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Compare & Apply for Personal Loan Balance Transfer
Taking a loan is easy but repaying it is one burdensome task which takes a toll on the borrower as the monthly instalments begin to be deducted from the total income. And a higher rate of interest is like an added baggage which you cannot let go off.
Often we get to know after some time paying the personal loans that there were or are some better personal loan options available from other banks that would have cost less or had a better tenure and other features that helped one to save on the hard earned money. The Personal Loan Balance Transfer gives you the opportunity to switch the outstanding balance amount of your loan from one existing bank to another offering a lower rate of interest. It is a great way to save interest and reduce monthly instalments.
How is Personal Loan Balance Transfer Processed?
To transfer the personal loan from one lender to another, follow the steps given below:
1. Do some research and look for the lowest interest rate on personal loan which you can get and on the basis of that calculate the saving on interest.
2. Also, look into the transfer cost of the loan. Usually, when transferring personal loan from one bank to bank, there are processing fees and foreclosure charges(if any) involved. Sometimes these charges are a lot more and there is a possibility that you will end up paying more in the end if you transfer without a topup amount on the loan. So, calculate the net benefits before making the shift.
3. Shortlist the banks and compare their interest rates, loan amount eligibility, processing fees and other charges.
4. Once you have done all this and are sure to transfer the personal loan from existing to a new lender, you will have to apply for NOC and foreclosure letter from the current bank.
5. Apply for a loan with a new lender and submit all the requisite documents.
6. Get the sanction letter from the new bank and execute a new loan agreement.
7. Your new lender will give disbursement in favour of the current bank through cheque or demand draft and additional top-up amount( if any demanded) will be credited to your bank account directly. Deposit the cheque/ demand draft with your present bank.
8. Once your current bank will receive the loan outstanding, it will close your loan account and cancel all the ECS/cheques.
The whole process of personal loan balance transfer usually takes 4-8 days.
Features & Benefits
Eligibility
Who can apply:
- Minimum ₹ 25000 monthly income in metro cities and ₹ 20,000 in other cities
- Salaried individual
- A credit score above 650
- Total work experience of atleast 1 year
Age:
- Above 23 years and below 58 years
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- Aadhar Card (Mandatory)
- Pan card (Mandatory)
Any of the following
Address Proof
- Passport
- Utility Bill
- Aadhar Card
- Driving License
Any of the following
Other Docs
Mandatory
- Salary Slips ( Last 3 months)
- Salary A/c Bank statement ( Last 3 months)
Calculator
Calculate your Loan EMI in 3 easy steps. Use the slider to set your loan amount, interest rate and tenure to understand your loan summary
Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
LoansJagat is a platform to offer personal loan balance transfer quickly and efficiently without having a difficult application process. Our aim is to offer a hassle-free process so that no one has to wait for their dream to become a possibility. Apply for a loan right away!
- Scroll Up. Fill in the basic details about your name, number, and work profile.
- Fill in your personal details. For example, your email, company name, and DOB.
- Mention your credit score, PAN number, and salary-related information.
- Compare the offers from 20+ banks and NBFCs before applying for loans.
- Organise all the documents, like the Aadhaar Card, PAN Card, residential proof, KYC details, and past 3 months' bank account statement. Submit these documents when needed.
- After successful document verification, your loan will be approved and money will be credited to your bank account.
Tips to Avoid Loan Rejection
The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of personal loan balance transfer.
1. CIBIL Score Above 650
You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number. You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number.
2. Lower Debt-To-Income Ratio
If you majorly depend on your credit card, even after spending your monthly income, then the chances of loan approval are low.
3. Clear Existing Debts
Try to stay clear of all the outstanding debt. If you repay your loans timely, then banks will prefer to lend more loans to you.
4. Provide Verified Information
Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.
5. Stable Employment
Try to have a stable job for at least 1 year before applying for a loan. This will help you have more chances of loan application approval.
6. Credit Report of Last 6 Months
When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.
7. Timely EMI Repayments
If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.
8. Don’t Engage in Paid Fantasy Gaming Apps
Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.
9. Clean Salary Bank Account Statement
Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your salary bank account.
10. Average Bank Balance
Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.
11. Multiple F&O Transactions in the Stock Market
If you can retain 25% of your monthly income as savings in your bank account, then banks will prefer to approve your loan application.