Process, eligibility, and benefits of transferring personal loan balance to Axis bank in Hyderabad

What is a personal loan balance transfer?

A personal loan balance transfer is the process of transferring your personal loan balance from one lender to another due to various reasons. There are many banks and NBFCs that encourage loan balance transfer.

The most favourable bank among borrowers for transferring personal loan balance in Hyderabad is HDFC Bank.

The reasons for borrowers to transfer their loan balance are:

• Not happy with their current lender
• Current lender doesn’t agree for early loan repayment
• Opportunity to save on total interest payable
• Top-up their existing loan

Now that you know what a balance transfer loan is, lets learn about the process involved when you transfer your personal loan from one lender to Axis Bank.

The procedure

The procedure gets executed in 4 simple steps:

Step 1: You sign-up for a loan transfer process with Axis Bank

Step 2: Axis bank representative will open your bank account and every loan process with proceeding via it.

Step 3: Axis Bank will pay your loan balance to your ex-lender at once. In case there’s a prepayment clause then you will have to pay for that.

Step 4: You then pay Axis in EMIs and save big on total interest payable.

Eligibility Criteria

The eligibility criteria for balance transfer loan is the same as that of personal loan.

• Doctors
• Government employees of the central government and state government. PSU employees are also welcome.
• Private and public company employees.
• Age should be in the bracket of 21-60 years.
• Income of the month should be more than INR 15000

Benefits of balance transfer

There are solid benefits associated with loan transfer:

• A good lender that will understand you unlike your ex-lender
• You can repay your loan early for which your ex-lender wasn’t agreeing for
• You get to incur low-interest rates, meaning saving big on total interest payable
• You can get a loan top-up with Axis bank
• You can pay the loan in the time you like; the bank offers you this flexibility.
• You get to save big on interest rates and reinvest that money on other axis bank ventures like mutual funds and earn good profits from it.
• Axis bank does not charge any additional charge on the processing your personal loan balance transfer application
• Minimal documentation required for transferring your existing loan.

Document required for loan transfer

• Duly filled and signed application form.
• 2 passport-sized photographs of the applicant.
• Age Proof- Voters ID/Aadhar Card, Driving License/ Passport (Copy of either of the one).
• ID Proof- Driving License/PAN Card/ Voters ID/ /Passport (Copy of either of the one).
• Income Proof- Previous 3 months’ salary slips, last 3 months bank statement, and updated Form 16.
• Residence Proof- Rental Agreement/Voters ID/Passport/Last 3 months utility bills (Copy of either of the one).
• Signature Verification Proof- PAN Card/Driving License/Government ID Card (Copy of either of the month).
• Balance Transfer Proof- Latest loan statement and loan transfer request letter.

Epilogue

Ready to transfer your loan? Visit our website and we will do complete the process for you at no extra cost. You get to save time and get your work done securely at the same time. We have partnered with Axis Bank to make borrowers loan transfer more seamless. Apply right now.

Hello, I am Alvina working as a content writer in Hyderabad.