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Personal Loan Balance Transfer

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

Using it, you can save money by getting extended repayment terms, less interest, and more affordable EMIs. You can also apply for a Personal Loan Balance Transfer easily on the IDFC FIRST Bank website and mobile application. Your personal loan balance will be transferred within hours if your application is approved.Read Less

What is Personal Loan Balance Transfer?


Personal Loan Balance Transfer is the process of switching your ongoing personal loan from one bank to another. 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.

Before using Personal Loan Balance 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?

The features and benefits of a personal loan balance transfer include:

Reduced interest rate

Reduced interest rate

When you transfer your loan balance to a new bank, you do so because they offer a lower interest rate. Your EMI will be decreased because of this, and you can pay off your loan faster.

Less processing fees

Less processing fees

Refinancing your personal loan may enable you to obtain better repayment terms. You may also have to pay less in processing fees and prepayment charges, all of which adds up to save more money.

Longer loan duration

Longer loan duration

You can get a longer repayment term with Personal Loan Balance Transfer. The new bank will allow you to customise your repayment plan, giving you a license to extend your repayment term by a few months or years.

Increased loan amounts

Increased loan amounts

Many people choose Personal Loan Balance Transfer because it allows them to get a larger loan.

ELIGIBILITY FOR PERSONAL LOAN BALANCE TRANSFER

Who Can Apply?

For Salaried Individuals:

  • Minimum Age: 23 years
  • Maximum Age: at the time of loan maturity - 60 years or retirement, whichever comes first

For Self-Employed Individuals:

  • The business must have been in existence for a minimum period of 3 years
  • Minimum Age: 25 years
  • Maximum Age: 65 years at the time of loan maturity

Documentation

Instant Personal Loan disbursal through digital loan journey:

  • Valid KYC
  • 3 months’ bank statement
  • Net Banking or Debit Card details to set up e-Mandate
  • eSign/eStamp for faster disbursal

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 10.99%

Processing fees

Processing Fees of upto 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

 

Interest Rate Range for Personal Loans

 

The personal loan interest at IDFC FIRST Bank is subject to customer's risk profile. Refer to the table below to know the current personal loan rates.

Product type

Maximum interest rate

Minimum interest rate

Personal loan

23%

10.99%

 

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. You will need to provide basic information like below.

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.

Stage 1: Online application

Visit the IDFC FIRST Bank Loans website or loans app to apply for an instant personal loan. You must fill out the application form and provide your details.

Stage 2: Approval

The bank will approve your loan request if you pass the eligibility check.

Stage 3: Upload documents

Complete the verification process by uploading the necessary documents.

Stage 4: Disbursal

When the bank verifies your documents, the loan amount will be transferred into your account.

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 48 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.

Can I foreclose or prepay my personal loan?

Yes, you can prepay your personal loan by paying a prepayment fee.

Do you offer a Balance Transfer facility in a Personal Loan?

Yes, IDFC FIRST Bank offers balance transfer facilities for all types of loans, including personal loans.

Can I move my personal loan to a different bank?

Yes, you can move your personal loan to a different bank by using the Personal Loan Balance Transfer facility. It is the process of moving your ongoing personal loan from one bank to another. 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.

What is the interest rate for a personal loan balance transfer?

IDFC FIRST Bank offers low-interest personal loans for balance transfers, with rate starting at 10.99% per annum, depending on your credit profile and loan tenure.

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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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