Maximise Savings With an Online Loan Balance Transfer
A loan balance transfer allows you to shift your outstanding loan amount from your current lender to another lender offering better terms. At Poonawalla Fincorp, we offer Personal Loan Balance Transfer, with which you can save significantly on interest costs while enjoying a smoother repayment journey. Whether you’re looking to ease your monthly budget or reduce the total amount payable, transferring your loan online is simple, transparent, and hassle-free. Apply now!
Check the Monthly EMI Amount After Balance Transfer
Your EMI depends on factors like the loan amount being transferred, the interest rate offered, and the repayment tenure you choose. To make this easier, we offer an online EMI calculator on our website. Simply enter your outstanding loan amount, desired tenure, and the applicable interest rate to instantly see your estimated monthly EMI.
Why Choose Poonawalla Fincorp
High LoanAmount
AttractiveInterest Rate
Minimal Documentation
OnlineApplication
Flexible Loan Tenure
No Hidden Charges
To ensure a smooth transition, here are the basic criteria you need to meet for an online loan balance transfer.
| Age | Between 21 and 60 years |
| Citizenship | Indian |
| Work Experience | A minimum of 1 year of total experience and 1 month of experience with the current employer. |
| Monthly Salary | A minimum of ₹30,000. |
| Employment Status | Full-time job with Central Government, MNC, Private Ltd, LLP, Public Limited Company, or internally listed firms |
Know more about the Personal Loan eligibility criteria in detail.
For a quick verification process during your online Personal Loan Balance Transfer, please keep these handy:
| KYC Documents | PAN Card, Voter ID, Passport, Driving License, or Aadhaar Card |
| Address Proof | Utility Bills, Rent Agreement or Passport |
| Income Proof | Salary slips for the past 1 month |
| Financial Proof | Bank account statements for the past 3 months |
| Employment Proof | Official mail ID or employee ID card (in case office email ID is not confirmed). |
Discover the documents needed for a Personal Loan.
At Poonawalla Fincorp, we ensure that you are fully aware of all applicable rates and charges associated with your Personal Loan Balance Transfer. There are no hidden costs, allowing you to plan your finances with complete peace of mind.
| Interest Rate | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Loan Processing Fee | Up to 3% plus applicable taxes |
| Lowest EMI Per Month | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12-84 months |
| Prepayment/Foreclosure Charges | 1. Before repayment of the first six EMIs: i) If Foreclosure or Prepayment is done, including balance transfer from another financial institution, 4 % on the amount being prepaid plus applicable taxes. 2. After repayment of the first six EMIs: i) If Foreclosure or Prepayment is done from the own funds of the Borrower - Nil charges. ii) If Foreclosure or Prepayment is done by any other source, including by balance transfer from another bank/financial institution, 4% on the amount being prepaid plus applicable Taxes. |
| Default Charges | 24% p.a. + taxes |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| Hidden Charges | Nil |
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
- Loan Amount: ₹3 Lakh
- Loan Tenure: 36 months
- Interest Rate: 9.99%* p.a.
- Monthly EMI: ₹9,612
- Total Interest: ₹57,992
- Total Repayment Amount: ₹3,57,992* (Principal + Interest)
(Note: The exact EMI, repayment amount, and interest may vary based on your specific loan details.)
A Personal Loan Balance Transfer provides various financial and operational advantages, helping you manage your debt more effectively.
- Get Lower Interest Rates: A balance transfer allows you to secure a lower interest rate, helping reduce the overall cost of your loan.
- Reduce Your Monthly EMI: By transferring your loan, you may lower your monthly instalments, making repayment more manageable.
- Access Better Quality Services: You can access improved customer service and more flexible loan terms with a balance transfer.
- Regain Control Over Your Personal Finances: A balance transfer can help you streamline your finances, giving you better control over your debt and financial planning.
An online Personal Loan Balance Transfer is ideal for different kinds of individuals:
- Salaried Individuals: Individuals employed on a salary basis can benefit from an Online Loan Balance Transfer, offering them more manageable loan terms and lower interest rates.
- Salaried Doctors: The medical professionals working in hospitals are eligible for a balance transfer, which can help reduce their loan burden with better rates and repayment terms.
- Salaried Chartered Accountants: Individuals working as Chartered Accountants in firms or companies can use a balance transfer to ease their financial obligations.
- Salaried Company Secretaries: Salaried professionals, like company secretaries, can benefit from lower interest rates and easier repayment options through an Online Loan Balance Transfer.
To ensure your application for a loan balance transfer is processed smoothly and approved without delay, it is helpful to follow a few simple tips.
- Check Your Credit Score: A high credit score (typically 700 or above) can help you secure the best interest rates.
- Calculate Your Savings: Use an EMI calculator to determine the exact savings before you apply. Ensure the savings justify the switch.
- Keep Documents Ready: Having all the required documents handy in a digital format will speed up the application process.
- Provide Accurate Information: Double-check all details in your application form to avoid any discrepancies or delays.
- Read the Terms and Conditions: Carefully review the new loan agreement, including the interest rate, processing fees, and other charges.
Choosing an online Personal Loan Balance Transfer with Poonawalla Fincorp has a number of financial benefits.
- Apply from Anywhere: Complete the entire application process from the comfort of your home or office, at any time.
- Minimal Paperwork: Our online process requires you to upload documents digitally, eliminating the need for physical copies.
- Quick Processing & Approval: Digital verification and streamlined workflows lead to faster decision-making and approval.
- Easy Application Tracking: You can easily track the status of your application online through our portal.
Happy Customers, Happy Us
Throughout my loan journey, the Poonawalla Fincorp team showcased exceptional dedication, in-depth product knowledge, and a truly customer-centric approach. At every stage, they guided me with patience and clarity, making the entire process seamless, transparent, and timely. Their proactive communication and unwavering willingness to go the extra mile are a testament to the organization’s high standards of service excellence. Such professionalism not only fosters strong customer trust but also reinforces Poonawalla Fincorp’s reputation as a leading, customer-focused financial institution. I extend my heartfelt thanks to the entire team for their commendable efforts and wish them continued success in all their endeavors.
I am incredibly grateful for the outstanding support I received throughout my loan process. The guidance provided made every step feel manageable and stress-free. What stood out most was the humility and genuine willingness to help at every stage, qualities that made a significant difference in my experience. Without this support, the journey would have been far more challenging. I truly appreciate the dedication and helpful nature that was consistently demonstrated. The efforts put forth were invaluable, and I feel fortunate to have worked with someone so committed and supportive.
It was really great working with Poonawalla Fincorp. Thanks to the support and coordination by the team. I was able to get a significant portion of my requirements despite having a bit of a mess in my financial records. The loan processing and disbursement process at Poonawalla Fincorp was super smooth. They were incredibly cooperative and helpful. I’m looking forward to building a healthy relationship with them in the future. Thank you.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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Frequently Asked Questions
A Personal Loan Balance Transfer is the process of moving your outstanding Personal Loan from your current bank or NBFC to a new lender, to take advantage of a lower interest rate and better terms.
The primary benefit is financial savings. By securing a lower interest rate, you reduce your monthly EMI and the total interest you pay over the loan’s duration, freeing up your disposable income.
While the criteria can vary, a CIBIL score of 700 or above is generally preferred to be eligible for the best interest rates on a Personal Loan Balance Transfer.
You’ll need to provide KYC documents (Aadhaar, PAN, etc.), address proof, income proof (salary slips), bank statements, and employment verification (office ID or email).
You will continue with your existing lender as per your original loan agreement. It’s advisable to understand the reason for rejection and work on improving your credit profile before reapplying.