• IDBI Bank Personal Loan Balance Transfer

    IDBI Bank is a full-service universal bank that offers a plethora of financial products and services to its customers. These financial products include fixed deposits, loans, investment solutions, and payment services. Interest rate for IDBI Bank personal loan starts at 9.65%. The current BPLR for IDBI Personal Loan is 14.15%. IDBI Bank also offers the feature of transferring your personal loan balance from one account to your IDBI Bank account.

    IDBI Bank Personal Loan Transfer Options

    If you want to transfer your personal loan from a different bank to IDBI Bank, you can do so online or by contacting their customer service department:

    • Toll-free phone number – 1800-209-4324, 1800-22-1070
    • Non-toll-free phone number - +91-22-67719100
    • Contact number for overseas customers - +91-22-67719100

    IDBI Bank Personal Loan Balance Transfer Features

    • Take into consideration the current rate of interest on the personal loan that you can get. Also, calculate the interest savings.
    • Compute the total loan transfer cost based on multiple fees and charges. Know the net benefits carefully before you decide to transfer your loan balance.
    • Compare the interest rate offers of your previous bank with IDBI Bank, check your eligibility and the loan procedure.
    • If you want to proceed with the balance transfer, you will be required to obtain a No Objection Certificate (NOC) and a letter of foreclosure from your existing bank.
    • In the next step, you will be required to apply for the loan at IDBI bank along with the required documents. You will further be required to submit your full repayment record.
    • Get the sanction letter thereafter and execute the loan agreement with IDBI Bank.
    • After receiving the loan outstanding, your previous bank will cancel ECS and all cheques and terminate your loan account.

    IDBI Bank Personal Loan Balance Transfer Benefits

    • Improved rate of interest – The facility of a personal loan balance transfer brings the possibility of an improved/reduced rate of interest. This in turn, reduces the total debt burden through means of lower EMIs. Typically, the new lender offers a reduced interest rate to the applicant.
    • Extended loan duration – When you are carrying out a personal loan transfer from one bank to IDBI bank, the duration of the existing loan may be negotiated. Depending on your financial circumstances, you can either decrease or increase the repayment period of your personal loan.
    • Additional features – This particular benefit will be dependent on your payment records from the past, your CIBIL score, and the changing income dynamics. Certain lenders also provide features such as zero processing fees, waiver of the last EMI, and so on.
    • Increased loan facility – Typically, banks provide a top-up facility to the individual transferring his/her personal loan at lower and competitive rates of interest.

    IDBI Bank Personal Loan Balance Transfer Eligibility

    • The applicant should already have a running personal loan from a different bank/NBFC.
    • The total outstanding loan amount that the applicant wants to transfer must be at least Rs.50,000.
    • The EMI payment record of the applicant should be clean, and he/she should have a good past payment record.
    • A CIBIL score of 700 or more is usually preferable during cases of personal loan balance transfer.

    Documents Required for IDBI Bank Personal Loan Balance Transfer

    • Duly-filled application form along with passport size photograph of the applicant.
    • Age proof and proof of identity which may include:
    • PAN card
    • Passport
    • Driving license
    • Voter's ID card
    • Aadhaar card
    • Proof of address which may include:
    • Telephone bill/electricity bill
    • Rent agreement
    • Aadhaar card
    • Previous 3 months’ salary slips
    • Statement from the bank for the preceding 6 months
    • Personal loan statement for the loan that has to be transferred

    How to Apply for IDBI Bank Personal Loan

    • Visit the official website of IDBI bank
    • On the top left corner, you will be able to locate an option ‘Apply Now’.
    • When you hover on this option, the dropdown menu will give you options. Click on ‘Apply Online’.
    • On the page that appears next, click on ‘Personal Loans’.
    • Thereafter, you will be required to enter a few details and your application will be processed by the bank.

    Conclusion

    Applying for IDBI Bank personal loan through Bankbazaar is extremely hassle-free and less time-consuming. 

        

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