Features and benefits of personal loan balance transfer
-
Refinance your personal loan with Bajaj Finserv against simple eligibility criteria.
Easy eligibility
-
Instant approval
Meet the eligibility terms and get instant loan approval on your balance transfer application.
-
Minimal documentation
Provide basic documents such as ID proof, address proof, NOC, and the foreclosure letter to switch lenders.
-
Extended repayment term
Divide your EMIs over a maximum of 96 months to keep repayment within budget.
-
Flexi Hybrid 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Get a pre-approved amount and pay interest only on the amount withdrawn.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.
-
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.
-
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 personal loan balance transfer is the process of moving an existing personal loan from one lender to another with better terms, such as lower interest rates or repayment terms.
Transfer your existing personal loan to Bajaj Finserv to make your EMIs more manageable. Bajaj Finserv Personal Loan are offered at competitive interest rates, and you can repay your loan over an extended tenor of up to 96 months for increased affordability.
To refinance your loan with Bajaj Finserv, meet the simple eligibility criteria and keep the documentation requirements for a personal loan ready. You can then apply online to get instant approval.
Apart from attractive interest rates and an extended repayment term, we also offer Flexi loan benefits. With this, you can pay interest-only EMIs for the first part of the loan tenor. Moreover, you are assigned a pre-approved limit and can make multiple withdrawals and deposits from it without incurring extra charges. Here, interest is charged on the amount you withdraw only.
Upon switching lenders, you enjoy a host of benefits, including online loan management tools. You can pay your EMIs, download your statements, and even foreclose your loan through our customer portal, My Account.
Refinancing your loan can help you save on interest and make repayment more manageable. Ensure you do a thorough cost-benefit analysis before you apply for an instant personal loan balance transfer.
*Terms and conditions apply
How does personal loan balance transfer work?
Personal loan balance transfer involves moving your outstanding loan amount from one lender to another with better terms, such as lower interest rates or better repayment terms. This process can help reduce your financial burden and save on interest costs, making it a strategic financial decision for borrowers.
Why opt for a balance transfer on your personal loan?
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.
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
Fees and charges for personal loan balance transfer
Choosing a balance transfer personal loan can be a smart way to reduce your EMI burden and save on interest. To help you plan better, it’s useful to be aware of the minimal fees and charges involved. Check out all the associated fees and charges to make the most of your transfer.
Documents required for personal loan balance transfer
The documentation requirements for the balance transfer loan can vary from lender to lender. Below are the documents for loan balance transfer that are required to be submitted when applying for a Bajaj Finance Personal Loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
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
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.
Consider a personal loan balance transfer when you find a lender offering significantly lower interest rates, better repayment terms, or improved benefits than your current loan. Before deciding, assess any associated fees, credit score impact, and potential savings. Making the move is advisable if it substantially improves your financial situation.
Yes, it's possible to transfer the balance of your current loan to a different bank through a balance transfer process. Research potential lenders, compare terms, and understand any fees involved before proceeding with the transfer.
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.
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.
Some lenders may provide you with the option of a top-up loan while transferring the balance.
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, many financial institutions allow you to transfer your personal loan online through their website or mobile app, making the process quick and convenient.
No, personal loans are typically unsecured, meaning you do not need to provide security or collateral to obtain one, based on your creditworthiness.
