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Personal Loan for Balance Transfer with IDFC First Bank

Saving money is vital, so why not do the same with your personal loans? High-interest credit cards or personal loans can burden your finances and disrupt your planning. However, you can address this problem by using IDFC FIRST Bank's personal loan.Read More

IDFC FIRST Bank can help you meet your personal loan balance transfer objectives with flexible repayment terms, low interest rate, and more affordable EMIs. You can apply for a personal loan online with a few clicks on your smartphone. Read Less

What is Personal Loan Balance Transfer?


A personal loan balance transfer is the process of switching your ongoing personal loan from one bank to another. With this, you can also transfer your credit card balance to a personal loan. It is a valuable facility as it helps you save money. Depending on the outstanding balance of the present loan, even a difference of 0.50 per cent to 1 per cent in interest rate will significantly reduce your EMIs, saving more money. Therefore, opting for a personal loan balance transfer at a lower interest rate is always recommended.

Before using personal loan transfer, though, you must request foreclosure statement from your current bank. You can apply for instant personal loan with the new bank when you receive the foreclosure notice from the previous bank. If the new bank accepts your Personal Loan Balance Transfer application, they will pay off the outstanding debt to the previous bank

What are the features and benefits of personal loan balance transfer?

Instant Personal Loan from IDFC FIRST Bank can help with balance transfer by allowing you to consolidate high-interest credit card balances or other loans into a single personal loan with potentially lower interest rates and better terms. Here’s how it works specifically for balance transfer:

Pay Off High-Interest Balances

Pay Off High-Interest Balances

Digital Personal Loan enables you to use the loan amount to clear outstanding balances on credit cards or other high-interest loans. For example, credit card interest rates often exceed 30–40% annually, while instant personal loan offers rates starting at 9.99% per annum, significantly reducing interest costs.

Single Loan with Lower Rates

Single Loan with Lower Rates

By transferring balances to a personal loan, you consolidate multiple debts into one loan with a fixed interest rate. This simplifies repayment and can save money if the loan’s rate is lower than the rates on your existing debts.

Flexible Repayment Tenure

Flexible Repayment Tenure

Personal loan from IDFC FIRST Bank offers repayment periods from 9 to 60 months, allowing you to choose a tenure that aligns with your financial capacity. A longer tenure reduces monthly payments, making them more affordable, though it may increase total interest paid overtime.

Zero Foreclosure Charges

Zero Foreclosure Charges

With no penalties for early repayment, you can pay off the bank loan ahead of schedule if you have extra funds, reducing interest costs and clearing debt faster.

Streamlined Payments

Streamlined Payments

Instead of juggling multiple credit card or loan payments with varying due dates, a balance transfer to instant personal Loan consolidates everything into one monthly payment, reducing the risk of missed payments and improving financial discipline.

Fast Processing and Disbursal

Fast Processing and Disbursal

IDFC FIRST Bank offers quick loan approval (often within hours) and disbursal within 48 hours for eligible applicants with good credit and complete documentation. This allows you to transfer balances and settle high-interest debts promptly.

Potential Credit Score Improvement

Potential Credit Score Improvement

Timely payments on the instant loan can positively impact your credit score, especially if you were struggling with high credit card utilization or missed payments before the transfer.

ELIGIBILITY FOR PERSONAL LOAN BALANCE TRANSFER

Who can apply?

  • Age: Individuals between 21 to 60 years of age can apply for personal loan.
  • Employment: Instant cash loan is available to both salaried and self-employed individuals
  • Credit Score: Applicants need to have a CIBIL score of 730 and above.

Documentation

Applicants only need to produce their physical PAN card during the V-KYC (Video KYC) process for verifying their details.

More Details

Eligibility Img Alt

Fees and Charges for personal loan balance transfer
 

Check out the table below to know the personal loan interest.

Types of Fees

Applicable Charges

Personal loan interest rate

Starting 9.99%

Processing fees

Processing Fees of up to 2% will be deducted from the loan amount at the time of disbursal

Late payment fees

2% of the unpaid EMI or Rs 300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment.

Stamping Charges

As per actuals

 

Disclaimer: The above rate is applicable to loan amount above ₹1 lakh.

Service Charges and Fees for Personal Loans


IDFC FIRST Bank offers transparency in personal loan schemes and loan charges. We do not have hidden loan interest, prepayment charges, and processing fees. Read on to know the personal loan interest rates we charge.

  • Prepayment of a loan before the end of tenure attracts pre-closure charges.
  • A waiver on loan amount due to prepayment of loan is applicable if:
  1.  12 or more EMIs have been paid.
  2.  Prepayment is doing using your own funds.
  • Part pre-payment facility is not available for personal loans at IDFC FIRST Bank.

 

Calculate your Personal Loan Interest Rate


IDFC FIRST Bank has an online personal loan EMI calculator that you can use to check your monthly EMI. The EMI calculator has three parts: loan amount, tenure, and rate of interest. You can use it by entering the personal loan amount you need, the applicable personal loan interest rate, and the tenure for which you want the loan. Once you enter these details, the EMI calculator will give you the EMI.

How to apply for a personal loan balance transfer?

You can apply for a Personal Loan Balance Transfer on the IDFC FIRST Bank website or mobile app. Here are the 5 simple steps to apply. 

If you want to transfer multiple personal loans to IDFC FIRST Bank, you must enter the details of all the loans.

You can also add the loan amount you need. Once you have provided the necessary details, an IDFC FIRST Bank representative will contact you to take your application further.

Step 1

Click on Apply Now to start your personal loan application process

Step 2

Register with your mobile number.

Step 3

Confirm basic details to check your personal loan eligibility.

Step 4

Choose your loan preferences and link your bank account.

Step 5

Once verified, receive the loan amount in your account within a few hours.

FREQUENTLY ASKED QUESTIONS

Do I need to provide any security or collateral to obtain a personal loan?

IDFC FIRST Bank does not require any security or collateral for personal loans. You can avail of a personal loan if you have a steady flow of income and a good credit score.

How much time will it take for my personal loan to be approved?

You can apply for a personal loan online with IDFC FIRST Bank. Your personal loan application will be approved within a few hours if you meet the required criteria.

How can I prepay my personal loan as I cannot visit a branch?

IDFC FIRST Bank allows you to prepay your personal loans online. You may need to pay a prepayment fee, but the process eliminates the need to visit a branch.

Does a personal loan balance transfer affect your credit score?

Yes, a personal loan balance transfer can impact your credit score. Applying for the transfer results in an inquiry, which can temporarily reduce your credit score. However, timely repayments on the new loan can improve your score in the long run.

Are there any costs related to transferring the amount of a personal loan?

Yes, lenders may charge processing fees, foreclosure charges from the previous lender, and administrative costs. It’s important to compare these fees against potential interest savings to ensure a beneficial transfer.

Can the repayment tenure be changed while opting for the personal loan balance transfer?

Yes, most lenders allow you to modify your loan tenure during the balance transfer process. You can choose a shorter tenure to pay off the loan faster or extend it to lower EMIs for making the payments more affordable.

Can you increase your loan amount by opting for a balance transfer?

Yes, some lenders offer a multiple loan on demand facility along with a balance transfer allowing you to borrow additional funds if you meet the eligibility criteria. This can be useful for covering extra expenses while benefiting from lower interest rates.

More FAQs

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FEATURED

NOC Full Form & Its Importance in Loans

If you are thinking of opting for a personal loan, you should know that the entire process takes place in four steps - loan application, loan approval, receiving the instant personal loan, and the punctual settlement of the loan. Once you are done paying all your EMIs, the final step is collecting your loan No Objection Certificate (NOC). This guide will help you understand everything about the NOC, including how to collect it.

Team FinFIRST24 Dec 2024 • 3 mins read

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