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SBI Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to SBI

Last Updated 26th Nov 2021

  • SBI Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to SBI.
  • Avail top up from SBI at the time of loan balance transfer to fulfil additional fund requirements.
  • SBI offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare SBI Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 9.60% Check Best Offers
Processing Fee 1.00%
Lowest EMI per lakh ₹ 2,105
Loan Tenure 6 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

SBI Personal Loan Balance Transfer

SBI Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to SBI 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 SBI balance transfer ranges from 9.60% to 16.40%, while the repayment tenure ranges between 6 Months to 72 Months.

SBI Personal Loan Balance Transfer Calculator

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

SBI 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 SBI

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

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

SBI Eligibility Criteria and Documents Required

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

FAQs

How can I transfer my personal loan to SBI?

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

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

How do I know my SBI loan application?

You can check the status of your SBI loan application in two ways. (i) Net banking: You are required to login into SBI net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the SBI: You can also visit the SBI 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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SBI Personal Loan News - Nov 2021
  • 2021-11-26 : SBI Waivers Processing Fee on Personal Loans
    State Bank of India has waivered the processing fees on personal loans. The bank is charging an interest rate of 9.60%.
  • 2021-08-25 : FM Niramala Sitharaman Launches EASE 4.0
    Finance Minister Nirmala Sitharaman launches Ease 4.0 (Enhanced Access and Service Excellence )to undertake the public sector banks (PSBs). It is a common reform agenda for PSBs aimed at institutionalising clean and smart banking.
  • 2021-08-17 : State Bank of India Waives Processing Fees on Personal Loans
    The largest public sector lender in the country has announced the waiver of processing fees on personal loans through the YONO app. The SBI personal loan rate stands at 9.60%.
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
    The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.
*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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