Personal Loan Balance Transfer

A balance transfer lets you shift an existing personal loan from one lender to another. You picked your original loan after comparing rates and tenures — but if a better deal appears later, the transfer facility lets you move the outstanding amount and continue repaying on improved terms.

The switch starts with the new bank confirming your eligibility, followed by form submission and documentation. Once formalities close, the new bank pays off your remaining balance at the old one — though since this forecloses the existing loan, some banks charge a fee as a percentage of the outstanding amount.