What is the Best Way to check personal loan balance transfer simply?

Personal Loan Balance Transfer | The most essential component in determining the overall cost of the Personal Loan is the interest rate offered to the individual. A lower interest rate equals cheaper EMIs and reduced interest payment over the course of the loan. Let’s have a look at the most recent Personal Loan Interest Rates offered by banks and non-bank financial companies. 

Personal Loan Balance Transfer Interest Rates in India 2021 

Here is the list of personal loan balance transfer interest rates offered by banks available in India 2021: 

Bank	Interest Rate (p.a.)	Repayment Tenure
ICICI Bank	11.29% onwards	12 to 60 months
HDFC Bank	15.50% to 21.50%	12 to 60 months
Canara Bank	11.00% onwards	Up to 60 months
Kotak Mahindra Bank	10.99% to 24% p.a.	12 to 60 months
IndusInd Bank	10.50% onwards	12 to 60 months
Axis Bank	8.90%	12 to 60 months
State Bank of India	11.95% onwards	Up to 72 months
Bank of Baroda	According to the bank’s term and condition	Up to 48 months
Indian Overseas Bank	11.90% onwards	Up to 60 months
Corporation Bank	12.85% onwards	Up to 60 months

 Features and Benefits of Personal Loan Balance Transfer  

Listed below are the main features and benefits of a personal loan balance transfer to check the amount of your fund:  

• Increased interest rate: When the user transfers the personal loan balance through another bank, you do so because the bank offers you a lower interest rate. Your EMI will be decreased as a result of this, and you will be able to pay off your loan faster. 
• Better features: Refinancing the personal loan may enable you to obtain better terms from your new lenders, such as a lower interest rate or a lower processing charge. It may also assist you in terminating your partnership with a lender whose services you are unhappy with and establishing a new relationship with a new lender in some situations. 
• Longer loan duration: You will witness new terms and conditions while considering a balance transfer on personal loan. Consequently, you can select a repayment period that fits your budget. When performing a balance transfer, you can also add or remove co-applicants. 
• Increased loan amount: When your original loan amount is insufficient to meet your financial needs and your current lender does not enable you to obtain a top-up loan, a balance transfer is a great option. 

Eligibility Criteria of Personal Loan Balance Transfer  

Here is the certain eligibility check for a personal loan balance transfer that can easily check with an availed person, age criteria, work experience, and minimum monthly income:  

Who Can Avail Loan	For the salaried applicants employed in private firms and government organizations.
Age	From 21 years up to 60 years
Work Experience	2 years of total experience out of which 1 year should be with the current employer
Minimum Monthly Income	Rs.15,000

Documents required for a personal loan balance transfer  

Though the documents required to do a Personal Loan Balance Transfer that may vary from lender to lender, however, this is the basic list of basic points:  

Salaried Applicants	Self-employed Applicants
3 months’ salary slips  Identity proof: Passport, Aadhar Card, Driving License, etc.  PAN Card  Address proof: Aadhaar Card, passport, voter’s ID, etc.  2 photographs	Last 3 years balance sheet  Profit & Loss account statements  PAN Card  Last 6 months current account statements  Applicant’s savings account statements

 How to do a Personal Loan Balance Transfer on the Personal Loan?  

A Personal Loan Balance Transfer is an excellent choice if your income has increased or if the interest rate on your current loan is higher than the rate given by a new lender. It’s an excellent approach to reevaluate your debt, make changes, and adjust it to meet your financial needs. 

However, before you decide to transfer your loan sum, keep the following in mind: 

• Check out the interest rates on balance transfers given by different lenders. If the interest rate is not specified on the banks’ official websites, you can visit any branch or phone their customer service helpline. 
• To figure out how much you’ll save by transferring the personal loan balance, use the balance transfer calculator. 
• For doing a balance transfer, most lenders will impose a processing fee based on the outstanding principal amount. If the price is too expensive, consider if a balance transfer is worthwhile. 
• Before you make your final decision, make sure you read all of the terms and restrictions related to the balance transfer. 

If you desire to do a balance transfer on a personal loan, you can do so in one of the following ways: 

• To apply for a balance transfer online, go to the lender’s official website. 
• Bring the necessary documentation to the bank’s nearest branch where you’ve selected to use the balance transfer option. 

Conclusion: 

At the end of the conclusion, you can check the entire details related to personal loan balance transfers offered by any bank. You can check the eligibility criteria, interest rate, and personal loan eligibility calculator process to check the balance transfer.