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Pre-loan Eligibility checker
Last updated on: July 22, 2025
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Read BioTransfer your personal loan at a competitive interest rate of 10.50%. Avail loan amounts up to ₹40 lakh with lower EMIs and reduced interest burden. Apply now!
A personal loan balance transfer is a process of transferring your existing personal loan from one lender to another lender offering a lower interest rate. In simple terms, it is like refinancing your personal loan. When you transfer your personal loan, the new lender pays off your outstanding loan amount to the previous lender, and you start repaying the loan to the new lender.
| Bank | Interest Rate | Loan Amount | Processing Fee | Processing Time | Apply |
|---|---|---|---|---|---|
| DBS Bank | 10.99% – 30.00% | ₹25,000 to ₹15 Lakhs | 1%–3% + GST | 24–48 hrs | Apply |
| HDFC Bank | 10.90% – 24.00% | ₹50,000 to ₹40 Lakhs | Up to ₹6,500 + GST (~1–3%) | 24–48 hrs | Apply |
| Axis Bank | From ~11.25% | ₹50,000 to ₹15 Lakhs | 1.5%–2% + GST | 24–72 hrs | Apply |
| ICICI Bank | 10.80% – 16.65% | Up to ₹50 Lakhs | 0.5%–2% + GST | 24–48 hrs | Apply |
| Bank of Baroda | 10.49% – 18.75% | ₹30,000 to ₹20 Lakhs | Up to 2% + GST | 48–72 hrs | Apply |
| SBI | 10.30% – 15.30% | ₹10,000 to ₹35 Lakhs | Up to 1.5% + GST | 2–3 working days | Apply |
| IndusInd Bank | From 10.49% | ₹30,000 to ₹50 Lakhs | Up to 3.5% (2% online) + GST | 24–48 hrs | Apply |
| Yes Bank | 10.99% – 21% | ₹100,000 to ₹40 Lakhs | Up to 2.5% + GST | 24–48 hrs | Apply |
| Standard Chartered | 11.49% – 17% | ₹1 Lakh to ₹50 Lakhs | Up to 2.25% + GST | 48–72 hrs | Apply |
| IDFC FIRST Bank | 9.99% – ~10.75% | ₹1 Lakh to ₹50 Lakhs | Up to 3.5% + GST | 24–48 hrs | Apply |
| Kotak Mahindra Bank | From 10.99% | ₹50,000 to ₹40 Lakhs | 1%–2.5% + GST | 24–48 hrs | Apply |
| Punjab National Bank | 11.50% – 17.05% | Up to ₹20 Lakhs | Up to 1% + GST | 2–3 days | Apply |
| Bandhan Bank | 10.50% – 12.55% | ₹50,000 to ₹25 Lakhs | Up to 3% + GST | 48–72 hrs | Apply |
| NBFC | Interest Rate | Loan Amount | Processing Fee | Processing Time | Apply |
|---|---|---|---|---|---|
| Piramal Finance | From 12.99% | Up to ₹35 Lakhs | 2%–3% + GST | 24–72 hrs | Apply |
| Shriram Finance | From 14% | Up to ₹35 Lakhs | Up to 3% + GST | 2–3 days | Apply |
| Tata Capital | From 10.99% | Up to ₹35 Lakhs | Up to 2.5% + GST | 24–48 hrs | Apply |
| InCred | From 18% | Up to ₹10 Lakhs | 2%–4% + GST | Instant to 24 hrs | Apply |
| Finnable | From 16% | Up to ₹10 Lakhs | Up to 3% + GST | 24–48 hrs | Apply |
| Poonawalla Fincorp | From 9.99% | Up to ₹30 Lakhs | 1%–2% + GST | 24–72 hrs | Apply |
| Fullerton India | From 11.99% | Up to ₹25 Lakhs | Up to 3% + GST | 1–2 working days | Apply |
| Axis Finance | From 13% | Up to ₹25 Lakhs | Up to 2.5% + GST | 1–2 days | Apply |
| Mahindra Finance | From 10.99% | Up to ₹10 Lakhs | Up to 3% + GST | 2–3 days | Apply |
| Aditya Birla Finance | From 11.99% | Up to ₹50 Lakhs | Up to 2.5% + GST | 48–72 hrs | Apply |
| Bajaj Finance | From 11% | Up to ₹50 Lakhs | Up to 4% + GST | 24–72 hrs | Apply |
The documents required for a Personal Loan Balance Transfer (PLBT) typically fall into three categories:
Remember:
If you have decided to transfer your personal loan, here are the steps you need to follow:
Step 1: Check your Eligibility Before applying for a personal loan balance transfer, you need to check your eligibility. Different lenders have different eligibility criteria, such as minimum income, credit score, etc. You can check the eligibility criteria on the lender’s website or by contacting their customer care.
Step 2: Compare Interest Rates Once you know your eligibility, you need to compare the interest rates offered by different lenders. You can use online loan comparison websites to compare the interest rates and other features of different lenders.
Step 3: Apply for Balance Transfer After selecting the lender, you need to apply for a personal loan balance transfer. You can do this online or by visiting the lender’s branch. You will need to submit documents such as identity proof, address proof, income proof, and the loan statement from your existing lender.
Step 4: Get Approval Once you apply, the lender will verify your documents and check your credit score. If you meet the eligibility criteria, the lender will approve your application.
Step 5: Pay Processing Fee After the approval, you must pay a processing fee to the new lender. The processing fee is usually a percentage of the loan amount, and it varies from lender to lender.
Step 6: Loan Transfer After paying the processing fee, the new lender will pay off your outstanding loan amount to the previous lender, creating a new loan account. You will start repaying the loan to the new lender as per the terms and conditions.
| Charge Type | Description | Amount/Range |
|---|---|---|
| Processing Fee | A fee charged by the new lender for processing the balance transfer application | 0.5% – 2% of the loan amount |
| Prepayment/Foreclosure Charges | Fee charged by the existing lender for closing the loan before the tenure ends | 2% – 5% of the outstanding loan amount |
| Stamp Duty | Legal stamp duty for loan agreements in some states or regions | ₹100 – ₹500 (varies by state) |
| Late Payment Charges | Penalty for missed EMI payments during the loan tenure | 1% – 2% of the due amount |
| Legal/Documentation Charges | Additional charges for loan documentation processing | ₹500 – ₹2,000 (varies by lender) |
| Interest on Remaining EMIs | Interest for any unpaid EMIs until the loan balance transfer is completed | As per the original loan interest rate |
| Feature/Charge | Details |
|---|---|
| Interest Rate | Starting from 10.30% per annum (may vary based on the applicant’s profile) |
| Processing Fee | 1.5% of the loan amount + applicable taxes |
| Prepayment/Foreclosure Charges | Nil (for individuals) |
| Loan Tenure | Up to 72 months |
| Eligibility | Salaried and self-employed individuals |
| Loan Amount | Based on eligibility and repayment capacity |
| Collateral/Security | No collateral or security required |
| Documents Required | ID proof, address proof, income proof, loan statements, etc. |
| Repayment Options | Easy EMI options (via ECS, NACH, or post-dated cheques) |
| Processing Time | Quick processing (typically 3-7 working days) |
| Feature/Charge | Details |
|---|---|
| Interest Rate | Starting from 10.50% per annum (may vary based on the applicant’s profile) |
| Processing Fee | Up to 1% of the loan amount + applicable taxes |
| Prepayment/Foreclosure Charges | 2% – 4% of the outstanding principal + applicable taxes |
| Loan Tenure | Up to 60 months |
| Eligibility | Salaried individuals (with minimum income criteria) |
| Loan Amount | Based on eligibility and existing loan amount |
| Collateral/Security | No collateral or security required |
| Documents Required | ID proof, address proof, income proof, bank statements, loan statements, etc. |
| Repayment Options | Flexible EMI options via ECS, NACH, or post-dated cheques |
| Processing Time | Fast processing, usually within 3-5 working days |
| Feature/Charge | Details |
|---|---|
| Interest Rate | Starting from 14% per annum (may vary based on applicant’s profile) |
| Processing Fee | Up to 2% of the loan amount + applicable taxes |
| Prepayment/Foreclosure Charges | Up to 4% of the outstanding principal + applicable taxes |
| Loan Tenure | Up to 60 months |
| Eligibility | Salaried and self-employed individuals |
| Loan Amount | Based on eligibility and repayment capacity |
| Collateral/Security | No collateral or security required |
| Documents Required | ID proof, address proof, income proof, existing loan statements, etc. |
| Repayment Options | Easy EMI options via ECS, NACH, or post-dated cheques |
| Processing Time | Typically 5-7 working days |
Can personal loan balance transfer?
Yes, you can transfer the outstanding balance of your existing personal loan to another lender. A personal loan balance transfer allows you to shift your loan to a new bank or financial institution, usually to benefit from lower interest rates or better loan terms, helping reduce your overall interest burden.
Who is eligible for a balance transfer?
To be eligible for a personal loan balance transfer, you must have a good credit score (typically 700 or above), a stable income, and a positive repayment track record. Additionally, most lenders require that you have paid a minimum number of EMIs (usually 6-12) on your existing loan before initiating a transfer.
Can you transfer the balance of a loan?
Yes, many types of loans, including personal loans, home loans, and credit card balances, can be transferred to another lender. This process is called a balance transfer, and it’s done to take advantage of lower interest rates, better repayment terms, or special offers from new lenders.
Should I use a balance transfer or personal loan?
A balance transfer is typically more beneficial if you’re looking to reduce the interest rate on an existing loan or consolidate multiple debts. However, a personal loan might be more suitable if you need additional funds or want a fresh loan without transferring an existing one. The decision depends on your financial needs, current loan conditions, and interest rate offers.
Written by Prem Anand, a content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors.
Prem Anand is a seasoned content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors. He has a strong command of industry-specific language and compliance regulations. He specializes in writing insightful blog posts, detailed articles, and content that educates and engages the Indian audience.
The content is prepared by thoroughly researching multiple trustworthy sources such as official websites, financial portals, customer reviews, policy documents and IRDAI guidelines. The goal is to bring accurate and reader-friendly insights.
This content is created to help readers make informed decisions. It aims to simplify complex insurance and finance topics so that you can understand your options clearly and take the right steps with confidence. Every article is written keeping transparency, clarity, and trust in mind.
Based on Google's Helpful Content System, this article emphasizes user value, transparency, and accuracy. It incorporates principles of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness).
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