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Indian Bank Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Indian Bank

Last Updated 15th Nov 2021

  • 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.
  • 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.
Interest Rate 11.05% Check Best Offers
Processing Fee N.A
Lowest EMI per lakh ₹ 2,177
Loan Tenure 3 years
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 you can transfer transfers outstanding principal of personal loan from another bank 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

You must take the decision of transferring the personal loan to Indian Bank 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. Therefore, you should proceed with the Indian Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Indian 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 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 you reduce the interest burden.
  • Indian 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 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.

Indian Bank Eligibility Criteria and Documents Required

The eligibility criterion of the Indian 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 Indian 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 Indian Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Indian Bank?

Steps for the balance transfer to Indian Bank are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Indian 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 Indian Bank, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Indian 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 Indian Bank personal loan balance?

You can check your personal loan balance of Indian Bank in below-mentioned ways: (i) By visiting the Indian Bank branch. (ii) By calling the customer care of the Indian Bank. (iii) By logging on to the Indian Bank mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Indian Bank loan application?

You can check the status of your Indian Bank loan application in two ways. (i) 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. (ii) 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 - Nov 2021
  • 2021-11-10 : Indian Bank Launches Video KYC Facility
    Indian Bank has launched a Video KYC (Know Your Customer) facility. This facility allows customers to open accounts or avail any other services sitting at home. The VKYC is enabled with VCIP technology developed in conjunction with Gieom Business Solutions.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 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.
*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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