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Personal Loan Balance transfer to Muthoot

Refinance Muthoot Personal Loan

Last Updated 10th Jun 2021

Interest Rate 14.00%
Processing Fee 2.5-3.5%
Lowest EMI per lakh ₹ 2,327
Loan Tenure 5 years
  • 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.
  • Now apply for Muthoot personal loan balance transfer at 14.00%.
  • 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..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Muthoot Personal Loan Balance Transfer

Muthoot Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account 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

The decision to transfer the personal loan to Muthoot must be taken 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. Individuals should proceed with the Muthoot balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Muthoot 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 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 the borrower to reduce the interest burden.
  • Muthoot 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 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 dynamics.

Muthoot Eligibility Criteria and Documents required

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

FAQs

How can I transfer my personal loan to Muthoot?

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

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

How do I check my Muthoot personal loan balance?

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

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

How do I know my Muthoot loan application?

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

  • 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.
  • 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 - Jun 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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