A personal loan is a financial product that provides individuals with a lump sum of money, typically for various personal expenses, which is then repaid with interest over a fixed period. But are you aware of how to transfer personal loan to another bank? It cannot be done online but you can do it offline. Learn here how to transfer personal loan from one bank to another.
What is the Process for Personal Loan Transfer from One Bank To Another?
As far as I am aware, you cannot transfer personal loan from one bank to another online. But if you want to do it offline, here is what you need to it:
Provide all the details or documents about your existing personal loan to the bank
Ask about the processing fee, legal charges, valuation fee and more from the existing bank and clear all the debts
Ask your new bank about the process you need to follow. Generally, the new user is asked to open a savings account and they will verify the loan details and get it transferred from your former bank to the new bank
This is the basic process that is followed.
I have an account in Kotal so the documents required for personal loan balance transfer here are:
Identity proof: PAN/ Aadhar/Voter’s ID
Residence Proof: Passport/Utility Bills/Leave and Licence Agreement
Income Proof: Bank Statements/Salary Slips
And you need to be a
Graduate
Have one years work experience
Have a minimum salary of Rs 20,000
You must have spent at least one year in the city where you are applying
So its best that you visit the bank and ask them about the transfer process.
Get Instant approval and disbursement while availing a personal loan through NoBrokerRead More:
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How to Transfer Personal Loan from One Bank to Another?
Gayatri
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2023-10-11T08:45:46+00:00 2023-10-11T08:45:46+00:00Comment
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