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Personal Loan Balance transfer to Indian Bank

Refinance Indian Bank Personal Loan

Last Updated 07th Jun 2021

Interest Rate 11.05%
Processing Fee N.A
Lowest EMI per lakh ₹ 2,177
Loan Tenure 3 years
  • Indian Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Indian Bank.
  • Avail top up from Indian Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Indian Bank personal loan balance transfer at 11.05%.
  • Indian Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Indian Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Indian Bank Personal Loan Balance Transfer

Indian Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Indian 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 Indian Bank balance transfer ranges from 11.05% to 15.00%, while the repayment tenure ranges between 12 Months to 36 Months.

Indian Bank Personal Loan Balance Transfer Calculator

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

Indian 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 Indian Bank

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

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

Indian Bank Eligibility Criteria and Documents required

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

FAQs

How can I transfer my personal loan to Indian Bank?

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

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

How do I check my Indian Bank personal loan balance?

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

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

How do I know my Indian Bank loan application?

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

  • Net banking : You are required to login into Indian Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Indian Bank : You can also visit the Indian 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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Indian Bank Personal Loan News - Jun 2021
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2020-10-16 : Indian Bank sets up a portal to restructure retail loans
    Indian Bank launched a digital platform for restructuring all retail loan including home, personal, car, two-wheeler, and gold loans. The portal will allow the borrowers to submit recast requests on the portal and check eligibility criteria.
  • 2020-08-17 : Indian Bank Q1FY21 PAT at Rs. 369.26 crore
    Indian Bank has posted a net profit of Rs.369.26 crores for the period ended June 30, 2020, as against a net profit of Rs. 217.73 crores for the period ended March 31, 2020. In addition to this, the Bank reported a total income of Rs.11446.71 crores aided by retail loans like home, personal, car, two-wheeler.
  • 2020-06-23 : Indian bank reported an increase of 134% net profit
    Public sector lender Indian Bank reported an increase in a net loss in the 4th quarter of FY20 however, its net profit zoomed 134% for the full year on the back of the personal, home, car, two-wheeler, business, mudra, gold, education loans. The bank also reported an improvement in its asset quality.
*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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