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Muthoot Fincorp Ltd. Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Muthoot

Last Updated 29th Sep 2021

  • Muthoot Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Muthoot.
  • Avail top up from Muthoot at the time of loan balance transfer to fulfil additional fund requirements.
  • Muthoot offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Muthoot Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 14.00% Check Best Offers
Processing Fee 2.5-3.5%
Lowest EMI per lakh ₹ 2,327
Loan Tenure 5 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Muthoot Personal Loan Balance Transfer

Muthoot Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to Muthoot 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 Muthoot balance transfer ranges from 14.00% to 24.00%, while the repayment tenure ranges between 12 Months to 60 Months.

Muthoot Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to Muthoot keeping in mind the interest rate of the current Bank and Muthoot. 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 Muthoot balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Muthoot 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 Muthoot

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

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

Muthoot Eligibility Criteria and Documents Required

The eligibility criterion of the Muthoot 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 Muthoot 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 Muthoot Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Muthoot?

Steps for the balance transfer to Muthoot are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Muthoot personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the Muthoot, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Muthoot 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 Muthoot personal loan balance?

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

How do I know my Muthoot loan application?

You can check the status of your Muthoot loan application in two ways. (i) Net banking: You are required to login into Muthoot net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the Muthoot: You can also visit the Muthoot 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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Muthoot Fincorp Ltd. Personal Loan News - Nov 2021
  • 2021-03-24 : CRISIL upgrades rating of Muthoot FinCorp
    CRISIL upgraded its rating of Muthoot FinCorp from ‘A’ (Stable) to ‘A+ (Stable)’. The rating upgrade by CRISIL will help the NBFC in strengthening the confidence of the lenders and retail investors.
  • 2021-01-25 : Muthoot Finance Shopping Dhamaka benefited retailers
    Shopping Dhamaka, launched by Muthoot Finance, benefited more than 25,000 retailers in Kerala. Muthoot Finance has been organising this campaign to help small retailers impacted due to COVID 19. Shopping Dhamaka includes tailor made loan schemes, advisory services, and demand generation programmes such as digital market training.
*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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