1. What is Loan Transfer?
> Transferring your existing Loan from one bank to another is termed as 'Loan Transfers'. You
might save on interest and EMI's by agreeing to transfer your loan to the bank whose interest is lower than your existing bank.
2.How do i get a Loan Transfer?
> You can start by checking with different banks or just enquire with us here.
3.How is my Loan Transfer Eligibility determined?
> Normally Personal loans have a Lock-in period of 6 months to a year
while Home Loans now do not have a lock-in period.For a personal loan, you are eligible to move your loan after expiry of your Lock-in
period, where you might have to pay a pre-closure fees as per as your contract with your existing Bank.
4. How long is
the processing time for a Loan Transfer?
> Loan Transfer Processing times vary from bank to bank. Usually a
Loan Transfer processing takes around 1-2 weeks.
5. When should I Opt for a Loan Transfer?
> You should opt
for a Loan Transfer when another bank offers you lower EMI's then your current loan provider, in this case you can save a lot of money
on your repayments.
6. What fees & charges are payable?
> Normally during a Loan Transfer you pay the
pre-closure charge (it is added on top of your loan transfer) and new bank's processing fees. Nowadays various banks are offering
0% processing fees on Loan Transfers, check our offers section for the same.
7. What is the range of rate of interest offered
on Loan Transfers?
> Normally Rate of interest varies from bank to bank, it usually is between 14% to 26%.
It is very important to check if you are actually saving money by going through a transfer before you start the process.