Best Personal Loan & Home Loan Balance Transfer Offers
Last Updated : Oct. 17, 2020, 10:57 a.m.
Amid the COVID-19 pandemic, there’s some good news for all of you who are servicing loans somewhere. Banks and non-banking finance companies (NBFCs) are looking to boost your festive mood after all the problems you may have faced due to the pandemic. One of the many initiatives that lenders have taken recently includes the attractive interest rate offers for someone wanting to do a balance transfer of different loans. If you are paying loans but don’t know what balance transfer means, well this is a process by which you can switch to the new lender from your present one at a lower rate of interest.
As always, lenders have focused mostly on personal loan and home loan borrowers wanting a switch at the best interest rate. But the offer is not restricted to just rates. Even the processing fee is quite low, making it more appealing for you. So what are you waiting for? Let’s check out some of the best balance transfer offers for you.
How to Determine the Best Personal Loan and Home Loan Balance Transfer Offer?
Before heading to the best offers, it’s important to know how they can be called the best for you. When you transfer your outstanding personal loan balance, ensure the new interest rate is lower than the existing one by at least 4-5%. At the same time, check how long the loan will go. For more savings, you should do a balance transfer when your loan is at least 2-3 years away from getting finished. When it comes to a home loan, you should get a balance transfer done as early as possible and at an interest lower than the existing one by at least 0.25%-1%.
Lenders That Have Raised the Festive Fervour with Attractive Balance Transfer Offers
SBI, HDFC Limited ICICI Bank and several others have lined up attractive deals for customers wanting to transfer their outstanding personal loan and home loan balances. Let’s check out the offers without any further delay.
Let’s Check Out Personal Loan Offers First
HDFC Bank, YES BANK and a few others have come out with attractive personal loan balance transfer offers. Let’s see all these offers one after another.
Personal Loan Balance Transfer
What Will You Get on Transferring Your Outstanding Personal Loan Balance to HDFC Bank?
HDFC Bank has announced attractive personal loan balance transfer offers for both salary and non-salary account holders in India. The offer is based on the net monthly income of the applicant. Both interest rates and processing fees are significantly lower. Check the details below.
| Income | Super CAT A, CAT A, CATGA, CAT HDFC | Processing Fee |
|---|---|---|
| INR 50,000 & Above | 10.50% | INR 3499 |
| INR 35,000 - INR 49,000 | 10.99% | INR 3499 |
| Below INR 35,000 | 13.25% | INR 5000 |
Note: No Balance Transfer is allowed for customers having opted a Moratorium.
YES BANK Personal Loan Balance Transfer
YES BANK has got aggressive personal loan pricing plans for customers across different segments. You can transfer your outstanding personal loan amount at a rate of as low as 10.45% per annum. YES BANK will assess the eligibility of candidates for the lowest rate based on their income, workplace, etc. The lowest rate will be given to customers having a monthly salary of INR 75,000. But they also need to work in a CAT A company with the loan amount should be around INR 7.50 lakh.
Salaried doctors and pharma sector employees can get an interest rate of 10.75% on transferring the outstanding loan balance to YES BANK. If you are working in YES BANK, you can get a deal of 10.75% on transferring your outstanding loan balance here. The rest all will have rates starting from 10.75% per annum.
Shall You Consider Switching Your Personal Loan to Kotak?
Kotak Mahindra Bank offers customers attractive interest rates when they look to switch their existing personal loan here. It has set such offers based on the credit score, income and workplace of the applicant. You can grab the rate as low as 11.65%. Let’s check out the table below for more details.
| Category | Income | Interest Rate (in p.a.) | Processing Fee | |
|---|---|---|---|---|
| Balance Transfer and CIBIL Watch | CAT A/B/C |
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| CAT D |
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How Attractive are Home Loan Balance Transfer Offers?
The importance of a good balance transfer offer is felt more in the case of home loans . As the home loan runs for around 15-20 years on average, getting it done within 2-3 years of taking the loan could yield you savings of around INR 2 lakh or even more. Given the savings on offers, lenders have come with exciting offers to woo customers looking to transfer their outstanding home loan from their existing lender. Let’s check out the offers.
Home Loan Balance Transfer & Save Big
ICICI Home Loan Balance Transfer
ICICI Bank has been active on the home loan balance transfer front by keeping the rate to as low as 6.95% per annum. Overall, the interest rate of 6.95%-7.50% will apply when you transfer your home loan balance to ICICI Bank. How will the interest rate and processing fee pan out across different loan amounts? Let’s check out the table below to know the same.
| Product | Loan Amount (In INR) | Types of Lending Institutions | Interest Rate (In Per Annum) | Processing Fee |
|---|---|---|---|---|
| Home Loan | <35 Lakh | MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd. | 8.90% | NIL |
| Others | - | |||
| >35 Lakh | MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd. | 8.90% | ||
| Others | - | |||
| Top Up on Home Loan | <35 Lakh | MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd. | 8.90% | 0.50% of the loan amount plus GST |
| Others | - | |||
| >35 Lakh | MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd. | 8.90% | ||
| Others | - |
How Attractive HDFC Home Loan Balance Transfer is for Borrowers?
The premier mortgage lender HDFC Limited is not behind when it comes to providing attractive home loan balance transfer deals to borrowers. You can get the rate as low as 6.90%. Sounds exciting! The rate would, however, vary according to the loan amount and profession. You should have a credit score of 730 and above to grab this offer. For more details, you can check the table below.
Salaried and Self-employed Professionals
| Loan Slab (In INR) | Home Loan Interest Rates (In Per Annum) |
|---|---|
| Women - Upto 30 Lakh | 8.50% - 9.40% |
| Others - Upto 30 Lakh | 8.50% - 9.40% |
| Women - 30.01 Lakh - 75 Lakh | 8.50% - 9.40% |
| Others - 30.01 Lakh - 75 Lakh | 8.50% - 9.40% |
| Women - 75.01 Lakh and Above | 8.50% - 9.40% |
| Others - 75.01 Lakh and Above | 8.50% - 9.40% |
Self-employed Non-professionals
| Loan Slab (In INR) | Home Loan Interest Rates (In Per Annum) |
|---|---|
| Women - Upto 30 Lakh | 8.50% - 9.40% |
| Others - Upto 30 Lakh | 8.50% - 9.40% |
| Women - 30.01 Lakh - 75 Lakh | 8.50% - 9.40% |
| Others - 30.01 Lakh - 75 Lakh | 8.50% - 9.40% |
| Women - 75.01 Lakh and Above | 8.50% - 9.40% |
| Others - 75.01 Lakh and Above | 8.50% - 9.40% |
Disclaimer – HDFC Home Loan Interest Rates at 6.90%* onwards for women applicants. All loans are at the sole discretion of HDFC Limited.
What is the Interest Rate When You Switch Your Home Loan to SBI?
The public lender State Bank of India (SBI) is a force in the home loan segment owing to attractive interest rates for customers. If you wish to do a balance transfer, the following rates will apply.
| CIBIL Score | Interest Rates for Women (p.a.) | Interest Rates for Others (p.a.) |
|---|---|---|
| >=800 | 8.80% | 8.85% |
| 750 - 799 | 8.80% | 8.85% |
| 700- 749 | 8.90% | 8.95% |
| 650 - 699 | 9.40% | 9.45% |
| 550 - 649 | 9.60% | 9.65% |
| NTC/NO CIBIL/-1 | 9.00% | 9.05% |
What Will You Get When Switching Your Outstanding Home Loan Balance to LIC Housing Finance?
LIC Housing Finance home loan balance transfer is available for borrowers at 8.50% - 10.75%. Not only that, there’s no processing fee too.