Features and benefits of personal loan balance transfer
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Refinance your personal loan with Bajaj Finserv against simple eligibility criteria.
Easy eligibility
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Instant approval
Meet the eligibility terms and get instant loan approval on your balance transfer application.
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Minimal documentation
Provide basic documents such as ID proof, address proof, NOC, and the foreclosure letter to switch lenders.
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Extended repayment term
Divide your EMIs over a maximum of 96 months to keep repayment within budget.
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Flexi Hybrid Term Loan benefits
Get a pre-approved amount and pay interest only on the amount withdrawn. Make unlimited withdrawals and deposits on the go, free of charge. Apply for balance transfer of personal loan facility.
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Lighter repayment
Opt to pay interest-only EMIs for the initial part of your tenure with the Flexi Loan facility on our balance transfer of personal loan. Use our personal loan EMI calculator and plan your repayment journey wisely.
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Online loan management
Pay EMIs, make part pre-payments, view future payments, download statements, and more through the customer portal, My Account.
What is personal loan balance transfer?
A Bajaj Finserv Personal Loan balance transfer lets you move your existing personal loan from another lender to Bajaj Finserv for better terms, including lower interest rates and flexible repayment options. With a personal loan take over, you can make your EMIs more manageable and enjoy competitive interest rates along with a repayment tenor of up to 96 months for enhanced affordability.
Applying for a personal loan instant transfer is simple. Just meet the eligibility criteria, keep your documents ready, and apply online for instant approval.
Bajaj Finance also offers Flexi loan benefits, allowing you to pay interest-only EMIs in the initial part of your loan. You get a pre-approved limit with the freedom to make multiple withdrawals and deposits without extra charges—interest is only charged on the amount you withdraw.
Switching your personal loan to Bajaj Finance also gives you access to convenient online tools. Through the My Account portal, you can pay EMIs, download statements, and even foreclose your loan seamlessly.
*Terms and conditions apply
How does personal loan balance transfer work?
- A personal loan transfer allows you to move your existing loan from one lender to another.
- Opting for a balance transfer for personal loan can help you secure lower interest rates or improved repayment terms.
- This process reduces your EMIs, making them more manageable and easing your financial burden.
- By switching lenders, you can also save on interest costs over the loan tenure.
- A personal loan balance transfer is a smart financial move for borrowers looking for better loan conditions.
Eligibility criteria for personal loan balance transfer
The eligibility criteria for a personal loan balance transfer are similar to that of a personal loan.. The criteria to get a Bajaj Finance Personal Loan are as follows:
- Nationality: Indian
- Age: 21 years to 80 years
- Employed with: Public, private, or MNC
- CIBIL score: 685 or higher
- Monthly salary: Starting Rs. 25,001, based on the city you live in
Documents required for personal loan balance transfer
The documentation requirements for a balance transfer loan may differ across lenders. When applying for a Bajaj Finserv Personal Loan balance transfer, you need to submit the following documents required in personal loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Phone bill
- Real-time image / photograph
- Ration card
Opting for a personal loan balance transfer is a smart way to lower your EMIs and manage your finances better. To plan effectively, it’s important to be aware of the associated minimal fees and charges. You can also check the personal loan interest rate to understand the cost and benefits of your transfer.
Who can apply for a personal loan balance transfer?
Any individual who meets the eligibility criteria set by the lender can apply for a personal loan balance transfer.
Process to apply for an instant personal loan balance transfer
Follow the steps below to transfer your existing personal loan to Bajaj Finserv.
- 1 Compare your current lender’s interest rates with those of Bajaj Finserv
- 2 Estimate the cost of a personal loan balance transfer, including all the fees and charges applicable
- 3 Obtain an loan NOC and a foreclosure letter from your existing lender
- 4 Apply for an instant personal loan balance transfer with Bajaj Finserv via the online application form
- 5 Submit the required documents to facilitate the verification
Frequently Asked Questions Section
Opting for a personal loan balance transfer can be beneficial due to lower interest rates, improved repayment terms, and potential cost savings. It allows borrowers to switch to a more favorable lending option, reducing financial strain and providing a chance to manage debt more efficiently.
A personal loan balance transfer involves moving the outstanding balance of an existing personal loan to another provider offering better terms, such as lower interest rates or more favourable repayment terms. This can help borrowers save money and manage their debt more efficiently.
A personal loan balance transfer involves moving an existing loan from one lender to another. The new lender pays off the old loan, and you begin repaying the new lender under revised terms, often with better interest rates or repayment options. It can save money and improve loan conditions.
Considering balance transfer loans can be a smart move if you find a lender offering lower interest rates, flexible repayment options, or additional benefits compared to your current loan. With a Bajaj Finance balance transfer, you can reduce your EMIs, save on interest, and manage your finances more effectively. Before making the switch, evaluate any fees, eligibility requirements, and potential savings to ensure it truly improves your financial situation.
Yes, you can transfer your existing personal loan to another bank if they offer better terms, such as lower interest rates or more flexible repayment options.
Yes, you can opt for a personal loan transfer to other bank through the balance transfer process. Research potential lenders, compare interest rates and repayment terms, and review any associated fees before proceeding to ensure the transfer is beneficial for your finances.
Yes, many financial institutions allow you to transfer your personal loan online through their website or mobile app, making the process quick and convenient.
Yes, during a personal loan balance transfer, you might have the opportunity to adjust the repayment tenure. You could extend or shorten the loan duration depending on the new lender's terms. Consider how this change impacts your monthly payments and overall interest costs before making a decision.
Some lenders may provide you with the option of a top-up loan while transferring the balance.
No, personal loans are typically unsecured, meaning you do not need to provide security or collateral to obtain one, based on your creditworthiness.
