Personal Loan Balance Transfer

Personal Loan Balance Transfer

Simplify your finances with a balance transfer personal loan offering quick approval and fast disbursal. Check offer in just 2 steps.
Loan Types

Loan Types

FAQs

FAQs

Video

Video

Rs. 40000 - Rs. 55 lakh

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Ready to cut your EMIs and save thousands? Check offer in 2 steps and discover how a balance transfer can transform your monthly budget. With Bajaj Finance, you can transfer your loan for better rates, lower EMIs, and flexible terms. Why struggle with expensive loans when you can switch to affordable options?


Simplify your finances with a balance transfer personal loan offering quick approval and fast disbursal.

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Features and benefits of personal loan balance transfer

  • Easy eligibility

    Refinance your existing personal loan with Bajaj Finance based on simple, straightforward eligibility criteria. We make the switching process hassle-free so you can start saving money immediately without jumping through complicated hoops.
     

    Why this matters: Unlike getting a completely new loan, balance transfers often have more relaxed eligibility requirements since you're already demonstrating your ability to handle loan payments.

  • Instant approval

    Meet our basic eligibility terms and get instant loan approval on your balance transfer application. No long waiting periods or uncertainty – you'll know your approval status within minutes of applying online.


     

    Smart benefit: Fast approval means you can lock in today's competitive rates before they change, and start saving on your very next EMI cycle.

  • Minimal documentation

    Provide just a few basic documents such as ID proof, address proof, No Objection Certificate (NOC) from your current lender, the foreclosure letter, and more to switch lenders smoothly. No extensive paperwork or complex verification processes.

  • Extended repayment term

    Spread your EMIs over a maximum of Rs. 55 lakh to keep your monthly repayments comfortably within your budget. This flexibility allows you to choose EMIs that won't strain your monthly finances.


    Example: If you have a ₹5 lakh outstanding loan with 3 years left at ₹18,000 EMI, transferring to a 5-year term could reduce your EMI to approximately ₹12,000 – saving ₹6,000 every month.

  • Flexi Loan benefits

    Make multiple withdrawals from a dropline limit and pay interest only on the withdrawn funds, with our Flexi loans.


     

    How this helps: Instead of borrowing a lump sum and paying interest on the entire amount, you can withdraw money as needed and pay interest only on that. This can significantly reduce your interest burden. Use our personal loan EMI calculator and plan your repayment journey wisely to see exactly how much you can save with different EMI structures.

  • Online loan management

    Manage everything digitally and conveniently! Pay EMIs, make part pre-payments, view future payment schedules, download statements, check outstanding balances, and much more through our user-friendly customer portal, My Account.

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What is personal loan balance transfer?

A personal loan balance transfer is a smart financial strategy that lets you move your existing personal loan from another lender (bank, NBFC, or financial institution) to another for significantly better terms. This includes access to lower interest rates, more flexible repayment options, and enhanced customer service.


With a personal loan take over, you can make your monthly EMIs much more manageable and enjoy competitive interest rates along with a comfortable repayment tenure for enhanced affordability. This means smaller EMIs that fit better within your monthly budget.


Why consider a balance transfer:

  • Lower interest rates: Save thousands in interest over your loan tenure
  • Reduced EMIs: Lower monthly payments free up cash for other needs
  • Extended tenure: Spread payments over longer periods for affordability
  • Better service: Enjoy superior customer support and digital tools
  • Additional features: Access to Flexi loan benefits and online management
     

Applying for a personal loan instant transfer is remarkably simple and straightforward. Just meet our basic eligibility criteria, keep your required documents ready, and apply online for instant approval. Most applications get processed and approved within hours, not days.


Bajaj Finance also offers unique Flexi Hybrid Term Loan benefits, allowing you to pay interest-only EMIs during the initial part of your loan tenure. You get a pre-approved credit limit with the complete freedom to make multiple withdrawals and deposits without any extra charges—interest is only charged on the amount you actually withdraw.


Switching your personal loan to Bajaj Finance also gives you access to convenient, state-of-the-art online tools. Through the My Account portal, you can pay EMIs, download statements, track payment history, and even foreclose your loan seamlessly from anywhere, anytime.


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.
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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.
    • Customer profile: Self-employed or Salaried

    *You should be 80 years or younger, at the end of the loan tenure.

  • Documents required

    • 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

    Check your eligibility for personal loan using just mobile number and OTP – 100% online process. 

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 Finance.

  1. Compare your current lender’s interest rates with those of Bajaj Finance
  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 Finance via the online application form
  5. Submit the required documents to facilitate the verification
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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 24 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of Interest per annum

10% to 31% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000
  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999
  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999
  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999
  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999
  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999
  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999
  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999
  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*All the Flexi facility charges above are inclusive of applicable taxes

*Loan amount includes approved loan amount, insurance premium, and VAS charges.
Principal Holiday Facility Fees
  • Up to Rs.1999/- for loan amount less than Rs.2,00,000
  • Up to Rs.3999/- for loan amount from Rs. 200000 to Rs.399999
  • Up to Rs.5999/- for loan amount from Rs. 400000 to Rs.599999
  • Up to Rs.7,999/- for loan amount from Rs. 600000 to Rs.999999
  • Up to Rs.8,999/- for loan amount from Rs.10,00,000 to Rs. 1499999
  • Up to Rs. 9999/- for loan amount from Rs. 15,00,000 to Rs.19,99999
  • Up to Rs.10,999/- for loan amount from RS. 20,00,000 to RS.2499999
  • Up to Rs.11,999/- for loan amount from RS.25,00,000 to RS. 29,99999
  • Up to Rs. 12,999/- for loan amount of Rs.30,00,000 and above

Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount

*(Loan amount includes approved loan amount, Insurance Premium & VAS Charges)

Bounce charges

Up to Rs. 1,200 per bounce.
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Pre-payment charges

Full pre-payment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.
  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Part pre-payment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part pre-payment.
  • Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid.

*Foreclosure will be processed post clearance of first EMI

Penal charge

 Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.

Broken period interest / Pre-monthly Instalment interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:


EMI Date : 2nd

Scenario 1: If Loan is disbursed on 1st or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement
For Flexi Loans: BPI amount will be capitalised, i.e added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 3rd and 10th of the month:
First instalment will consist of interest for actual number of days

Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.