Can I Transfer My Personal Loan To Another Bank

Once you decide to go for a balance transfer on your personal loan you can take any of the following routes to carry out the process.

Can i transfer my personal loan to another bank. Visit the official website of the lender to apply for balance transfer online. Generally personal loans cannot be transferred to another person because these loans are determined based on your credit score and list of available sources of income. Factors to consider before opting for a personal loan balance transfer.

Most balance transfer cards won t allow you transfer existing debt if it s from the same bank or provider you re applying with. Many lenders such as icici bank indusind bank kotak mahindra bank etc offer the facility of balance transfer online. To transfer a personal loan your chosen bank will ask you to submit certain necessary documents like salary slips bank statements identity proof pan card address proof etc.

If you want to adjust your personal loan in any way including switching it you may incur an administration fee. Yes you can transfer your personal loan to another lender to reduce the rate of interest on the loan. 1 some types of personal.

Depending on the bank you might also be required to open a savings account with them and route money through it. As its all now connected through cbs it should not be a lengthy process to do it. Provide the bank account details of the new branch get the loan account transferred to that branch.

This has the added benefit. If you re comfortable making higher monthly payments and you want to get out of debt faster you can refinance a personal loan to a shorter term. This is usually a flat fee of around 10 30.

Write a request to the current branch about the loan transfer to another new branch. Let them know the reason for the same. That means you won t be able to transfer a citi personal loan debt to a citi credit card.