Personal Loan balance transfer is a simple concept of transferring the outstanding principal loan amount from one financial institution to another. Basically, people transfer their personal loan for a better interest rate and also for a top-up loan. Credit Card first started the concept of transferring balance but now you can avail the balance transfer facility on a personal loan, home loan, educational loan, auto loan etc. Most of the financial institutions provide personal loan balance transfer. For Personal Loan balance transfer, the interest rate started at 11.49% which is very low.

Benefits of Personal Loan Balance Transfer

• As said before personal loan balance transfer interest rate started from 11.49%
• You can reduce your on-going EMI 5%-7% by the help of Personal Loan balance transfer.
• You can avail the top-up loan facility by personal loan balance transfer.
• If you go for personal loan balance transfer you can get personal loan easily with minimal documents and without any guarantor.

Features of Personal Loan Balance Transfer

• A personal Loan Balance Transfer will offer you lower interest rates. The new bank will give you the lowest interest rate than an original bank, this decreases your personal loan EMI amount and the total interest you have to pay to the bank. This one of the most amazing feature of Personal loan balance transfer.
• Personal loan balance transferring process re-negotiates the long terms, you can ask the new bank to extend the longer tenure so your EMI amount also will be lower.
• If you are someone who pays your EMI regularly but you are facing some financial problems so you can’t pay your EMI regularly you should go for personal loan balance transfer , you can transfer your existing personal loan amount to another bank with reducing interest rate and you can pay your EMI regularly and your Credit history will be intact.
• You can take a top-up loan if you are going for personal loan balance transfer. You can approach the bank you are transferring and can take a top-up loan.

Documents required for Personal Loan Balance transfer (salaried)

• Signed application form for Personal Loan Balance Transfer and passport size photograph.
• Identity Proof (PAN Card/ Passport/Voter ID/Adhaar Card/driving license)
• Age Proof (PAN Card/ Passport/Voter ID/Adhaar Card/driving license)
• PAN Card copy
• Address Proof (Passport/Voter ID/Adhaar Card/Latest Electricity Bill/ Rent Agreement)
• Last 6 months bank statement
• Last 3 months salary slip
• Present Personal Loan lender’s statement.(loan transfer)

Documents required for Personal Loan Balance transfer (self-employed)

• Singed application form for Personal Loan Balance Transfer and passport size photograph.
• Identity Proof (PAN Card/ Passport/Voter ID/Adhaar Card/driving license)
• Age Proof (PAN Card/ Passport/Voter ID/Adhaar Card/driving license)
• Address Proof (Passport/Voter ID/Adhaar Card/Latest Electricity Bill/ Rent Agreement)
• PAN Card
• Last three years balance sheet statement (profit and loss)
• Last six-month bank statement of individual and business entity.
• Present Personal Loan lender’s statement.(loan transfer)

Eligibility for Personal Loan Balance Transfer

• Applicant must have a running personal loan
• Loan amount should be higher or equal to 50,000
• 12 months of clean EMI track record.
• CIBIL score as per the bank’s policy, but not less than 650.

Personal Loan Balance Transfer Interest rate