
*Rates are subject to changes
Unhappy with your current personal loan? We have the perfect solution for you! Find a loan with better terms and more affordable interest rates by opting for balance transfer of existing loans. Wondering what does balance transfer personal loan mean? With this facility, you can transfer your personal loan outstanding from one lender to another to secure better loan terms – from better interest rates and repayment terms to a longer loan tenure.
A personal loan balance transfer is an excellent way to significantly reduce your EMI burden by availing lower interest rates. Transfer your personal to Tata Capital with our personal loan balance transfer facility to enjoy flexible loan tenure of up to 7 years and structured EMI plans for easy loan repayment.
The best part? We offer personal loan balance transfer at a nominal processing fee and interest rates starting at just 11.50%!
You can apply for a Personal Loan Balance Transfer by fulfilling the conditions below:
You must be between
21 to 58 years old.
You must have at least one year of work experience
You must have a monthly income of at least Rs. 20,000.
To avail of a personal loan balance transfer from Tata Capital, you're required to submit the following list of documents-
1. ID proof- Aadhaar card/ Voter ID/ Driving License/ Passport
2. Address Proof
3. A copy of salary credits or primary bank account statements for the last six months as income proof
4. A copy of salary slips for the last two months
5. A certificate stating one year of continuous employment
You can avail of a personal loan balance transfer facility with Tata Capital at competitive interest rates and nominal fee structure as follows-
Type of Charges | Amount |
---|---|
Rate of interest | Starting at 11.50% |
Processing fees | Up to 3.5% of the loan amount + GST |
Penal Charges, if any, in case of delayed payments | For default in payment of interest and/ or principal amounts 3% per month on defaulted amount (Annualized Penal Charge of 36%) |
Foreclosure charges | Within 12 months of the date of first disbursement- 6.5% of the principal outstanding at the time of foreclosure After 12 months of the date of first disbursement- 4.5% of the principal outstanding at the time of foreclosure |
Dishonour of any cheque/payment instrument | Rs. 600 per instrument per instance |
*Rates are subject to changes
The process for personal loan balance transfer with Tata Capital involves the following steps-
1. Research other lenders for personal loan interest rates and calculate your potential interest savings on the Tata Capital app.
2. Consider the loan transfer fee and other charges applicable to the loan with your existing and new lender. This will help you analyse if personal loan balance transfer is the right choice.
3. Shortlist and compare different lenders for the personal loan eligibility, interest rates offered, and the loan transfer process.
4. Before applying with the new lender, apply for a No-Objection Certificate (NOC) and loan foreclosure with the existing lender.
5. Apply with the new lender and submit the required personal loan documents.
6. On approval, execute the loan agreement with the new lender.
7. The new lender will disburse the outstanding loan amount to the previous lender.
8. Once the previous lender receives the outstanding loan amount, they will cancel all the cheques and close your loan account.
Last updated on: 21 Jul, 2025