Multiple banks. Different interest rates. Call it a "conflict of interest".
You can transfer the personal loan balance from your existing bank to IDFC First Bank to enjoy attractive personal loan interest rates, longer tenure, and other benefits offered by the bank. If your current bank charges a high interest rate, you can always switch to IDFC Bank.
One can request for balance transfer through the official website of the bank. Alternatively, you can visit the nearest branch office and submit an application form to avail the service.
You can visit the official website of IDFC First Bank and apply for the balance transfer. You will have to provide certain basic details such as your place of work, monthly income, the remaining balance, the interest rate applicable for your loan, and the foreclosure fee charged by the current bank. You can provide the balance details of multiple loans depending on how many you wish to transfer.
IDFC offers you the option to add an additional loan amount in case you are in need of some immediate cash. You can choose the option provided and then apply. Once you apply for the balance transfer online, you will receive a call from a bank representative who will tell you how to go about processing the request.
The primary motive of the balance transfer option offered by IDFC First Bank is to reduce the burden of the loan. Here’s how you can benefit from the balance transfer option:
To know exactly how you can benefit from the balance transfer option, you can use the balance transfer calculator offered on the official website of the bank. Once you enter the details of your current loan plus details on any additional loan amount you are looking to get, the calculator will present you with the monthly EMI and the maximum tenure across which you can pay the EMIs. The calculator will also show you the offered interest rate, interest saved, and the difference in EMIs.
The bank will look into a number of factors before approving your balance transfer request. The decision is up to the bank. Here are a few general eligibility guidelines most banks follow in case of personal loans:
Banks usually requests for certain documents to verify details provided by you. Here are some of the documents you may need to submit to ISFC First Bank:
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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