Key Highlights
Transfer the outstanding balance of your existing loan to another bank.
Save-up on EMI expenses with cheaper interest rates.
Guidance to Balance Transfer to find best lenders/banks/NBFCs.
Instant Balance Transfer Application
Get options from 25+ Banks/NBFCs for your Balance Transfer requirement.
Quick Disbursal
What is Balance Transfer?
Balance Transfer, often called refinancing, helps you reduce your EMI amount by transferring your outstanding loan from the existing Financial Institute to the one which offers a lower rate of interest.
If you have an existing Loan from a Bank/NBFC with a high rate of interest, you can shift the outstanding loan of your existing loan amount to another Bank/NBFC who charges a lower rate of interest. It helps you save-up on the EMI amount payable every month and a lot of money that would have otherwise overburdened you during the tenure of the . Balance Transfer is available for varied types of loans availed by you, including:
- Personal Loan
- Home Loan
- Business Loan
- Loan Against Property
- Credit Cards
Balance Transfer is mostly taken when you are unhappy with your existing Loan Interest Rates, Terms of Loans, etc. Borrowers can switch to a new loan lender if they find the difference in the rate of interest offered by two lenders, terms and conditions, outstanding amount, and the tenure of the loan extended by the other bank to be more beneficial for their finances.
- Reduced EMI Burden Every Month - Borrowers are at the benefit of reducing their monthly EMI payable amount with a reduced rate of interest.
- Lesser Interest on Loan - Switching loan to another lender can help in reducing the amount of money payable as interest on a loan.
- Special Discounts/Benefits - Avail special loan rates, better loan terms, exclusive benefits, and more from other banks/NBFCs.
Are you Eligible for Balance Transfer?
Any salaried/self-employed professional or businessperson who has an outstanding loan (regularly serviced) to their name can apply for Balance Transfer.
Different Banks/NBFCs have different eligibility criteria to re-finance their loans.
Top Banks Offering Balance Transfers
Banks/NBFCs offer exclusive offers, unique advantages, and benefits to borrowers for switching their existing loans from other banks to their banks. These benefits include a lower rate of interest, zero processing charges, cut down on administrative charges, interest chargeable on reducing balance method, etc.
Borrowers can save up on money by switching to banks that have better loan terms and exclusive offerings. Some of the Top Banks offering Balance Transfers are:
Loan Against Property interest rates
Loan Against Property Interest Rates varies from Bank to Bank. They are calculated based on the Credit Rating of the Individual, Business Viability, Loan Amount, Tenure, etc. Here are the interest rates of some of the leading Banks and NBFCs.
Balance Transfer Eligibility Factors with Top Banks / NBFCs
| Age | 
Minimum 21 Years at the time of Balance Transfer Application & Maximum 60 Years at the time of maturity |
| Citizenship |
Indian Citizen with no criminal background |
| Minimum Income (EMI, Rent, etc should not cover more than 35% of the Monthly Income) |
For Salaried Employees, the income should be equal to or more than INR 25000 per month (varied across lenders and locations) For Self-Employed, Turnover/Sales for the Year is considered depending upon the loan amount |
| Professional Stability |
A Minimum Work Experience of 2 Years for Salaried Employees, and business continuity of at least 3 Years for Self-Employed |
| Credit Score |
Credit Score Applicants must have a good credit score with a demonstration of good repayment history at the time of Balance Transfer Application |
| Banks | Home Loan Interest Rates* | Personal Loan Interest Rates* | Business Loan Interest Rates* | Loan Against Property Interest Rates* |
|---|---|---|---|---|
| Bank of Baroda | 6.85% | 10.50% | 14.10% | 11.00% |
| LIC Housing Finance Ltd | 6.90% | 9.00% | NA | 10.50% |
| State Bank of India | 6.95% | 9.85% | 11.20% | 8.80% |
| HDFC Bank | 6.95% | 10.75% | 15.65% | 11.60% |
| PNB Housing Finance | 8.60% | NIL | NIL | 9.80% |
| Aditya Birla Housing Finance Ltd | 9.00% | 15.99% | 18.00% | 10.75% |
| Axis Bank | 7.75% | 10.85% | 15.5% | 8.35% |
| Apply | Apply | Apply | Apply |
Documents required for Balance Transfer
Housing Finance Companies (HFCs), Banks, and NBFCs treat a Balance Transfer/Refinancing as a fresh loan application. Therefore, one needs to resubmit their loan application documents (as submitted for the initial application) and
get their documents revalidated. The Banks/NBFCs need to verify the credibility and repayment capacity of the borrower before extending the Balance Transfer. They have specific guidelines on the documents
required for
Loan application. These include:
- 1. Identity Proof Personal Identity documents like PAN Card, Driving License, Voter Card, Passport, etc.
- 2. Address Proof - Water Bill, Telephone Bill, Bank Account Statement, Electricity Bill, Property/Rent Agreement, Driving License, Aadhar Card,etc.
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3. Income Proof - The documents depicting proof of income can be:
- a) Salaried - Form 16/Bank Account Statements/Salary Slips etc.
- b) Self-Employed - Bank Account Statements/ P&L Statements of past 3 years/ITR of last 3 years/GST certificate/GST returns of the previous year.
- 4. Business Documents - Documents for proof of business i.e. Partnership Document for firms, MOA & AOA, COI for companies, Certificate of Practice for professional.
- 5. Bank Statements - Record of the last 12 months of Bank Statements wherein the existing Loan EMIs were deducted.
How to apply for Balance Transfer at Loan Ki Dukaan?
Loan Ki Dukaan helps refinance your loans and cut down on unnecessary expenses on your existing loan. Login to www.loankidukaan.com, click on the 'Balance Transfer' button, and follow the steps:
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Your Personal Details
Enter Details like the Outstanding Loan Amount, Existing Interest Rates, Type of Loan, Property City, Annual Income, Mobile Number, etc., and upload the additional details required to provide you the best offer.
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Compare and Select
A list of best Balance Transfer interest offers from the top Banks/NBFCs/HFCs suited for your requirementwill be displayed. Select the best offer as per your requirements.
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Apply for Balance Transfer
Apply for the Balance Transfer online and get conditional e-approval. Loan Ki Dukaan Expertswill help you plan your Finances and get the documentation right.
How is your Balance Transfer EMI calculated?
As you plan to buy a land, expand your business, or fund your personal need, its' always better to plan your finances first and then apply for the loan.
Loan Ki Dukaan has a Balance Transfer Calculator that helps you calculate the EMI amount instantly as per your Outstanding Loan Amount, Tenure of the loan, new Interest Rates, etc.
Knowing your probable Balance Transfer EMI in advance helps you make informed decisions and choose the right offer to plan your finances better.
Look at the table below to understand how Balance Transfer EMIs are calculated:
-
Loan Amount
20 Lakhs
30 Lakhs -
Interest rate
7.5%
7.5% -
EMI for 10 Years
INR 24,371
INR 36,557 -
EMI for 15 Years
INR 19,229
INR 28,843 -
EMI for 20 Years
INR 16,853
INR 25,280
Balance Transfer Verification Process
Loan Application for Balance Transfer is treated the same as a Fresh Loan application. It is undertaken in key steps.
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Applying for the Loan
Once the application for Balance Transfer is made on Loan Ki Dukaan, your chosen lender receives the application.
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Document Pickup And Verification
Lender's representative contacts you for verification of the Balance Transfer e-application, and arrange for pickup of documents required for the loan application.
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E-Approval of Loan
Once the application and documents are collected and verified, the Balance Transfer is approved. Verification takes place after eligibility criteria are met. Lender representatives will take a visit to the property site to verify it.
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Loan Disbursal
Loan is disbursed upon confirmation and signing of the loan agreement.
How is your Balance Transfer disbursed?
Once the Balance Transfer has been sanctioned, the disbursal takes about 2-15 days. Banks, NBFCs, or HFCs disburse the loan amount in favor of the existing bank through Direct Transfer of Funds. After the loan disbursal, the future EMIs are payable by the borrower to the new lending bank/NBFC.
FAQs
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Why should I consider transferring my existing Loan?
You may choose to transfer your existing Loan if
- You believe you are paying a high rate of interest
- Loan Terms aren't proving fruitful for you
- Current Bank has a prepayment penalty
- EMI payments are overburdening your finances
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How long does it take to transfer a loan from one bank to another?
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Can I switch from a fixed rate to a floating rate for my Balance Transfer?
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Will I be able to save interest in EMI upon Balance Transfer?
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What are the Tax Benefits of Home Balance Transfer?
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How can I choose the best Balance Transfer Offer?
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What precautions should be taken while transferring a Loan?
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Why should I apply for Loan on loankidukaan.com?