Balance Transfer Ganesh Capfin
The concept of balance transfer basically involves transferring the outstanding principal loan amount from one bank to another to get better loan terms such as reduced rate of interest. Thus the prime motive for a personal loan balance transfer is to
reduce the overall burden of debt. This process of loan balance transfer is now extended for almost all types of credit facility such as home loan, auto loan, education loan and personal loan etc.
Reduces unnecessary burden - One of the main benefits of the personal loan balance transfer facility is that it lowers the interest rate and thereby reduces the borrower’s interest burden through reduced EMIs. The new lender will usually offer a lower rate of interest on the loan transfer.
Proper negotiation - As one is transferring the personal loan from one lender to lender, one can potentially negotiate the tenure of the existing personal loan and get the re payment tenure of the loan extended or decreased as per requirem
Basic eligibility criteria
Some common criteria that hold true for most banks include:
- Current outstanding loan amount has to be at least Rs. 50,000 to initiate the balance transfer process.
- Past record of loan EMI (equated monthly installment) payment has to be clean. At least the previous twelve installment payouts of the existing loan will be checked.
- One or more additional loans/credit cards in good standing as per the requirement of new lender or financial institution.
Documents Required
- Duly signed application form for personal loan balance transfer along with passport size photograph
- Identity Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
- Age Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
- PAN Card copy (Mandatory)
- Address Proof (Aadhaar Card/Passport/ Landline Bill/ Latest Electricity bill/Rent agreement etc)
- Last 6 month bank statement
- Salary slip for last 3 months
- Statement of personal loan from current lender (a loan that needs to be transfer
- TAN Card
- Last 3 years Balance sheet along with profit and loss statement pertaining to business with computation of total income
- GST / VAT return with certificate
Calculate your loan repayments
Total repayment
₹00.00
You pay a monthly emi : ₹00.00
With total interest of : ₹00.00