Personal Loan Balance Transfer
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Purpose: Your data is collected exclusively to check your loan eligibility and securely connect you with your chosen lending partner. We process this information strictly in accordance with RBI guidelines to facilitate your application. We do not sell your data, and it is used exclusively to facilitate your loan application.
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A personal balance transfer loan allows borrowers to shift their existing loan from one lender to another. When opting for a loan, a borrower carefully compares interest rates and tenures and, finally, selects an EMI amount that works best for them. After a while, the borrower may find better rates and more favourable terms from another lender. A personal loan transfer facility enables the borrower to take advantage of better loan terms and move their remaining repayable amount to the new borrower.
The first step of a personal loan transfer from one bank to another is to confirm the eligibility of the borrower at the new bank. This is followed by the form submission and documentation. Once all formalities are done, the new bank pays off the remaining loan to the old bank. For a balance transfer loan meaning the foreclosure of an existing loan, some banks may charge a particular fee — a percentage of the outstanding balance. With the previous loan settled and the account closed, the borrower now continues with the new payment schedule at the new bank.
A significant benefit of opting to transfer personal loan from one bank to another is the potential of availing a lower interest rate. Securing a new loan at a lower rate reduces the EMIs and greatly brings down the overall borrowing cost.
Here is a quick and easy guide on how to transfer personal loan from one bank to another:
Here's a list of the banks offering the personal loan transfer facility for a quick comparison:
Note: These are the latest rates as of February 28, 2025, and are subject to change at the banks’ discretion. Suppose you decide to opt for HDFC personal loan balance transfer. Make sure to confirm the latest rates before proceeding to stay informed about your financial obligations.
| Bank | Interest Rate | Processing Fee | Tenure |
|---|---|---|---|
See how borrowers have reduced their financial burden with personal loan balance transfers.
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Purpose: Your data is collected exclusively to check your loan eligibility and securely connect you with your chosen lending partner. We process this information strictly in accordance with RBI guidelines to facilitate your application. We do not sell your data, and it is used exclusively to facilitate your loan application.
Borrowers can reduce their tenure with a balance transfer personal loan to another bank. It also works the other way around - borrowers can extend their tenure to reduce their monthly obligations.
A personal loan balance transfer can provide access to lower charges. Some banks may not charge any fee on processing and prepayment, which significantly improves the finances.
A personal loan balance transfer helps borrowers consolidate their debt and combine their total repayment balance under one medium. This way, loan management is easier.
Start by checking your eligibility for the available loan options.
Visit our Personal Loan Balance Transfer Online Page.
Compare the different banks offering personal loan balance transfers.
Select the bank and proceed with the application.
Track the personal loan balance transfer status and enjoy quick disbursal of funds on My Mudra.
HDFC Bank |
| 10.85% - 24% |
| INR 6,500 |
| Up to 6 Years |
Axis Bank | 11.1% - 22% | Up to 2% | Up to 5 Years |
Kotak Mahindra Bank | 10.99% - 16.9% | Up to 5% | Up to 6 Years |
IDFC FIRST Bank | 10.99% - 23.99% | Up to 2% | Up to 5 Years |
ICICI Bank | 10.85% - 16.65% | Up to 2% | 1 - 6 Years |
Yes Bank | 11.25% - 21% | 0% - 2.5% | Up to 5 Years |
Tata Capital Limited | 11.99% - 35% | Up to 4% | Up to 7 Years |
Federal Bank | 12% - 22.5% | 1.5% - 2.5% | 1 - 4 Years |
RBL Bank | 18% - 26% | Up to 2% | Up to 3 Years |
"Transferred my personal loan from a bank charging 18% to one offering 12%. My monthly EMI reduced by ₹3,000! My Mudra made the process seamless."
Amount
Balance Transfer
Purpose
Lower Interest Rate
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Employment
The type and place of employment play a crucial role in the personal loan application evaluation process. Salaried individuals are preferred over self-employed applicants as the former has a steady income source. Lenders consider government employees more reliable borrowers than applicants employed in the private sector for the job security the former enjoy.
Credit Score
It applies, regardless of the lender – a high credit score improves the chances of approval. In general, a score of 750 or above gives a good chance of personal loan approval. Any applicant with lower credit scores may get access to personal loans, but they will be charged a higher interest rate and less amicable terms.
After understanding how to transfer loan from one bank to another, you will need to approach your current bank to initiate a foreclosure and submit the following documents at the new bank along with your application.
"Consolidated three different loans into one through balance transfer. Now I have just one EMI to track instead of three. Highly recommended!"
Amount
Balance Transfer
Purpose
Debt Consolidation
"Got a top-up loan along with my balance transfer. The entire process was completed within 3 days. Saved ₹50,000 in interest over the loan tenure."
Amount
Balance Transfer + Top-up
Purpose
Lower Rate & Additional Funds
"My Mudra helped me find a bank offering zero processing fee on balance transfer. The guidance was excellent throughout the process."
Amount
Balance Transfer
Purpose
Reduced Charges
