What is a Loan Balance Transfer
A loan balance transfer refers to the process of transferring the outstanding balance of an existing loan from one lender to another, typically to take advantage of better terms, lower interest rates, or other favorable conditions offered by the new lender. This can help borrowers save money on interest payments and sometimes reduce the overall tenure of the loan.
Loan Tenure | Varies on case-to-case basis |
Pre-closure Charges | Varies with the bank |
Interest Rate | Varies with the bank |
Eligibility Criteria
- Age – Minimum 21 years to Maximum 80 years
- Nationality – Indian
- Credit Score – 650 or higher
- Monthly Income – Minimum RS 25,000 or higher
- Must have a existing loan
- Not more than 3 bouncing charges with the previous lender
DOCUMENTS REQUIRED
- Pan Card (Mandatory)
- Aadhaar Card (Mandatory)
- 2 years ITR (Mandatory)
- 6 months to 1 year Bank Statement (Mandatory)
- Employee ID Card (Only If Salaried)
- 3 months Salary Slip (Only If Salaried)
- Business Registration Proof (In case of self-employed personnel only )
- Electricity/Gas/Telephone/Wifi Bill (Mandatory)
- Statement of Loan Account with existing lender
- Passport Size Photographs
Loan Balance Transfer Application Process
- Apply Effortlessly: Simply click on the “Apply Now” button on www.darpcapital.in or CLICK HERE and fill in your details. It’s as easy as that!
- Personalized Assistance: Soon one of our advisors will call you back to understand your needs and request the necessary documents.
- Seamless Document Submission: Submit your documents to our advisor hassle-free.
- Enhanced Approval Odds: Within the next 24 hours, we will seed your application with our strong network of various RBI-recognized NBFCs and banks This increases your chances of approval significantly, guaranteeing you a loan from one institution or another. Moreover, it enables us to secure better offers for you, including higher loan amounts and lower interest rates.
- Efficient Verification Process: The bank or NBFC will conduct the KYC process and verify your documents promptly from their end.
- Swift Disbursement: Once approved and everything is in order, your loan will be disbursed directly to your bank account.
FAQ
To initiate a loan balance transfer, borrowers need to apply for a new loan with a different lender who offers favorable terms. Once approved, the new lender pays off the remaining balance of the existing loan directly to the original lender. From then on, the borrower makes repayments to the new lender according to the terms and conditions of the new loan agreement.
By opting for a loan balance transfer, borrowers may enjoy several benefits, including lower interest rates, reduced EMIs, flexible repayment options, and potentially saving money over the loan’s duration. Additionally, it can simplify financial management by consolidating multiple loans into one, making it easier to track payments and manage debt.