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Unhappy with your current personal loan? We have the perfect solution for you! Find a loan with better terms and more affordable interest rates by opting for balance transfer of existing loans. Wondering what does balance transfer personal loan mean? With this facility, you can transfer your personal loan outstanding from one lender to another to secure better loan terms – from better interest rates and repayment terms to a longer loan tenure.
A personal loan balance transfer is an excellent way to significantly reduce your EMI burden by availing lower interest rates. Transfer your personal to Tata Capital with our personal loan balance transfer facility to enjoy flexible loan tenure of up to 7 years and structured EMI plans for easy loan repayment.
The best part? We offer personal loan balance transfer at a nominal processing fee and interest rates starting at just 10.99%!
You can apply for a Personal Loan Balance Transfer by fulfilling the conditions below:
You must be between
22 to 58 years old.
You must have at least one year of work experience
You must have a monthly income of at least Rs. 20,000.
To avail of a personal loan balance transfer from Tata Capital, you're required to submit the following list of documents-
1. ID proof- Aadhaar card/ Voter ID/ Driving License/ Passport
2. Address Proof
3. A copy of salary credits or primary bank account statements for the last six months as income proof
4. A copy of salary slips for the last two months
5. A certificate stating one year of continuous employment
The personal loan balance transfer process with Tata Capital typically involves the following steps-
1. Check for personal loan interest rates offered by other lenders and calculate the potential interest savings.
2. Consider the loan transfer fee and other charges that might be applicable to your existing and new lender. This will help you evaluate whether it makes sense to opt for a balance transfer.
3. Shortlist lenders with suitable personal loan offers and compare the interest rates offered, personal loan eligibility, and the loan transfer process.
4. Once you have picked the new lender, apply for an NOC (No-objection certificate) and loan foreclosure with your current lender.
5. Start the application process and submit the necessary documents.
6. Once you receive the approval, execute the new loan agreement with the new lender.
7. The outstanding loan payable to the previous lender will be disbursed by the new lender
8. Once the previous lender receives the outstanding loan balance, they will cancel all the cheques and close your personal loan account.
The minimum outstanding loan amount must be Rs. 50,000 or more to qualify for a personal loan balance transfer. For more information, you may reach out to our customer service or visit the nearest Tata Capital branch.
Yes, if you want to lower your EMIs, you can opt for debt consolidation. Tata Capital allows you to merge your multiple personal loan through the facility of personal loan balance transfer. You can enjoy benefits that come with this facility as lower interest rates, longer repayment tenure and an overdraft facility.
Contact us or visit the nearest Tata Capital branch for detailed information on the benefits of personal loan balance transfer.
Yes, reducing your monthly EMI burden is one of several benefits of a personal loan balance transfer. Personal loan balance transfer at Tata Capital offers you to avail lower interest rates which reduces your monthly EMIs. When you transfer your personal loan to Tata Capital, you enjoy flexible loan tenure and structured EMI plans for easy loan repayment.
Yes. When you transfer your existing personal loan from your current lender to Tata Capital, you will be levied with processing fees. Make sure to check all the related costs involved with the balance transfer facility to avoid any unnecessary financial hassle.
Yes, when you shift your personal loan to Tata Capital, your existing interest rate will change. You will avail the benefits of personal loan balance transfer like lower interest rates and EMIs.
With us, you can take advantage of the lowest balance transfer interest rate in the industry, starting at just 10.99%.
Yes, Tata Capital offers you a top-up loan on your existing loan when you transfer your balance. The top-up loan will help you earn some extra cash for your urgent needs by refinancing your existing loan.
To avail of this facility, you need to fulfil the standard prerequisites. They are:
- You must have repaid a certain portion of the outstanding loan.
- You must have a stable income.
- A healthy CIBIL score.
- A proper track record of timely EMI payments is a must.
But before applying for a top-up, you must use a personal loan EMI calculator to accurately calculate the modified EMI you’ll pay. You can do this by entering the revised loan terms into the calculator, such as the amount, the tenure, and the interest rate.
Yes, you can opt for fluctuating interest rates when you transfer your personal loan from your current lender to Tata Capital. There are several benefits of choosing fluctuating rates
- Unlike fixed Interest rates, fluctuating interest rates vary according to the fluctuation in the market. Hence, your EMI payable will fall as the interest rate decreases.
- Changes in EMI payable will help you pay your loan smoothly throughout your repayment tenure.
- No prepayment charges will be levied on you in case of early EMI payment when you have surplus funds.
Yes, you can get a statement of your transferred personal loan by following these simple steps:
- By clicking here, you will be redirected to the Log-in page.
- Select your loan account number.
- Download the welcome letter of your loan account.
- Finally, log in via a registered mobile number or email ID and insert the OTP received.
- You can also log in via User ID and password.
To be eligible for a personal loan balance transfer, the minimum outstanding loan amount must be Rs. 50,000 or more.
Yes, when you choose to transfer the balance of your personal loan to Tata Capital, your interest rates gets change. It will directly affect your EMIs and repayment plans. We offer personal loan balance transfers at interest starting from 10.99%, the lowest in the industry. Since we charge lower interest rates, your EMI amount decreases, lowering the overall EMI payable.
If you want to calculate the amount of interest to be paid and how much you can save over your remaining loan tenure, you can use a personal loan EMI calculator to estimate the new EMI value.
When you feel overburdened with your current debts and high-interest rates, you can choose to go for a loan balance transfer. So, when you transfer your personal loan balance from one lender to Tata Capital, your credit utilisation rate may decrease, which will help you strengthen your credit score.
Transferring your personal loan may help you faster and more conveniently. Timely repayment of your loan will boost your credit score and offer you a clean credit report. However, make sure you don't build a pile of debts; it will increase your financial burden and lower your credit score.
Apply for a personal loan balance transfer with Tata Capital to boost your credit score
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