the repayment tenure ranges between 12 Months to 60 Months.

IDBI Bank Personal Loan Balance Transfer Calculator

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

IDBI Bank 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 IDBI Bank

The benefits of transferring the Personal loan to IDBI Bank are as follow:

  • IDBI Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • IDBI Bank 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 IDBI Bank and avail better facilities.
  • IDBI Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

IDBI Bank Eligibility Criteria and Documents required

Eligibility criterion of the IDBI Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the IDBI Bank 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 IDBI Bank 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 IDBI Bank 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 IDBI Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to IDBI Bank?

Steps for the personal loan balance transfer to IDBI Bank are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the IDBI Bank personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the IDBI Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the IDBI Bank 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, IDBI Bank charges lowest interest rate on personal loan balance transfer.

How do I check my IDBI Bank personal loan balance?

You can check your personal loan balance of IDBI Bank by below mentioned ways:

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

How do I know my IDBI Bank loan application?

You can get update about IDBI Bank loan application via the ways mentioned below:

  • Net banking : You are required to login into IDBI Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the IDBI Bank : You can also visit the IDBI 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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IDBI Personal Loan News - Jun 2021
  • 2021-05-25 : IDBI Bank introduced a digital loan processing system
    IDBI Bank launched its fully digitised loan processing system. This will offer over 50 products to MSME and the agriculture sector. The Loan Processing System for MSME and Agri products seamlessly integrate with data fintech, bureau validations, document storage, account management and customer notifications.
  • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
    IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 2020.
  • 2020-10-20 : IDBI Bank launched banking services on WhatsApp
    IDBI Bank launched the banking service on WhatsApp. WhatsApp Banking service will be offered through a dedicated WhatsApp verified number. The bank customers will be able to avail various essential banking services such as account balance information, last five transactions, request for a cheque book and an email statement through newly launched WhatsApp banking services. Further, the details of the nearest IDBI Bank branches or ATMs will also be available via WhatsApp.
  • 2020-09-29 : IDBI Bank becomes the first bank to enable document embedding feature on SFMS
    IDBI Bank has become the first Bank to enable document embedding feature on a structured financial messaging system managed by IFTAS. The new feature will ease the current process of manual verification, reconciliation, reduce frauds, and enable documentary evidence for all the parties involved in the transaction
  • 2020-07-28 : IDBI Bank reported Q1 net profit of ₹144 crore
    IDBI Bank reported Rs 144 crore net profit for June quarter on account of a reversal of Rs 1335 crore of bad loan provisioning. It is IDBI second successive net profit after 13 consecutive quarters of loss. CASA increased to ₹ 1,04,315 crore and cost of deposit which includes fixed and recurring deposits improved by 64 bps to 4.65%. In addition to this, NII bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans stood at ₹ 1,773 crores.
*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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