What are the advantages of an HDFC Bank Personal Loan transfer?
Is your monthly EMI causing stress on your finances? Take control of your financial well-being by transferring your Loan to HDFC! With a hassle-free balance transfer process, you can enjoy lower interest rates, reduced EMIs, and exclusive benefits
A Lowered Interest Rate
With an HDFC Personal Loan Transfer, you can enjoy a fixed interest rate of 10.80% when you transfer the principal balance of your Personal Loan. This rate applies to all segments uniformly and for a surplus amount approved as a Top Up.
A customer has to pay minimal file charges for a Personal loan Balance transfer to HDFC bank. The applicant need not give any charges upfront. The Bank deducts a fixed amount of ₹ 5000/- + tax from the Loan amount approved.
A Suitable EMI
If the customer has strained finances, avoid the chances of a default. Apply for a Personal Loan Balance transfer to HDFC before the next EMI. With a Balance transfer, the EMI reduces considerably as HDFC Bank calculates the instalment based on the reduced principal amount with a lower interest rate.
An Appropriate Tenure
HDFC Bank provides a minimum repayment tenure of 12 months and a maximum of 60 months. Apply for a longer term to pay a reasonable EMI, or if affordable, reduce costs and opt to repay the Loan within 12 months.
Apply for a Top-Up
If required, HDFC Bank approves an additional loan amount as a Top-Up, with similar terms as for the Balance Transfer. The applicant must be eligible for the Top Up as per the criteria of HDFC Bank.
Club Multiple Personal Loans
HDFC Bank allows merging several Personal loans into one account. People with Personal Loans from different banks can transfer them to a single entity through a Balance Transfer application. This process reduces costs and eliminates the need to monitor multiple EMIs.
Transfer Your Credit Card Dues
Avoid paying high fees for overdue credit card bills using the simple Personal Loan EMI option to repay the amount. With HDFC Bank, you can transfer your credit card balance to a personal loan. HDFC Bank will pay off your credit card bill on your behalf and set up a personal loan for the same amount
For Increased Eligibility
With the Balance transfer of a Personal loan to HDFC Bank, the obligation of the principal loan amount reduces, thus creating the eligibility for additional funds if needed.
What are the eligibility criteria for an HDFC Balance Transfer Personal loan?
To transfer Personal loan to HDFC Bank, the applicant must meet the following criteria:
- The applicant should be employed gainfully with a 30 K or more monthly salary transfer.
- The applicant's employer should feature in the HDFC Bank list of approved companies.
- A continuous employment record without a break is required to be eligible for a Personal Loan Balance transfer.
Status of the Existing Loan
- The applicant must pay the requisite number of EMI for the Parent Bank to approve the foreclosure of the Loan.
- The repayment track of the existing Loan must be clean, without any returns of ECS or delayed payments.
- The existing Personal Loan should have a principal balance of ₹ 50 k or more for HDFC Bank to initiate a transfer.
CIBIL score and current credit usage
- The CIBIL score of the applicant must be 720 points and above, with a timely repayment record for all credit lines.
- The usage of credit cards should be within the prescribed limits with no late fees or over-limit charges.
- The HDFC Bank will consider Credit card outstanding dues and other EMI the customer pays when approving a Balance transfer.
What are the primary features of a Personal Loan Balance Transfer to HDFC Bank?
The maximum Loan the HDFC Bank accepts for a Balance transfer is ₹ 40 lakhs. This amount includes all personal loans, credit card dues and the funds issued as a Top Up.
The HDFC Bank sanctions the term for a Balance transfer Personal Loan to HDFC Bank from 12 to 72 months. The repayment term the Bank allows is according to the customer's ability to pay the installment.
The applicant's employer should feature in the approved list of companies of HDFC Bank. If the Company is not authorized, the Bank withholds the process for a Balance Transfer.
HDFC Bank provides the option for transferring the balance of a personal loan to those who meet the HDFC Balance Transfer Personal Loan eligibility criteria.
How to Apply for a Personal Loan Transfer to HDFC Bank.
If your Loan EMI is financial stress applying to the HDFC Bank is the answer. Follow these instructions to help you complete your transfer successfully.
- It would be best to apply Personal Loan Balance transfer HDFC Bank well in advance to complete the process before the next installment date.
- Request the parent Bank for an updated track of your Loan, which details the complete Loan information, the number of instalments paid and the principal balance.
- Confirm the terms offered for your Loan transfer: calculate the financial implications of the transfer. Opting for a transfer in the early stages of your Loan schedule is favorable financially.
- You can apply for a Top Up and a Balance Loan transfer if you require additional funds. You can use our EMI calculator to determine the amount of EMI that you can manage comfortably.
- Compile the appropriate paperwork required beforehand, as complete documents can ensure the processing of your transfer.
What is the process for a Personal Loan transfer to HDFC Bank?
Apply for a Personal Loan Balance Transfer to HDFC Bank by completing the form and submitting the required documents. You can apply online or submit hard copies of the application and paperwork.
The Bank will allot a file number to your file and forward the same for completing the following:
- CIBIL Check.
- Residence and Office verification.
- The calculation of eligibility.
- Approval for a Top-Up amount (if required)
- The final decision is to approve the total Loan amount with the applicable Tenure applied, the HDFC Bank Personal Loan Balance Transfer interest rate interest rate, and the Processing fee.
- The customer accepts the terms and conditions and signs the agreement.
The initial stages for processing and approval of the Balance transfer request are similar to that of a fresh personal loan (add link).
Once the file is approved, HDFC Bank initiates the disbursal and Balance transfer request process as follows:
- The HDFC Bank transfers the additional loan amount or the Top Up amount required by the customer to the bank account by ECS.
- A banker's cheque or Draft is issued and given to the customer for the balance transfer of the principal loan amount with an alternate Bank.
- To finalize the foreclosure process, the customer must settle the remaining balance using the cheque provided by HDFC Bank.
- The customer must pay any applicable foreclosure charges if not covered by HDFC Bank cheque.
- The parent Bank then issues a statement declaring the total and final payment receipt.
HDFC Bank completes the Balance Transfer procedure with the deposit of the closure receipt. The applicant pays an EMI for the mandated Tenure to repay the Loan.
HDFC Personal Loan Balance Transfer Charges
|Salary Net Take Home
||Rate Of Interest
|Loan amount ₹ 10 lakhs+
|Loan amount ₹ 15 lakhs+
||After 12 months, 4% of the principal is outstanding
||After 36 months, 2% of the principal is outstanding
|Pre-Closure Charges for ₹ 10 lakhs
|Loan Cancellation Charges
||Nil (However, the processing charges will not be refunded.)
|Cheque Bounce Charges
||Rs 550/- per cheque Bounce.
|Charge for Late Payment
||2% per month from the date of unpaid EMI
|Cheque Swapping Charges
|Amortization Schedule Charges
||At actual as per applicable law
|CIBIL Report Copy Charge
||Rs 50/- per copy.
|Service Tax/Other Taxes
||At actually applicable presently or in the future.
|Legal, Repossession & incidental Charges
|Loan amount ₹ 15 lakhs+
|Loan amount ₹ 10 lakhs+
|Loan amount ₹ 15 lakhs+
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HDFC Bank Personal Loan Balance Transfer Documents
Salary Slip for the last three months.
Bank Statement from Salary account for the last three months showing three salary credits.
Form 16 for the previous financial year.
Pan Card Copy
An Application for Balance Transfer giving details of existing Personal Loan
Copy of Aadhaar Card
Current/Permanent Address proof
2 Passport size photographs