Personal Loan Transfer

Personal Loan

What is Personal Loan Balance Transfer?

Many times this happens that you apply for a quick personal loan from a bank which offers you highest interest rates and easy EMIs. But after you start repaying the loan, you come across another financial institution which offers better deals on interest rates and EMIs. Here you wish to change your personal loan account from one bank to another. With the feature of 'Personal Loan Balance Transfer', your wish can come true. This is very similar to transferring your balance amount from one bank to another. After choosing this feature you can pay your personal loan EMIs to the other bank you choose. The interest rate and charges applicable to the EMIs will be according to this new bank to which you transferred your personal loan to.

Why should you choose Personal Loan Balance Transfer?

To enjoy better rate of interest offered by another bank.

To avail new and exciting offers on the loan balance transfer.

To get better services from new lender if you are unhappy with the services provided by your current loan provider.

To enjoy the benefits of top up loan feature that gives you a chance to borrow additional amount as loan.

Why Choose Richi Loans & Financial Services To Apply For Personal Loans?

Richi Loans & Finacial Services is one of India's leading distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for personal loans with Richi Loans & Financial Services' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.

Hassle free process

Richi Loans & Financial Services is one of India's leading distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for personal loans with Richi Loans & Financial Services' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.

Compare your loan options

You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your loan as per your budget.

Privacy policy

Richi Loans & Finance Services understands the value of your documents and keeping them safe and secure. Hence be rest assured as your loan applications are processed electronically with complete privacy and transparency.

Benefits of applying with us

We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a personal loan with us, gives you a chance to avail the best offers and deals from top Banks & NBFCs.

Free expert guidance and advice

Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime

How to Apply For a Personal Loan Balance Transfer on Richi Loans & Finance Services?

Applying for a personal loan on Richi Loans & Financial Services involves few easy steps:

Applying for a personal loan balance transfer on Richi Loans & Finacial Services involves a few easy steps:

Step 1: Go to the ‘Personal Loan Balance Transfer’ page on our website and click on the ‘Apply Now’ box.

Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.

Step 3: Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.

Step 4: From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.

Step 5: Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

What factors you should consider before opting for a Personal Loan Balance Transfer?

You should invest the same amount of energy and time in the decision of transferring your personal loan balance as you spent in getting the loan. It is an important decision which you should not make in a hurry or just because another lender is better than your current lender. There are various facts to consider before you proceed with the balance transfer. We have mentioned a few of them below:

Calculate the wholesome amount to be paid

You should calculate how much you'll pay if you transfer your loan balance amount. If the amount you'll be paying is more than the current sum you are paying, you should cancel the decision to transfer. To calculate the wholesome amount you should consider the tenure along with the lower EMI and interest rates. If the lender is offering lower EMIs for longer tenures, your interest rate amount decreases automatically.

Read the agreement carefully before signing

You should read and understand the personal loan balance transfer agreement before transferring the amount. There might be some hidden conditions or fee applicable to you which you will miss if you don't read. If you don't understand the key terms, you should ask and consult.

You should have paid your earlier EMIs on time

If you have paid EMIs of your personal loan on time with principal lender, the transfer process becomes easier. But if you have missed even a single installment, the loan balance transfer becomes a difficult process.

You will have to pay additional charges

If you decide to transfer your loan, you'll have to pay a pre-closure penalty. This fee is around 1% to 3%* of the principal amount which will be transferred. You have to pay this amount to your old or new loan lender, as per the bank policies. This is an additional expense which you should definitely take in consideration.

Evaluate additional benefits offered by your new lender

Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime

You will have to pay additional charges

If there are very few years or few installments remaining to pay off your loan, you should not opt for a balance transfer. As you have repaid more than half of your loan, it's not a financially sound decision to balance transfer your personal loan at this stage.

Features & Benefits of a Personal Loan Transfer:

There are many reasons behind the popularity of opting for a personal loan balance transfer. Here are some of the features and benefits;

They have easy availability

The main reason behind the popularity of a personal loan balance transfer is easy availability. A personal loan balance transfer can be acquired within few days of your transfer request application and submission of required documents. Almost all banks offer the facility of a loan balance transfer to its customers thus making it easily accessible.

You get expeditious loan approval

The mechanism of approving a personal loan balance transfer is very easy, efficient and hassle free. When it comes to approving the transfer request, it can be approved quickly within a few days depending from Bank to Bank.

They need minimum documentation

A personal loan balance transfer will require very little documentation. Thus such a request gets approved quickly without any hassle from the old Bank or the new Bank.

You can save on interest money

A personal loan balance transfer is done purely to pay lower EMI at lower interest rates. When you opt for this option, you end up saving a lot of interest money on your loan amount. If you calculate the high loan tenure, this amount will be good for your savings.

Personal Loan - Eligibility:

Banks offer personal loans to customers who fulfill their designed eligibility. The eligibility criteria changes from bank to bank and the profile of the borrower. But there are some commonalities which you have to follow or acquire to get a personal loan from any bank. Banks give personal loans by dividing their customer's profession and their income history. You can refer the following table for a gross understanding of bank's eligibility criteria:

Particulars

Age

Income

Minimum Loan Amount Approved

Maximum Loan Amount Approved

Loan Tenure

Salaried Borrowers

21 years to 60 years

Rs. 15,000 (Rs. 20,000 in metros)

Rs. 75,000

Rs. 15,00,000

12-72 months

Self-Employed Borrowers

23 years to 60 years

Turnover of minimum Rs. 24,00,000 (differs for professional and non-professional)

Rs. 75,000 to Rs. 3,00,000

Rs. 15,00,000 to 20,00,000

12-48 months

Frequently Ask Questions

Do I need to open a bank account to service my personal loan balance transfer?

It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.

Can I Track my Loan Application?

Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.

Whom should I contact for any queries related to my loan?

For your loan-related queries, you can call our representative number or mail us

Apply Now