Personal Loan Balance Transfer

Instant Personal Loan Balance Transfer

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A personal loan balance transfer is a quick solution to reduce the financial burden and make the repayment more manageable. It provides borrowers with the chance to carry on with their loan repayment schedule with better interest rates and borrowing terms.

Last Updated: 24-04-2026

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4.5

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Banks

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Quick Guide

How Personal Loan Balance Transfer Works

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.

Personal Loan Balance Transfer EMI Calculator

Loan Details

Loan Amount

₹

₹1,000₹100,000,000

Interest Rate

1%50%

Tenure

months

6 months180 months

Results

Monthly EMI

₹23537

Total Payable

₹564882

Interest Amount

₹64882

11.5%

Features & Benefits of Personal Loan Balance Transfer

Lower Interest Rates

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.

More Flexible Tenure

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.

Improved Loan Terms

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.

Debt Consolidation

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.

Simple Transfer Process

How to Apply for Personal Loan Balance Transfer

Here is a quick and easy guide on how to transfer personal loan from one bank to another:

Step 1

Start by checking your eligibility for the available loan options.

Step 2

Visit our Personal Loan Balance Transfer Online Page.

Step 3

Compare the different banks offering personal loan balance transfers.

Step 4

Select the bank and proceed with the application.

Step 5

Track the personal loan balance transfer status and enjoy quick disbursal of funds on My Mudra.

Eligibility

Eligibility Criteria for Personal Loan Balance Transfer

The successful transfer depends on the borrower meeting the eligibility criteria of the new bank and getting approval:

Age

Banks may have varied age criteria for loan applicants. In general, the eligible age range is between 21 years and 58 years. While the age eligibility criteria stand, the influence on loan application evaluation can differ. For instance, a loan applicant nearing retirement age can face more rigid terms than others due to uncertainty around their source of income. In contrast, a 21-year-old or so borrower can face difficulty due to the lack of a sufficient credit history.

Monthly Income

A stable source of income is compulsory to be eligible for personal loan balance transfer. However, lenders can set different income requirements for their applicants. For instance, a bank may have set the minimum income requirement at INR 15,000 whereas another bank at INR 25,000.

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.

Documents Required for Personal Loan Balance Transfer

Documents

KYC Documents

Refers to proof of identity and address, like Aadhar Card and PAN Card

Bank Statements

The bank statements for the last three months

Salary Slip

Salary slips for the last three months

Which Banks to Prefer for Personal Loan Balance Transfer

Here's a list of the banks offering the personal loan transfer facility for a quick comparison:

Note: These are the latest rates 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
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

Success Stories

Customers WhoSwitched & Saved

See how borrowers have reduced their financial burden with personal loan balance transfers.

Rohan Mehta

Verified Customer • Balance TransferMumbai

"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

Priya Sharma

Verified Customer • Balance TransferDelhi

"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

Amit Kulkarni

Verified Customer • Balance TransferPune

"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

Sneha Patel

Verified Customer • Balance TransferAhmedabad

"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

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