In any financial emergency, you might be tight on cash. So, you end up taking personal loan from a bank or NBFC with high rate of interest. Now, at the time of repayment, you are looking for ways to reduce your interest liability. So, what’s the solution? Personal Loan Balance Transfer.

Transferring of your existing personal loan from one bank to another offering lower interest rate is called Personal Loan Balance Transfer. 

Personal Loan Balance Transfer to HDFC Bank offers lower interest rate. HDFC Bank provides personal loan balance transfer offer to its customers to help them with their financial liability. 

How does Personal Loan Balance Transfer to HDFC Bank works?

HDFC Personal Loan Balance Transfer offers a lower interest rate to the customers. Let’s see how does personal loan balance transfer to HDFC Bank works-

• Firstly, you need to apply to your current bank for personal loan balance transfer to HDFC Bank.
• Then the present bank will issue a consent letter, NOC and a statement showing your due amount.
• Then you submit the above documents to HDFC Bank for balance transfer.
• HDFC Bank evaluate the documents and accordingly will approve it.
• Then the bank will agree to the closure amount with your existing bank.
• Lastly, you will have to pay the EMIs for the personal loan balance transfer to HDFC Bank.

Features of Personal Loan Balance Transfer to HDFC Bank

Following are some of the unique features of personal loan balance transfer to HDFC Bank which attract customers-

• Personal loan Balance transfer to HDFC Bank offers competitive interest rate and easy EMI option to repay the loan.
• Flexible loan repayment tenure ranges from 9 to 48 months for personal loan balance transfer to HDFC Bank.
• HDFC Personal Loan Balance Transfer offers lower EMI payment.
• Personal loan balance transfer to HDFC Bank charges flat processing fees of Rs. 999.
• Minimum documentation is required for personal loan balance transfer to HDFC Bank.

Eligibility for Personal Loan Balance Transfer to HDFC Bank

• Age– 21 to 60 years
• Employment– Salaried or Self-employed individual.
• Status of Employment– Minimum of 2 years experience
• Amount of loan to be transferred– Rs. 50,000 (minimum)
• Credit Score– 750 or above

Documents required for Personal Loan Balance Transfer to HDFC Bank

Following are the documents required for Personal Loan Balance Transfer to HDFC Bank-

• Duly Filled application form and passport size photograph.
• ID Proof- AADHAR Card, Driving License, PAN Card, Voter Card.
• Residential Proof- Rent Agreement, Last 3 monthsutility bills like Water, Gas or Electricity bill, Passport.
• Proof of Income
  • For Salaried- Pay Slip of last 3 months, Bank a/c stament of last 6 months.
  • For Self-employed- Bank a/c Statement of self and business entity of last 6 months, Profit and Loss Balance Statement of last 3 years
• Personal Loan Statement of current bank

HDFC Personal Loan Balance Transfer Interest Rate

Benefits of Personal Loan Balance Transfer to HDFC Bank

Here are some of the benefits of Personal Loan Balance Transfer to HDFC Bank-

• Lower and easy payment of EMI on personal loan balance transfer to HDFC Bank
• HDFC Personal loan balance transfer offers competitive and lowest rate of interest
• Alongwith personal loan balance transfer to HDFC Bank, one can opt for top up loan if there is a need of any extra credit
• Low processing fee and other nominal fees are charged for personal loan balance transfer to HDFC Bank.
• No security or collateral is needed for personal loan balance transfer to HDFC Bank.