Apply Personal Loan for Balance Transfer

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Personal Loan for Balance Transfer

A Personal Loan for Balance Transfer is a financial product that allows borrowers to transfer their outstanding loan balances from one lender to another. The primary purpose of a balance transfer is to take advantage of better terms, lower interest rates, or more favorable repayment options offered by the new lender.

LoanMoney, an authorized direct selling agent for various financial services, offers a Personal Loan for Balance Transfer. It provides numerous benefits, including access to the maximum loan amount, competitive interest rates, minimal processing fees, a straightforward, swift, and secure application process, flexible repayment options, instant approval, and rapid loan disbursal in less than 48 hours.

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All Banks Personal Loan

Bank Name

Loan Amount

Interest Rate

Special Features

Axis Bank
Personal Loan

Details

1 Lac To 50 Lacs

10.25% - 22.50%

Part or Preclosure charges Nil

Eligibility Criteria

Salaried - Age at least 21 and less than 60
Applicant Should Be Earning at Least 25,000 Per Month as Net Income

Documents

Current Address Proof is Not Mandatory if Aadhar Card OTP Verified

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - 6 Months Banking Required If Case Book For Balance Transfer With 6 Months EMI Clearance & Job Continuity Proof Required

Fees & Charges

Nil Charges For Closure and Part Payment Available For More Than 10 Lac Loan Amount.
Pre-closure Fee - 5% Of Principal Outstanding (After One Month) In 2nd Year. 4% In 3rd Year & 3% Afterwards
Part-payments Can Be Made After One EMI 5%. For Part Payments Between 13 To 24 Months, A Fee Of 4% Is Applicable On The Part-payment Between 26 To 36 Months, 3% Is Applicable
Part-payments Are Allowed 12 Times In A Year.

HDFC Bank
Personal Loan

Details

1 Lac - 1 Crore

10.25% - 12.49%

Part Payment & Foreclosure Facilities

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Maximum Tenure - 72 Month
Applicant Should Be Earning at Least 35,000 Per Month as Net Income
Nil Closure and Part Payment Facility Available for More than 10 Lac Loan Amount.

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 6 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - Form 16 & Office I-Card Mandatory for Government Customers

Fees & Charges

Nil Charges For Closure and Part Payment Available For More Than 10 Lac Loan Amount.
10 Lacs Loan Amount -pre-closure Fee = 4% Of Principal Outstanding 2nd Year. 3% In 3rd Year & 2% Afterwards.
Part-payments Can Be Made Only After 12 Months. For Part Payments Between 13 To 24 Months, A Fee Of 4% Is Applicable On The Part-payment Amount. 3% Is Applicable On Payments Between 25 To 36 Months. 2% Is Applicable Post 36 Months.
Part-payments Are Allowed Only Twice During The Loan Tenure And Once A Year. The Amount Cannot Exceed 25% Of The Principal Outstanding.
In Golden Edge Facility Pre Closure Charges Nil After 12 Months

ICICI Bank
Personal Loan

Details

1 - 50 Lacs

10.25% - 22.50%

Prepayment of the loan is possible after 12 EMI

Eligibility Criteria

Salaried - Age at least 23 and less than 65
Applicant Must Have A Monthly Income Of 35,000 Or More
For Non Listed Companies Monthly Income Should Be 40,000 Per Month

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - 6 Months Banking Required If Case Book For Balance Transfer With 6 Months EMI Clearance

Fees & Charges

Nil Charges For Closure And Part Payment Available For More Than 10 Lac Loan Amount.
Pre-closure Fee - 5% Of Principal Outstanding
Golden Edge Scheme Available More Than 10 Lacs Loan Amount

Yes Bank
Personal Loan

Details

Upto 50 Lacs

From 10.40% - Max 16%

Transfer your Existing Personal Loan

Eligibility Criteria

Age - At Least 23 And Less Than 58
Applicants Must Be Salaried Indian Residents Working At Mncs, Public Companies Or Other Large Private Organisations
Monthly Income Should Be More Than 35,000

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date
Additional Documents - Form 16 & Office I-card

Fees & Charges

Pre-closure Fee = 5% Of Principal Outstanding

Induslnd Bank
Personal Loan

Details

1 - 25 Lacs

10.75% - 22%

Simple Documentation, Quick Disbursal

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Applicant Should Be Earning at Least 25,000 Per Month as Net Income

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 6 Months Bank Statements Of Till Date
Additional Documents - Form 16 & Office I-card

Fees & Charges

Pre-closure Fee = 4% Of Principal Outstanding (Plus Applicable Tax) In 2nd Year. 3% (Plus Applicable Tax) In 3rd Year & 2.5% (Plus Applicable Tax) Afterwards
Part-payments Can Be Made Only After 12 Months. For Part Payments Between 13 To 24 Months, A Fee Of 4% Is Applicable On The Part-payment Amount. 3% Is Applicable On Payments Between 25 To 36 Months. 2% Is Applicable Post 36 Months
Part-payments Are Allowed Only Twice During The Loan Tenure And Once A Year. The Amount Cannot Exceed 25% Of The Principal Outstanding

Indiabull
Personal Loan

Details

Upto 15 Lacs

11.99% Onwards

Loan Disbursal within 48 hours

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Self-employed - Age At Least 23 And Less Than 58, Office & House Should Be Own

Documents

Passport Size Photo, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - Latest 3 Months Salary Slip & 3 Months Bank Statements Of Till Date(Pdfc)
Additional Documents - 6 Months Banking Required If Case Book For Balance Transfer With 6 Months EMI Clearance
For Self Employed Need Minimum 2 Years Of Itr Copy & 6 Months Bank Statement Of Current Account With Gst Registration Certificate

Fees & Charges

Pre-closure Fee - 5% Of Principal Outstanding

IDFC First Bank
Personal Loan

Details

1 Lacs - 20 Lacs

11.10% - 17.20%

Top-up Facility for Existing Customer

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Monthly Income Should Be More Than 20,000
For Listed & Non Listed Both
Digital Process

Documents

Selfie, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - 3 Months Bank Statements Of Till Date

Fees & Charges

Pre-closure Fee = 5% Of Principal Outstanding After 6th EMI.

Fullerton Bank
Personal Loan

Details

1 Lacs - 25 Lacs

12.99% - 18%

Quick Loan Disbursal

Eligibility Criteria

Salaried - Age at least 23 and less than 58
Monthly Income Should Be More Than 20,000
For Listed & Non Listed Both
Digital Process

Documents

Selfie, Pan Card, Aadhaar Card & Current Address Proof
Income Proof - 3 Months Bank Statements Of Till Date

Fees & Charges

Pre-closure Fee = 5% Of Principal Outstanding After 6th EMI.

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Why you should choose us?

Loanmoney provides transparent and trustworthy loan services to fulfill your immediate financial needs.

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Experience fast personal loan transactions with minimal documentation requirements.

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What our clients say

We pride ourselves on providing transparent and quality service to our clients, but you don’t just have to take our word for it. Read what our clients have to say about us.

Job Varghese

Client

I am totally satisfied by loan money and the way it services its customers.... especially I thank and appreciate Ms. Somya as she is a great resource to the organization. She has been constantly assisting me from start till the end and has been a very prompt and sensible officer as she could offer the relevant deal for me.

Vishwajeet Nanaware

Client

LoanMoney is really good in providing loan services. Particularly Chanchal, my loan assistant has great skills to communicate with her clients and understand their needs. She processed my personal loan on time. The rate of interest offered was lower than the others. it was overall a good experience with 100% satisfaction.

Avlokit Kaushik

Client

This is my second time in have taken a loan from LoanMoney. Kavita has helped me a lot..very cooperative very helpful very fast. Thanku again.

FAQs for Personal Loan for Balance Transfer

What are the benefits of taking a personal loan with the help of Loanmoney?
The benefits of taking a personal loan with the help of Loanmoney are:
- Collateral-free Loan
- Minimum Document Required
- Attractive Rate of Interest
- Flexible Repayment Option
- Lowest EMI
- Maximum Loan Tenure
- Quick Disbursal
- Door-Step Services
What is the tenure of a personal loan?

Personal loans feature tenure of 1 year to 5 years or 12 to 60 months.
What are the key documents required when applying for a personal loan?
The key documents required for a personal loan are:
- Application Form with Passport size Photo
- Identity proof: Voter ID Card, Aadhar Card, PAN Card, Passport, Driving License
- Address proof: Voter ID Card, Aadhar Card, Driving License, Ration Card, Passport, Telephone/Electricity Bill, Rental Agreement.
- Latest 3 months bank Passbook statement
- Latest 3 months salary slip or current salary certificate.
- Latest Form 16
Am I eligible for a personal loan?

To be eligible for a personal loan, you must have a regular source of income to avail of a personal loan, whether you are a salaried individual, a self-employed business person, or a professional. Some other factors that are affected are credit history, residential location, and other factors as per the lender’s criteria.
What is an EMI?

EMI stands for Equated Monthly Installment (EMI). It is a monthly payment given by a borrower to a creditor on a defined day in each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.
What are Nil Foreclosure Charges in Personal Loan?

The term Loan foreclosure means when a person does the full repayment of the remaining loan amount in one single & final payment instead of paying it back in multiple EMIs.

Some banks don't allow foreclosure of the loan as they won’t get the interest from the borrower and some banks allow foreclosure of the loan but they charge a certain amount from the borrower. While taking a Personal Loan try to see if there is zero foreclosure charges or nil foreclosure charges facility available for borrowers. This can save you money that you were going to pay to the bank.
Do I need to provide any security or collateral to obtain a Personal Loan from Bank?

No, you don’t have to provide any security, collateral, or guarantee to obtain a Personal Loan from Bank.
How much would I need to repay each month?

At the time of booking your loan, the EMI (Equated Monthly Instalments) will be calculated based on the loan amount sanctioned, interest rate, and the tenor.
How long will it take for my Personal Loan to be processed?

Once you submit your application form and the required documents as per Bank's criteria, you can expect our approval and disbursal within 5 working days, provided everything is in order. All loan approvals are at the sole discretion of the bank.
What happens if I miss an EMI payment or there is an ECS bounce?

The bank will levy certain ECS bounce charges/penalties. In addition, it will get reported in your credit report. Depending on the severity of the default it can have a serious impact on your future credit possibilities like a home loan, car loan, etc. In addition, the banks can also take legal action against the borrower.