A process wherein a customer transfers the total outstanding Personal Loan from one bank to another
Benefits:
1. Take advantage of a lower interest rate.
2. To consolidate debt from multiple credit cards.
3. To move to a credit card with better terms.
4. As a way to get out of debt faster.
5. To get a card that offers rewards and other perks.
Documents:
• Duly signed application form for personal loan balance transfer along with passport size photograph
• Identity Proof (PAN card/driving license/passport/voter ID/Aadhaar Card, etc.)
• Age Proof (PAN card/driving license/passport/voter ID/Aadhaar Card, etc.)
• PAN Card copy (Mandatory)
• Address Proof (Aadhaar Card/Passport/ Landline Bill/ Latest Electricity bill/Rent agreement etc)
• Last 6 months bank statement
• Salary slip for last 3 months
• TAN Card/GST number (for self-employed)
• Last 3 years Balance sheet along with profit and loss statement pertaining to business (for self-employed)
• Last 6 months bank statement of individual and business entity (for self-employed)
• Statement of loan from current lender (details of the loan that need to be transferred)