Balance Transfer
Balance Transfer
Balance Transfer Of A Personal Loan
Balance transfer of a Personal loan is used to define the process of transferring an existing Personal Loan from the parent organization 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.
Eligibility Criteria For Balance Transfer Of A Personal Loan
- LOAN AMOUNT BALANCE SHOULD BE MORE THAN 50K.
- LOAN AMOUNT ELIGIBILITY WILL BE AS PER INCOME CRITERIA.
- LOAN FOR BALANCE TRANSFER SHOULD BE MEET THE PRECLOSURE POLICY OF THE EXTERNAL BANK.
Key Features
- No requirement of a guarantor or security deposits of gold/policies etc.
- Loan can be taken up to 30 lakhs
- Balance transfer of a Personal loan disbursal as fast as 2 working days
- Easy documentation
- Reduced interest rate
- Competitive pricing
- Transparent procedure
- Loans are offered across segments like Salaried, Self employed etc.
- Nil or part payment options
Compare interest rates of top banks and transfer your existing personal loan
|
Bank |
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 |
12.5% for loan amount below 7 lacs, 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 |
|
AXIS BANK (for net salary above 50k) |
5% lower than existing rate with external 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 external 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 |
|
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