HDFC Personal Loan Balance Transfer

Transfer your Personal Loan Balance to an HDFC Personal Loan

Do you have an existing personal loan borrowed from any other bank or NBFC? You can transfer this personal loan balance to an HDFC Personal Loan account.

When you go ahead with this, your equated monthly installments (EMIs) will decrease and hence, you can save a lot of money. Without the personal loan balance transfer, you may end up paying a high amount of money on your existing loan's interest.

HDFC Personal Loan Balance Transfer Calculator

To understand the difference between continuing with your existing personal loan and transferring your balance to an HDFC Personal Loan, you can check out the HDFC Personal Loan Balance Transfer Calculator.

1. To use this calculator, you will have to search for the HDFC Personal Loan Balance Transfer Calculator on the Internet and then open it on the official website of HDFC Bank.
2. When you open the calculator, you will need to key in your present personal loan amount, its rate of interest, your loan tenure, and the EMIs that you have already paid for your existing personal loan.
3. You will then have to select the loan tenure that you would like to have for your HDFC Personal Loan. This can be in the number of months. After this, you will need to click 'Calculate'.
4. You will then see a comparison of your current personal loan and an HDFC Personal Loan after you transfer the balance to it. You can then make a decision if you want to move your remaining loan amount to an HDFC Personal Loan account.

HDFC Personal Loan Balance Transfer Features

1. Your EMIs will decrease once you transfer your existing personal loan balance to an HDFC Personal Loan.
2. Your interest rates will start from 11.49% p.a. for transferring your current personal loan balance to an HDFC Personal Loan.
3. The processing fee for an HDFC Personal Loan balance transfer is just Rs.999 and it is flat.
4. You can apply for this facility online by visiting the official website of HDFC Bank. You will only have to enter your basic personal details, contact details, and income details. After you submit the application form online, you will get a notification if your application for the balance transfer facility has been accepted or not.
5. Once you transfer your existing loan balance, you can repay the remaining amount through EMIs conveniently.

Personal Loan Balance Transfer from HDFC Bank to Axis Bank

Do you have an existing personal loan taken from HDFC Bank? If you think you are paying very high EMIs and high interest on your HDFC Personal Loan, you can bring some changes to it. You can switch to a different bank's loan account. You can transfer your HDFC Bank personal loan balance amount to an Axis Bank personal account.

You can compare the interest rates between an HDFC personal loan and an Axis Bank personal loan and make your decision. You will need to check if the money you save by shifting from HDFC to Axis is concrete enough. If the savings you make are less, you can reconsider your decision to go ahead with the balance transfer.

When you transfer your loan balance from HDFC Bank to Axis Bank, you will most likely be able to enjoy lower EMIs and a longer tenure which will enable you to repay at ease. You may also be able to enjoy add-on features such as accident insurance, and so on. However, you will need to do your research before you decide to go ahead with the personal loan balance transfer.

Personal Loan Balance Transfer from HDFC Bank to ICICI Bank

HDFC Bank allows you to transfer your personal loan balance from other banks to an HDFC Personal Loan account. The bank also allows you to transfer your existing HDFC personal loan balance to another bank account.

If you have an HDFC Personal Loan and if you feel that you are spending a lot on your loan due to high interest and high principal amounts, you may shift to an ICICI Personal Loan account.

You can transfer the balances of your HDFC Personal Loan to a new ICICI personal loan and repay the loan to your new lender over a longer period. You will most likely get a longer repayment tenure. Your EMI amounts will also go down and hence, you can use this money that you save, on other expenses or requirements.

HDFC Personal Loan Balance Transfer Eligibility

You will be eligible for a personal loan balance transfer to an HDFC Personal Loan account if you are aged between 21 and 60 years of age. You can be a salaried employee or a self-employed individual. You can get in touch with any HDFC Bank representative for full information about HDFC Personal Loan Balance Transfer Eligibility.

Transferring your existing personal loan balance to an HDFC Personal Loan account is ideal if you will be able to get a longer repayment tenure and lower EMI amounts. It is also a great move to shift your HDFC loan balance to another bank account if that bank offers better benefits.

Advantages of doing a Personal Loan Balance Transfer

Transferring your personal loan to another bank would prove to be financially very beneficial. Here are some of the advantages that can be availed from a balance transfer:

Lower Interest Rates: Switching to a lender with a lower interest rate reduces your Equated Monthly Instalments (EMIs), leading to greater savings. However, it is important to compare interest rates and assess additional costs such as processing fees, transfer charges, and foreclosure fees before proceeding.

Top-Up Loan Facilities: A balance transfer not only reduces your interest rate but also allows you to get additional funds. Seeing that the top-up loan gets additional grants at the new reduced interest rates, you don't need to borrow in addition.

Extension of Tenure: Usually, loans get transferred to a new lender with an extension of repayment tenure. The new lender considers the loan transferred to him as a new loan and thus grants the borrower the opportunity to re-negotiate and opt for longer-tenure loans at reduced EMIs. This helps in managing monthly expenses more effectively.

Good Services: If your current lender’s services are not up to the scratch, you can change lenders so as to have access to improved customer service, EMI reminders, online payments along with standing instruction features. This can simplify the repayment process and improve your overall experience.

Special Offers and Discounts: Different lenders will also give attractive offers along with the transfer balances which are either a reduced or waived processing fee, foreclosure charges, last EMI waiver, etc. Such offers lead to more savings and hence increase the attractiveness of the transfer process for you.

Personal Loan Balance Transfer with HDFC Bank: HDFC Bank is known for its rates and easy transfer process, and accessing top-up loans against balances transferred.

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