Apply for Online Personal Loan Balance Transfer
Transfer your existing loan to Poonawalla Fincorp with better terms and a lower interest rate. Save on EMIs and simplify your loan repayment with minimal documentation. Here’s your chance to improve financial management and save money. Apply now!
Benefits of Personal Loan Balance Transfer
Opting for a Personal Loan balance transfer offers several benefits. Here are some key reasons to consider a balance transfer:
- Lower Interest Rate: Balance transfer helps switch from high-interest rate to a lower interest rate.
- Reduced EMI Burden: A lower interest rate helps reduce the monthly repayment amount.
- Debt Consolidation: Consolidate multiple high-interest loans or credit card debts into a single loan for better loan management.
- Better Loan Features: Transferring the loan offers access to additional features like top-up loans, flexible repayment options, and better customer service.
- Improved Financial Management: Balance transfer allows for loan restructuring to align with financial goals and gain control over personal finances.
Personal Loan Balance Transfer Interest Rate and Charges
| Personal Loan Interest Rates | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹30 Lakh |
| Loan Processing Fees | Up to 2% plus applicable taxes |
| Lowest EMI Per Month* | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12-60 months |
| Pre-payment/Foreclosure Charges | 0%* if paid from own sources & 4% If paid from other sources |
| Late Payment Charges | 3% per month |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Personal Loan Balance Transfer Eligibility Criteria
The eligibility criteria for a Personal Loan balance transfer are:
| Norm | Policy |
| Min Age | 22 years |
| Max Age | 57 years |
| Current Work Experience | 1 month |
| Total Work Experience | 1 year |
| Minimum salary | INR 30,000 |
| Minimum MOB served for BT | Minimum 6 presentations |
| Credit Score | 750 and above |
Documents Required for Personal Loan Balance Transfer
- Identity Proof: PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport
- Address Proof: Utility bills and rental agreements
- Income Proof: Salary slips, bank statements, or Income Tax Returns
- Existing Loan Documents: Loan statements, repayment track record, and NOC (No Objection Certificate) from the current lender
- Employment Proof: Employment letter, appointment letter, or business ownership documents
Apply for Personal Loan Balance Transfer Within 5 Minutes
To apply for an instant Personal Loan balance transfer within 5 minutes with Poonawalla Fincorp, follow these steps:
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Fill in the required details on the loan application form.
- Step 3: Upload necessary documents.
On successful verification, the loan amount will be transferred to your bank account.
Applying for an instant Personal Loan balance transfer with us is quick and convenient, allowing you to transfer your existing loan to benefit from better interest rates or repayment terms. Make sure to provide accurate information and submit all required documents for a smooth application process.
Frequently Asked Questions
Yes, Personal Loan balance can be transferred to Poonawalla Fincorp at a lower interest rate.
Balance transfer of a loan can be a good idea if it allows you to secure a lower interest rate, reduce monthly payments, and consolidate multiple debts into a single loan.
The balance transfer fee is a one-time charge imposed by the new lender for processing the transfer of the loan balance. It is typically a percentage of the loan amount being transferred.
Balance transfers can temporarily impact your credit score due to the inquiry and new account opening, but if managed responsibly, it can have a positive long-term effect on credit utilization and payment history.
*Terms & Conditions apply
