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PERSONAL LOAN BALANCE TRANSFER RATE COMPARISON

LOAN PROVIDER INTEREST RATE PROCESSING FEES (EXCLUDING SERVICE TAX) TENURE LOAN AMOUNT VINTAGE OF CURRENT LOAN
HDFC BANK (SALARY ABOVE 35K) 11.29% 1499/- 12 TO 60 MONTHS MINIMUM OF 50K 1 EMI PAID
HDFC BANK (SALARY BELOW 35K) 11.70% 1499/- 12 TO 60 MONTHS MINIMUM OF 50K 1 EMI PAID
ICICI 11.29%-13.75% 1000/- 12 TO 60 MONTHS MINIMUM OF 50K 12 EMI PAID TO THE BANK
KOTAK MAHINDRA BANK 11.69% for loan amount more than 7 lacs 1000/- UPTO 2% 12 TO 60 MONTHS MINIMUM OF 50K 6 EMI PAID TO THE BANK
12.5% for loan amount below 7 lacs 1000/- UPTO 2% 12 TO 60 MONTHS MINIMUM OF 50K 6 EMI PAID TO THE BANK
AXIS BANK (for net salary above 50k) 5% lower than existing rate with externall financer ,minimum 11.99% 1.50% 12 MOTHS TO 60 MONTHS MINIMUM OF 50K 6 EMI PAID TO THE BANK
AXIS BANK (for net salary below 50 k) 5% lower than existing rate with externall financer ,minimum 13.99% 1.50% 12 MOTHS TO 60 MONTHS MINIMUM OF 50K 6 EMI PAID TO THE BANK
CITI BANK (CAT A ) 10.99% 0.99% 12 MOTHS TO 60 MONTHS MINIMUM OF 50K 6 EMI PAID TO THE BANK
CITI BANK (CAT B) 12.99% 0.99% 12 MOTHS TO 60 MONTHS MINIMUM OF 50K 6 EMI PAID TO THE BANK
CITI BANK (CAT C) 13.99% 0.99% 12 MOTHS TO 60 MONTHS MINIMUM OF 50K 6 EMI PAID TO THE BANK
*Disclaimer : Rates are liable to change as per revision by the Bank.

Eligibility Criteria for Balance Transfer of A Personal Loan

1. LOAN AMOUNT BALANCE SHOULD BE MORE THAN 50K.

2. LOAN AMOUNT ELIGIBILITY WILL BE AS PER INCOME CRITERIA.

3. LOAN FOR BALANCE TRANSFER SHOULD BE MEET THE PRECLOSURE POLICY OF THE EXTERNAL BANK.

4. CIBIL SCORE SHOULD BE ABOVE MINIMAL BENCHMARK .

KEY FEATURES

  • Balance transfer of a Personal loan disbursal as fast as 2 working days
  • Transparent procedure
  • Loans are offered across segments like Salaried, Self employed etc.
  • No requirement of a guarantor or security deposits of gold/policies etc.
  • Loan can be taken up to 30 lakhs
  • Easy documentation
  • Reduced interest rate
  • Competitive pricing
  • Nil or part payment options

ADVANTAGES

  • Get Rate Of Interest 11.29% onwards.
  • Lower your EMI considerably.
  • Additional Loan amount at the same lower Rate.
  • Convinient processing.

  • Doorstep service.
  • Best advice for transfer of your existing Personal Loan.

DOCUMENTS REQUIRED

  • Application Form with photograph
  • KYC Documents –

    1) Identity Proof – PAN / Passport / Driver’s License / Voter ID card / Aadhaar card, etc.) and

    2) Address Proof– Passport / Aadhaar card / Landlines Telephone Bill / Electricity Bill, Ration Card, etc.)

  • A/c. Statement –

    1) Bank statements of the last 6 months

    2) Details of the previous loans and A/c Statement for last 1 year, if any

  • Personal Loan Track of the Existing Loan.
  • Request Letter for Balance Transfer.
  • Fore closure letter from External financer.

BALANCE TRANSFER PROCESS

  • Application for Personal Loan balance Transfer to be submitted to bank.
  • Loan is approved ,Draft is made in the name of External Financer.
  • Any additional amount /top up sanctioned will be credited to the Bank Account only after external loan closure proof is submitted.

Balance Transfer Of A Personal Loan

The term Balance transfer of a Personal loan is used to define the process of transferring an existing Personal Loan from the parent organisation to another Bank or financial Institution. The priority being that the Loan in question is being paid back successfully without any delays or bounces.

By this initiative the Banks taking over the Personal loan are assured of an increased turnover with a minimum default. To Lure good customers & convince them to transfer their Loan account, better terms & conditions are offered such as a minimal Rate of Interest & processing fees.