Check Your Eligibility for a Personal Loan Transfer from One Bank to Another

Before applying for a transfer personal loan from one bank to another, check if you meet these criteria:

• Age Criteria:

  ✔ Majority of banks require applicants to be between 21 to 60 years (age varies with lenders)

  ✔ Some banks can have a greater maximum age for self-employed (upto 65 years).

• Compare Offers: Find the best interest rates from another lender. A few top examples include:

  ✔ HDFC personal loan balance transfer - Tenure up to 6 years.

  ✔ ICICI personal loan balance transfer -Tenure range of 1-6 years

• Check Your Credit Score: A score of 750+ will improve your approval chances.
• Check Loan Tenure Compliance: Most lenders require at least 12-18 months of repayment before a transfer.
• Minimum Monthly Income: Most lenders require a salary of at least ₹20,000 per month.
• Stable Employment or Business History:

  ✔ Salaried Employees -A minimum of 1-year continuity of job.

  ✔ Self-Employed Individuals - Having a 2-3 years' stable business track record enhances chances for approval.

• Calculate Personal Loan EMI:Get an instant estimate of savings before you consider a new lender for a personal loan BT.
• Debt-to-Income Ratio:

  ✔ Your total EMIs must not be more than 40-50% of your monthly income.

  ✔Lower liabilities enhance chances of approval.

We aim to simplify the loan process while keeping your best interests in mind. Meeting the criteria can ensure a smooth and faster loan approval process.

If you qualify for these, you can apply for a Personal Loan Balance Transfer to avail of lower interest rates and improved terms.

Need to transfer your personal loan without any hassle? My Mudra can assist you in identifying the best bank for your loan transfer. Check your eligibility and apply online at My Mudra!

To transfer your personal loan to a new bank successfully, you must provide the following documents:

• ✔ Identity Proof:

  Aadhaar, PAN, Passport, Voter ID, or Driving License

• ✔ Address Proof :

  Utility bills, Rental agreement, or Bank passbook

• ✔ Income Proof:

  ✔ Salaried - Salary slips (3 months), Bank statements (6 months), Form 16/ITR.

  ✔ Self-Employed -ITR (2-3 years), Profit & Loss statement, Bank statements (6 months)

• ✔ Income Proof:

  ✔ Salaried - Salary slips (3 months), Bank statements (6 months), Form 16/ITR.

  ✔ Self-Employed -ITR (2-3 years), Profit & Loss statement, Bank statements (6 months)

• ✔ Current Loan Documents: Sanction letter, Repayment history (previous 12 months), Loan statement, NOC (if necessary)

Need help in balance transfer of your loan? My Mudra assists you in selecting the best lender for a hassle-free balance transfer.

• Compare Banks and NBFCs:

  Get access to the lowest interest rates available and choose from 20+ options.

• Fast Process:

  Apply online and transfer personal loan from one bank to another in just a few streamlined steps.

• Lowest Interest Rates:

  Enjoy the personal loan balance transfer lowest interest rate for maximum savings.

• Trusted and Reliable:

  My Mudra works only with authorized financial institutions.

• 100% Transparency:

  You need not worry about any hidden charges or surprise fees.

• Flexible Repayment Terms:

  You can stretch your loan tenure for affordable EMIs.

• Trusted by Thousands:

  Hear from our satisfied customers about their smooth and hassle-free personal loan experiences.

Switch to a lower rate and save more every month. Get access to top lenders offering the best personal loan balance transfer rates.

Affordable EMIs | Quick Transfer | Compare 20+ Banks & NBFCs