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Tata Capital Personal Loan Balance Transfer

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee6,500
Axis Bank
Low Processing fee
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max Loan Amt.Upto 25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%
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How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Tata Capital Personal Loan Balance Transfer Interest Rates

While the interest rate for a fresh personal loan from Tata Capital starts from 11.99%, the interest rate for personal loan balance transfer is not fixed. It completely depends on the applicant’s profile and the NBFC’s discretion. However, Tata Capital ensures to provide a competitive rate to help you save on the interest component.

Also Check: List of Banks Offering Personal Loan Balance Transfer

Eligibility for Balance Transfer

Following are the eligibility criteria to avail a fresh personal loan from Tata Capital, which may also apply for a personal loan balance transfer:

  • Age: Your age must fall in the range of 22 to 58 years.
  • Monthly Income: You should have a monthly income of at least Rs. 15,000.
  • Work Experience: You should have at least one year of work experience.

Documents Required for Balance Transfer

As Tata Capital does not specify what documents are required for a personal loan balance transfer, any/all of the following documents required for a fresh personal loan application may be needed as per the discretion of the lender:

  • Proof of Identity: Any Government issued photo ID such as PAN, Voter Card, Aadhaar Card, etc.
  • Proof of Address: Any any among Aadhaar Card, recent Electricity/Water Bill, etc.
  • Proof of Income: Copy of your bank statements for the last 6 months or salary slip for the last 3 months.
  • Employment Certificate: A certificate from your employer stating 1 year of continuous employment.

Process for Tata Capital Personal Loan Balance Transfer

To transfer your ongoing personal loan from some other lender to Tata Capital, you may follow one of the following two procedures:

  • Contact Tata Capital Customer Care: You can call and talk to one of the customer care executives on the toll free number – 1860 267 6060. Please note that the number is operational from 9 AM to 8 PM (Monday to Saturday) except on Sundays and public holidays.
  • Visit the Nearest Branch: Alternatively, you can visit your nearest Tata Capital branch and talk to one of the representatives to get the loan transfer done. Branch address/contact details are available on the Tata Capital website.

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Calculation of Balance Transfer

Personal loan balance transfer calculations are based on the following factors:

  • Existing loan amount,
  • Previous rate of interest,
  • New rate of interest,
  • EMIs paid, and
  • Loan tenure.

You can use Paisabazaar personal loan EMI calculator to know the EMI amount after the balance transfer. Just input the outstanding loan amount, new rate of interest and tenure proposed by Tata Capital to know the monthly payout.

Charges & Fees for Tata Capital Personal Loan Balance Transfer

Usually the personal loan balance transfer comes with the following charges:

  • Foreclosure charges with respect to the original lender. This can be up to 4.5% of the original loan principal sanctioned.
  • Processing Fees with respect to the new lender. It varies up to 2.75% of the loan amount plus the applicable taxes for Tata Capital personal loan.

Important Aspects for Personal Loan Balance Transfer

While it is beneficial to opt for a personal loan balance transfer, you should keep the following points in mind:

  • Carefully assess the new offer. It is always advisable to calculate how much you are going save after the balance transfer. Evaluate the difference between your old and new EMI amounts and choose tenure as per your financial status.
  • Check how much you have to pay. This is the sum total of all the charges and fees you have to pay in order to avail the personal loan balance transfer. Generally, an applicant has to bear the prepayment charges of the previous lender and the processing fees of the new lender for a personal loan balance transfer.
  • Read the loan agreement. You should always read the fine print carefully to be aware of the terms and conditions before signing the loan transfer agreement.

Thus, you should consider both the benefit and long term implication of the personal loan balance transfer.

How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Avail Personal Loan For
All Your Needs

Avail Personal Loan Banner
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