Personal Loan Balance Transfer

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 submit the application, 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 need to 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, and a new loan account will be created. You will start repaying the loan to the new lender as per the terms and conditions.