HDFC Bank Personal Loan Balance Transfer | When it comes to HDFC Bank personal loans, it is one that offers superior-quality banking products as well as services. HDFC Bank personal loan balance transfer occurs when a borrower moves the outstanding principal of a personal loan from one account to HDFC Bank in order to benefit from lower interest rates, longer loan terms, increased loan amount, and other perks. Balance transfer is also termed as refinancing. HDFC Bank balance transfer interest rates range from 10.40% to 22.00%, with payback terms ranging from 12 months to 60 months.
Benefits of HDFC Bank Personal Loan Balance Transfer
If you are using HDFC Bank Personal Loan balance transfer, here are some key points that are eligible for the same. The key points are as follows:
- Increased Rate of Interest: The first benefit of a HDFC Bank Personal Loan balance transfer facility is that the rate of interest is reduced, lowering the borrower’s interest burden through reduced EMIs. The new lender will usually provide a reduced interest rate on the loan transfer.
- Extended Loan Duration: When transferring a Personal Loan from one bank to another, the existing Personal Loan’s tenure might be discussed. Depending on your needs, you might have the loan repayment time lengthened or shortened. As a result, the EMI and interest burden rise and fall.
- Huge Benefits: This advantage is contingent on your payment history, CIBIL score, and ever-changing income dynamics. Some lenders may offer more enticing benefits, such as no processing fees, a cheaper rate of interest, and the waiver of the final EMI, among others. The Personal Loan balance transfer service not only reduces the amount of interest paid on the loan but also allows the borrower to get a better loan.
- Increment of loan facility: Most banks offer a top-up facility in addition to the Personal Loan transfer. Many banks and financial institutions provide Personal Loans with new loans and top-up possibilities at competitive and reduced interest rates.
Eligibility criteria of HDFC Bank Personal Loan
The HDFC Bank’s eligibility criteria are mostly based on repayment history, CIBIL Score, and income patterns. The following are the basic HDFC Bank Personal loan balance transfer eligibility criteria:
- Any paid or self-employed must have the age criteria for a minimum of 21 years.
- The borrower’s age criteria should be maximum of 65 years.
- Individuals should avail the personal loan from a different financial institution.
- Individuals must have minimum of 2 years of job experience in current organization.
- Individual must have a CIBIL score of at least 700.
Essential Documents required for HDFC Bank Personal Loan Balance Transfer
For availing HDFC Bank Personal Loan for balance transfer process are as under:
- Aadhar card, driver’s license, passport, etc. are all acceptable forms of identification. Passport
- Electricity bills, Aadhar cards, voter ID cards, and PAN cards are examples of address proof.
- Payslips over the previous 6 months.
- Submit balance sheet of previous 3 years
- Statements of Profit and Loss
- PAN Card
- Current account statements for the previous six months
- Statements from the applicant’s savings account
Compare HDFC Bank Personal Loan Balance Transfer with other banks
The following table compares the interest rates levied by different banks on personal loan balance transfers and HDFC Bank Personal Loan Balance Transfer 2021:
|Bank Name||Minimum Interest Rate||Processing Fees|
|ICICI Bank||10.75%||Up to 2.25% of Loan Amount|
|Axis Bank||10.40%||Up to 1.75%,Min Rs.4,999|
|Kotak Bank||10.45%||Starting from Rs.999|
|Standard Chartered Bank||11.50%||1.00%|
|Bajaj Finserv||12.99%||Starting from 1.50%, Up to 3%|
|Bank of Baroda||10.50%||2%, Min Rs. 250|
|Yes Bank||10.70%||Up to 2.50%|
|IDFC First Bank||10.49%||Up to 2.00%|
HDFC Bank Personal Loan Balance Transfer Calculator
Check out the HDFC Personal Loan Balance Transfer Calculator to learn more about the differences between keeping your current personal loan and transferring your balance to an HDFC Bank are as under:
- To use this calculator, go online and look for the HDFC Personal Loan Balance Transfer Calculator, then open it on the HDFC Bank’s official website.
- You’ll need to enter your current personal loan amount, rate of interest, loan tenure, and the EMIs you’ve previously paid for your existing personal loan when you first start the calculator.
- After that, you must choose the loan tenure for your HDFC Personal Loan. This can be expressed in months. After that, you must click the ‘Calculate’ button.
- After you transfer the balance to an HDFC Personal Loan, you’ll see a comparison of your current personal loan and an HDFC Personal Loan. You can then decide whether you wish to transfer the remainder of your loan amount to an HDFC Personal Loan account.
Hope this article may help you for availing of HDFC Bank Personal Loan 2021, where you can check the eligibility criteria, interest rate, repayment tenure, and loan amount according to your requirements at Afinoz.com. You can also use the HDFC Bank Personal Loan Balance Transfer Calculator for checking the balance.