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.
- 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.
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.
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.