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Personal Loan Balance transfer to IDFC First Bank

Refinance IDFC First Bank Personal Loan

Last Updated 28th May 2021

Interest Rate 10.49%
Processing Fee Upto 2.00%
Lowest EMI per lakh ₹ 2,149
Loan Tenure 5 years
  • IDFC First Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to IDFC First Bank.
  • Avail top up from IDFC First Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for IDFC First Bank personal loan balance transfer at 10.49%.
  • IDFC First Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare IDFC First Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

IDFC First Bank Personal Loan Balance Transfer

IDFC First Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to IDFC First 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 IDFC First Bank balance transfer ranges from 10.49% to 22.00%, while the repayment tenure ranges between 12 Months to 60 Months.

IDFC First Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to IDFC First Bank must be taken keeping in mind the interest rate of the current Bank and IDFC First 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 IDFC First Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

IDFC First 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 IDFC First Bank

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

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

IDFC First Bank Eligibility Criteria and Documents required

Eligibility criterion of the IDFC First Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the IDFC First 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 IDFC First 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 IDFC First 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%

Compare IDFC First Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to IDFC First Bank?

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

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the IDFC First 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 IDFC First Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the IDFC First 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, IDFC First Bank charges lowest interest rate on personal loan balance transfer.

How do I check my IDFC First Bank personal loan balance?

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

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

How do I know my IDFC First Bank loan application?

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

  • Net banking : You are required to login into IDFC First Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the IDFC First Bank : You can also visit the IDFC First 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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IDFC First Personal Loan News - Jun 2021
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
  • 2020-01-30 : IDFC First Bank reported a net loss of Rs. 1639 crores for Q3
    IDFC First Bank reported a net loss of Rs. 1639 crores for Q3 ending 31 December. Net Interest Income hiked by 34% to Rs. 1534 crores which was Rs. 1145 crores in the same quarter a year ago. Further, Retail Loan surged by 49% to Rs. 51,506 crores driven by an increase in the sale of Home Loans and Personal Loans.
*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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