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SBI Personal Loan Balance Transfer

Personal Loan Balance Transfer to SBI: Details

Last Updated 29th Apr 2022

  • 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, a 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* Voucher

SBI Balance Transfer Personal Loan

SBI personal loan balance transfer is a facility that allows you to transfer the outstanding principal amount of personal loan from another bank to SBI to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and much more.

SBI personal loan balance transfer interest rate ranges from 9.60% to 16.40% and you can avail personal loan transfer to SBI for a flexible repayment tenure upto 60 Months.

SBI Personal Loan Balance Transfer Calculator

SBI personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable with details such as the entire loan amount, interest rate in the current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender. In addition, you can calculate SBI balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to the current rates of your bank.

Benefits of Personal Loan Balance Transfer 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.
  • When you opt for SBI balance transfer you can negotiate the loan tenure as per your requirements.
  • Balance transfers also allow you to avail the top-up facility and fulfil your cash requirement.
  • If you are not satisfied by the services offered by your existing bank, 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 Personal Loan Balance Transfer: Eligibility Criteria & Documents Required

The eligibility criteria of SBI depends on factors such as repayment history, CIBIL Score and income. Some of the basic eligibility criteria 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 last 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

How can I Transfer my Personal Loan to SBI?

To transfer the outstanding personal loan balance from your existing bank to SBI, follow the steps as follow:

  • Firstly, identify the bank offering a low-interest rate and other charges on a personal loan to which you want to transfer the loan.
  • Estimate the cost of loan transfer which primarily includes processing fees and prepayment charges you will have to pay to your existing bank.
  • Next, calculate your net savings if you opt for transfer by deducting the transfer cost from the potential interest savings. If your potential net benefit is significant, proceed with the transfer process.
  • You can then apply for SBI balance transfer loan by submitting your loan documents once you have received a NOC and foreclosure letter from your existing bank. Finally, get the sanction letter loan agreement from SBI.

Comparison of SBI Personal Loan Balance Transfer Rates & Fees with Top Banks

Comparison based on the interest charged on a 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 do I transfer my SBI personal loan to another bank or NBFC?

You can transfer SBI personal loan to another bank or NBFC if the current SBI personal loan balance transfer charges are higher. The steps for balance transfer include: (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from SBI. (ii) Start the personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the new Bank or NBFC, sign the loan agreement with the bank. (iv) Take a disbursement of the outstanding loan amount from the new lender in favour of SBI. (v) Once the SBI 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 by following ways: (i) 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. (iv) Via internet banking.

Can I transfer my personal loan balance from SBI to Axis Bank?

Yes, you can apply for a balance transfer to Axis Bank if the personal loan rates are lower and the potential net benefit is significant after deducting all the balance transfer charges.

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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