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Balance Transfer Of A Personal Loan From Hdfc Bank.

HDFC Bank is a pioneer in the concept of Balance Transfer of a personal Loan. All the aspects of the Balance transfer are well defined with the HDFC Bank policy: which is transparent & hassle free.

With a Balance Transfer HDFC Bank will take over your existing Personal Loan availed from an external Bank by paying the Principal Balance of the existing Loan. Thus the existing Personal Loan with the external Bank will close & a new Loan will be conceived with HDFC Bank.

Building a relation with HDFC Bank will serve an applicant well as beside being a market leader in the field of Home Loans HDFC Bank looks to give its customers unbeatable prices & quality services for requirements in all secured & unsecured products.

Rate of Interest & Processing Fess

Program Loan amount Transferred Income IRR PF
BALANCE TRANSFER Above 50,000/- >=35 k 11.39% 1999
< 35 k 11.70% 1999

Benefits

Transfer your Personal Loan to HDFC Bank to achieve unparallel Benefits.

Financial Gains or Savings is the key to any beneficial transaction. Applicants will be able to considerably lower their current Personal Loan rate of Interest by opting for a personal Loan Balance to HDFC Bank as;

Rate of Interest

  • Lowest rate of 11.49% @ reducing balance is offered to all applicants.
  • This rate is offered across all salary brackets & to employees of all companies approved by HDFC Bank.
  • Any extra Loan amount required will also be processed at the same rate.

Processing Fees

  • The file charges or processing cost for a Balance Transfer is also kept at a minimal.
  • A fixed amount of 2000/- is charged as a processing fees on the total loan amount, this is deducted from the loan amount disbursed, no fees has to be paid at the time of application.

A Lower EMI

  • Achieve an affordable EMI; with the new lower Rate of Interest the monthly installement to be paid will reduce considerably.
  • If the current EMI being paid is a strain on the finances, avoid chances of a default. Apply in advance for a Balance transfer, before the net EMI is to be paid.

A suitable tenure

  • When applying for a Balance Transfer of your personal loan to HDFC Bank the tenure of your personal loan can be reworked to suit your ability to pay back the loan.
  • HDFC Bank provides a minimum tenure of 12 months for repayment of a personal loan. The Maximum tenure allotted is 60 months.

  • Pay back your fast to save paying extra interest.
  • Choose a longer tenure, to avail the ease of a lesser EMI.

Extra Loan amount provided at the same rate.

  • A Balance Transfer is most profitable if there is a requirement for an additional amount besides the current loan.
  • The extra amount required will be disbursed at the same rate as the Balance Transfer.
  • This reduced rate of 11.49% will not be available if a fresh loan application is made.

Club multiple Loans together.

  • Consolidate all personal loans via a Balance Transfer to HDFC Bank & experience the ease & saving of paying a reduced EMI.
  • HDFC Bank offers to club all current personal loans running under a single entity.
  • An applicant can Balance transfer multiple loans together to HDFC Bank.

  • Balance transfer of your personal loans will save you the hassle of keeping a track of the various EMI’S for the personal Loans running.

Take a Balance Transfer to create eligibility for an additional Loan.

  • All Banks have a criteria to calculate the amount of loan an applicant is eligible for, the loan amount depends upon the net take home ,taking into account the various obligations & expenses.
  • If the total EMI being paid monthly by the applicant exceeds a certain percentage of the salary a fresh loan will not be granted.

  • By taking a Balance Transfer of the existing personal loans the applicant can reduce the current obligations & create eligibility for an additional Loan amount.

Take a Personal Loan for Balance Transfer of Credit Card dues.

  • HDFC is the only Bank to provide its customers the opportunity of taking a Personal Loan to pay their credit Card dues.
  • Interest rate on the unpaid dues of a Credit Card is 36% per annum.
  • HDFC Bank pays the dues of your Credit Card & converts the amount into a Personal Loan.
  • The customer is thus relieved of the burden of paying an exorbitant rate of Interest & can resume the use of the Credit Card.
  • With the clearance of the pending Credit Card dues the CIBIL Score of the applicant will also get a boost.

Why Choose HDFC Bank for Balance Transfer of your personal loan.

There are numerous Banks & NBFC, S which offer to Balance Transfer your Personal Loan, enumerated below are the reasons that make HDFC Bank the best Choice.

With the Balance Transfer of your personal loan from any external Bank, savings are guaranteed.

  • HDFC Bank offers the best terms & conditions for a Balance transfer, the Rate of Interest, processing fees are amongst the lowest.
  • The calculations of eligibility for Loan amount are most favourable to loan amount as per customer requirement.
  • The system for the process for a Balance Transfer put in place by HDFC Bank is fast & efficient.
  • Doorstep deliver of Personal Loan Balance Transfer provided the applicant after submitting the required documents will receive the amount for Balance Transfer by draft at his residence address. Any extra amount applied for will be transferred to the Salary account.

  • HDFC Bank is the only Bank that offers to transfer & consolidate multiple loans coupled with any Credit Card outstanding amount.

Terms & Conditions for the Balance Transfer of a Personal Loan

Personal Loan for Balance transfer should have a Principal amount Balance of minimum 50,000/-

An applicant desirous of a Balance Transfer should have a minimum of 50,000/- balance of the principal amount of loan granted. To confirm the amount of Principal loan amount balance the applicant will have to check the loan schedule.

Applicant should have the financial eligibility for the Balance transfer.

The application for a Balance Transfer will be successful only if the applicant has not got a burden of paying too many EMI, S. The other obligations of the applicant should not exceed the payback capacity.

CIBIL SCORE

The CIBIL Score of the applicant should be above the minimum required benchmark, which indicates that the Loan emi’s are being paid on time & the credit history is sound without any defaults or overdue payments.

Vintage of Loan

The Existing Personal Loan of the applicant should be 3 months old, minimum number of EMI,s should have been paid before the applicant can opt for a Balance Transfer.

Pre-closure conditions of the external Bank should be met before opting for a balance transfer.

Closure or payback of an existing Personal loan is governed by the norms of the financial organisation. Before applying for a Balance Transfer it is necessary to check the agreement terms for the current personal loan: if the requisite number of EMI, S has been paid to facilitate the closure of the current personal loan & to complete the subsequent transfer of the Balance.

Guidelines for the Balance Transfer of a Personal Loan to HDFC Bank

Making a decision to apply for a Personal Loan to HDFC Bank, will definitely be advantageous; will save on costs & help to fulfil current obligations. The process for the same is convenient & hassle free.

The Best Time to Apply for a Balance Transfer of your Personal Loan to HDFC Bank

The appropriate time to apply for Balance transfer of your personal loan is soon after the current EMI has deducted.

The application should be submitted with enough time in hand to complete the transfer process.

It is advisable to apply in advance to cater for any unforeseen delays or pendency’s, this will ensure that the transfer is completed successfully & the external Bank receives the balance amount to close the loan before the next EMI is presented.

Confirm total Personal Loan amount required.

When applying for a Balance transfer of one or more Personal Loans the first step is to confirm the principal amount Balance of the existing loan, this amount can be calculated by procuring your Personal track or schedule.

Add to the existing principal amount balance any additional amount of loan required, this amount can be applied for as a Top up.

The total will be the amount of Personal Loan for which the application is to be submitted, charges for pre closure if any can also be included in the loan amount.

Submit Personal Loan/Balance transfer Application to HDFC Bank with following documents

Income Documents

  • Salary Slip for the Last 3 months.
  • Bank Statement from Salary account for the last 3 months showing 3 salary credits.
  • Form 16 for the last financial year.
  • Pan card copy.
  • An Application for Balance Transfer giving details of existing Personal Loan.

KYC Documents

  • Copy of Aadhaar Card
  • Current/Permanent Address proof
  • Company ID
  • 2 Passport size photographs
  • An Application for Balance Transfer giving details of existing Personal Loan.

Documents from External Bank

  • Track /loan schedule of Existing Personal Loan.

Approval Process

The verification & approval process takes up to 3 working days after the submission of documents.

Post approval, the Loan amount is sanctioned by the Bank as per eligibility & Loan requirement of the Applicant.

For the Disbursement of the Loan amount approved.

  • A Bankers Cheque for the Principal Loan amount & pre closure charges due is made in the name of the External Bank.
  • An agreement is signed by the Applicant with HDFC Bank giving details of the Loan amount, tenure, processing fees & other terms & conditions.

  • Security cheques from the salary account of the applicant are submitted with the agreement to facilitate the disbursal.
  • An application for pre closure of the existing loan with the Cheque for the loan amount due is to be deposited in the external Bank & receipt obtained.
  • If additional top amount is approved, the Loan amount will be

  • Security cheques from the salary account of the applicant are submitted with the agreement to facilitate the disbursal.

  • An application for pre closure of the existing loan with the Cheque for the loan amount due is to be deposited in the external Bank & receipt obtained.
  • If additional top amount is approved, the Loan amount will be transferred directly to the salary account of the Applicant after closure of external loan.

  • A consolidated Emi for the balance transfer & the additional loan amount will then be presented month after month to your salary account.

Eligibility Criteria For A Personal Loan Balance Transfer

  • Applicant should be an Indian citizen over 21 years of age.

  • She/he should be gainfully employed for the 12 months or more.

  • Minimum salary drawn should be 30,000/- per month or more.

  • Salary should be credited regularly to the Salary account month on month.

  • Applicant should hold a valid proof of Identity.

Other Charges

Charges Applicable Details
Pre Closure Charges After 12 months -4% of the principal outstanding.
After 36 months- 2% of the principal outstanding.
Loan cancellation charges Nil (However the processing charges will not be re funded.
Interest will be charged on the interim period of loan closure.
Cheque Bounce Charges Rs 550/- per cheque Bounce.
Charge for late payment 2% per month from date of unpaid EMI
Cheque swapping charges Rs 500/-
Amortization Schedule charges Rs 200/-
Stamp Duty At actual as per applicable law
CIBIL report copy charge Rs 50/- per copy.
Service Tax/Other Taxes At actual applicable presently or in the future.
Legal,reposession & incidental charges At actual.

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