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.

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.

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

Why Choose a FIRSTmoney personal loan for balance transfer?

Wondering why a personal loan for balance transfer from IDFC FIRST Bank is the right choice? Here’s why:

• Reduce your EMI burden instantly with lower interest rates.

• Close your loan at any time without worrying about foreclosure charges.

• Apply digitally in minutes with Aadhaar-PAN verification and minimal paperwork.

• Access additional credit whenever required through the app.

• Competitive interest rates, starting at 9.99% p.a., make repayment affordable.

What Can a Balance Transfer Loan Be Used For?

A balance transfer loan empowers you to restructure your finances effectively and lower your interest costs. Here are some common uses:

• Consolidating your high-interest loans using personal loan by IDFC FIRST Bank can help you save on interest.

• Consolidate multiple loans or credit card dues into one manageable EMI.

• Reduce overall repayment burden with lower interest rates and flexible terms.

• Free up monthly cash flow by choosing longer repayment schedules.

• Access extra funds via on-demand loans for emergencies or planned expenses.

• Simplify financial planning by having one lender and one repayment schedule.

Fees and Charges for personal loan balance transfer

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

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.