Apply for Online Personal Loan Balance Transfer
Are you tired of paying high interest rates on your existing loans? A Personal Loan balance transfer could be the solution you might be looking for. Transfer all your existing loans into a single loan with better terms and attractive interest rates. Save on EMIs and simplify your loan repayment by availing of a loan with minimal documentation from Poonawalla Fincorp. Enjoy the benefit of higher loan amounts, flexible EMIs, 100% digital process, and no hidden charges. 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:
- Attractive Interest Rate: Balance transfer helps switch from a high interest rate to a better interest rate.
- Reduced EMI Burden: Balance transfer reduces the number of EMIs by combining them into a single one.
- Debt Consolidation: Consolidate multiple high-interest loans 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.
Interest Rate and Charges for a Loan Balance Transfer
| Interest Rates | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Loan Processing Fees | Up to 3% |
| Lowest EMI Per Month | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12-84 months |
| Pre-payment/Foreclosure Charges | 0% if paid from own sources 4% if paid from other sources |
| Late Payment Charges | 2% per month |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| Hidden Charges | Nil |
Eligibility Criteria for a Personal Loan Balance Transfer
Age
Citizenship
Employment
Work experience
Monthly salary
- Age - Between 21 and 60 years.
- Citizenship - Indian.
- Employment - The applicant must be a salaried individual.
- Work experience - 1 year and 1-month stable employment with current employer.
- Monthly salary - Minimum of ₹30,000.
Documents Required for Personal Loan Balance Transfer
- Identity Proof: PAN Card/Aadhaar Card/Driving License/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
1. Click on "Apply Now” Tap the "Apply Now" button to initiate your application.
2. Enter DetailsEnter your DOB, PAN card number, monthly income, and other details.
3. Upload DocumentsUpload the necessary documents to get quick approval.
On successful verification, the loan amount will be transferred to your bank account.
Frequently Asked Questions About Loan Balance Transfer
Yes, the 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 utilisation and payment history.
*Terms & Conditions apply
