Personal Loan Balance Transfer Online in India

Lower your EMIs by transferring existing loans or credit card dues to a single personal loan

100% digital process, no collateral
Interest rate starts at 9.99% p.a
Instant disbursal within 10 minutes
Zero processing fees**

Apply Now

Personal Loan EMI Calculator

Loan amount

₹1L ₹15L

Loan term in months

Repay anytime with 0 Foreclosure charges!

9 Months 60 Months

Choose the Interest Rate

Lowest interest rate unlocked!

9.99% 38 %

Your EMI will be

₹5,072/month*

Total Interest Payable

₹43,435

Total Amount Payable

₹2,43,435

Check your eligibility

Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply. **For select loan amounts

Overview
Benefits
Eligibility
How to apply
Fees & Charges
FAQs
Blogs

Apply Now

Personal Loan for Balance Transfer with IDFC FIRST Bank

Saving money is vital, so why not do the same with your personal loans? High-interest credit cards or a personal loan can burden your finances and disrupt your planning. However, you can address this problem by using IDFC FIRST Bank's personal loan.

IDFC FIRST Bank can help you meet your personal loan balance transfer objectives with flexible repayment terms, low interest rates, and more affordable EMIs. You can apply for a personal loan online with a few clicks on your smartphone. You can apply for a personal loan balance transfer to consolidate your debts into a single manageable EMI.

What is Personal Loan Balance Transfer?

A personal loan balance transfer is the process of switching your ongoing personal loan from one bank to another. With this, you can also transfer your credit card balance to a personal loan. It is a valuable facility as it helps you save money. If you plan to apply for a personal loan balance transfer, comparing interest rates can help maximise savings. Depending on the outstanding balance of the present loan, even a difference of 0.50 per cent to 1 per cent in interest rate will significantly reduce your EMIs, saving more money. Therefore, opting for a personal loan balance transfer at a low interest rate is always recommended.

Before using a personal loan transfer, though, you must request a foreclosure statement from your current bank. You can apply for instant personal loan with the new bank when you receive the foreclosure notice from the previous bank. If the new bank accepts your Personal Loan Balance Transfer application, they will pay off the outstanding debt to the previous bank.

What Are the Benefits of a FIRSTmoney Personal Loan Balance Transfer?

Seamless Digital Application

Experience a smooth application journey with Aadhaar-PAN-based verification and zero paperwork. The entire process is paperless and digital, allowing you to apply from the comfort of your home or office. Speed and convenience are at the core of the FIRSTmoney personal loan journey. This allows you to quickly apply for online personal loan balance transfer without paperwork.

Zero Foreclosure Charge

If you choose to repay your personal loan earlier than planned, you can do so freely. IDFC FIRST Bank allows complete early loan closure without charging foreclosure fees, helping you save more on interest outgo.

Instant Access to Additional Funds

In case you require extra money beyond your transferred loan amount, you can get multiple on-demand loans directly through the app. The process is quick and paperless, ensuring immediate access to funds when needed.

High Loan Amounts Available

Eligible customers can transfer loans and avail funds up to ₹15 lakh. This flexibility allows you to manage larger debts or consolidate multiple loans into one affordable repayment plan with ease.

Simple and Intuitive Mobile App

Managing your loan is effortless through the IDFC FIRST Bank mobile app. From tracking disbursals and repayments to downloading important loan-related documents, everything can be done in just a few clicks.

Swift Loan Disbursal

Once your personal loan for balance transfer is approved, the funds are transferred promptly to settle your existing debt. In many cases, the disbursal happens within 10 minutes, ensuring timely relief and better financial management.

Flexible Repayment Options

Choose repayment tenures ranging from 9 to 60 months. You can decide on EMI schedules that suit your monthly budget, making repayment easier and more structured.

No collateral required

Get an unsecured personal loan without pledging your property or other assets as security, making borrowing simpler and more convenient.

Why Choose FIRSTmoney for Your Personal Loan Transfer?

Wondering why a personal loan for balance transfer from IDFC FIRST Bank is the right choice? Here’s why:

• Reduce your EMI burden instantly with lower interest rates.

• Close your loan at any time without worrying about foreclosure charges.

• Apply digitally in minutes with Aadhaar-PAN verification and minimal paperwork.

• Access additional credit whenever required through the app.

• Competitive interest rates, starting at 9.99% p.a., make repayment affordable.

What Can a Balance Transfer Loan Be Used For?

A balance transfer loan empowers you to restructure your finances effectively and lower your interest costs. Here are some common uses:

• Consolidating your high-interest loans using a personal loan from IDFC FIRST Bank can help you save on interest.

• Consolidate multiple loans or credit card dues into one manageable EMI.

• Reduce overall repayment burden with lower interest rates and flexible terms.

• Free up monthly cash flow by choosing longer repayment schedules.

• Access extra funds via on-demand loans for emergencies or planned expenses.

• Simplify financial planning by having one lender and one repayment schedule.

Need up to ₹1 crore? Apply for our Personal Loans with minimal documentation

Get a Higher Amount Know More

Personal Loan EMI Table by Loan Amount and Tenure

See How Personal Loan Amount and Tenure Affect Your EMI

Thinking of transferring your loan? Here's how your EMI could change based on the amount and tenure you go with.

Loan Amount	Tenure	Interest Rate	Processing Fees	Approx EMI
1 Lakh	24 Months	9.99% p.a.	0% to 3.5%	₹ 4,614
2 Lakh				₹ 9,228
3 Lakh				₹ 13,842
4 Lakh				₹ 18,456
5 Lakh				₹ 23,070
1 Lakh	36 Months			₹ 3,226
2 Lakh				₹ 6,452
3 Lakh				₹ 9,679
4 Lakh				₹ 12,905
5 Lakh				₹ 16,131
1 Lakh	48 Months			₹ 2,536
2 Lakh				₹ 5,072
3 Lakh				₹ 7,607
4 Lakh				₹ 10,143
5 Lakh				₹ 12,679
1 Lakh	60 Months			₹ 2,124
2 Lakh				₹ 4,248
3 Lakh				₹ 6,373
4 Lakh				₹ 8,497
5 Lakh				₹ 10,621

Who is Eligible for a Personal Loan Balance Transfer?

Personal Loan Eligibility

To apply for an IDFC FIRST Bank personal loan, you must fulfil the following –

Occupation: Must be employed, either salaried or self-employed.
Age: Applicants should be between 21 and 60 years old.
CIBIL score: A CIBIL score of 710 or above is needed.

Personal loan documents required

No paperwork uploads are required. Keep the following ready –

Aadhaar and PAN numbers for basic application needs.
Physical PAN card for video KYC presentation.
You won’t have to upload documents during the online journey.

Easy Guide on How to Apply for a Personal Loan

Step 1

Click on ‘Apply Now’

Step 2

Step 3

Choose your loan preferences including amount and EMI plan

Step 4

Link your bank account where you want to receive the funds

Step 5

Complete video KYC by showing your PAN card

Apply for Personal Loan

Personal Loan Balance Transfer - Fees & Charges Explained

Check out the table below to know the personal loan interest.

Types of Fees	Applicable Charges
Personal loan interest rate	Starting 9.99%
Processing fees	Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts)
Late payment fees	2% of the unpaid EMI or Rs 300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment.
Stamping Charges	As per actuals

Disclaimer:The above rate is applicable to loan amount above ₹1 lakh.

Service Charges and Fees for Personal Loans

IDFC FIRST Bank offers transparency in personal loan schemes and loan charges. We do not have hidden loan interest, prepayment charges, or processing fees. Read on to know the personal loan interest rates we charge. Prepayment of a loan before the end of tenure attracts pre-closure charges. A waiver on a loan amount due to prepayment of loan is applicable if:

1. 12 or more EMIs have been paid.

2. Prepayment is doing using your own funds.

Partial pre-payment facility is not available for personal loans at IDFC FIRST Bank.

Calculate your Personal Loan Interest Rate

IDFC FIRST Bank has an online personal loan EMI calculator that you can use to check your monthly EMI. The EMI calculator has three parts: loan amount, tenure, and rate of interest. You can use it by entering the personal loan amount you need, the applicable personal loan interest rate, and the tenure for which you want the loan. Once you enter these details, the EMI calculator will give you the EMI.

Step-by-Step Process of a Personal Loan Balance Transfer

The process of a personal loan balance transfer is simple and quick, especially when done online.

1. First, check your eligibility and compare interest rates to find the personal loan balance transfer lowest interest rate.

2. Next, apply for the personal loan transfer with your chosen bank by submitting basic details, KYC documents, and existing loan statements.

3. Once approved, the new bank pays off your old loan, and your loan account is transferred.

4. You then begin repayment at a new, lower rate, resulting in reduced EMIs and overall interest savings.

Our App Ratings from 2.64M+ happy users

Interest Rates & Charges for Personal Loan

Low interest rate

Interest rate starts from 9.99% p.a., calculated on a reducing balance basis.

Processing fee

Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts)
[View fees & charges]

Flexible loan tenures

Tenures from 9 to 60 months

Apply Now

Do’s and Don’ts about Personal Loan Balance Transfer

Do's

Take time to understand the loan terms before applying
Choose a repayment plan that fits your monthly income
Stay disciplined with your EMI payments
Check your loan eligibility to avoid unnecessary delays
Apply digitally for faster approvals

Don’ts

Do not assume that a low EMI means a lower total cost
Avoid ignoring your credit score while applying
Avoid too many situations that require balance transfers
Avoid submitting incomplete details
Do not take a loan without a repayment plan

Things to Know Personal loan Balance Transfer

Eligibility Criteria

To apply for a personal loan balance transfer, you should have a steady income, meet the minimum salary requirement of ₹10,000, and maintain a CIBIL score of 710 or above.

Processing fees & charges

Along with interest, it’s important to check out all applicable charges. FIRSTmoney keeps things transparent so that you can plan your expenses better.

Interest rates

Personal loan interest rates directly impact your EMI and repayment. FIRSTmoney offers competitive rates starting from 9.99% p.a.

Easy loan comparison

Comparing loan options helps you choose better terms. FIRSTmoney provides clear and upfront details for its customers.

Better financial planning

Flexible tenure up to 60 months and zero foreclosure charges help you manage repayments without added stress.

Tips to use your Personal Loan Balance Transfer smartly

Tip 1

Plan your repayment in advance

Check if your current and projected income can comfortably handle EMIs before applying.

Tip 2

Use the loan only for urgent needs

Avoid spending on non-essential items in order to ensure smooth handling of repayments.

Tip 3

Avoid borrowing too frequently

Frequent loans can increase financial pressure over time.

FAQs on Personal Loan Balance Transfer

Do I need to provide any security or collateral to obtain a personal loan?

IDFC FIRST Bank does not require any security or collateral for personal loans. You can avail of a personal loan if you have a steady flow of income and a good credit score.

How much time will it take for my personal loan to be approved?

You can apply for a personal loan online with IDFC FIRST Bank. Your personal loan application will be approved within a few hours if you meet the required criteria.

How can I prepay my personal loan as I cannot visit a branch?

IDFC FIRST Bank allows you to close your personal loan online with zero foreclosure charges. Part-prepayment is not allowed.

Does a personal loan balance transfer affect your credit score?

Yes, a personal loan balance transfer can impact your credit score. Applying for the transfer results in an inquiry, which can temporarily reduce your credit score. However, timely repayments on the new loan can improve your score in the long run.

Are there any costs related to transferring the amount of a personal loan?

Yes, lenders may charge processing fees, foreclosure charges from the previous lender, and administrative costs. It’s important to compare these fees against potential interest savings to ensure a beneficial transfer.

Can the repayment tenure be changed while opting for the personal loan balance transfer?

Yes, most lenders allow you to modify your loan tenure during the balance transfer process. You can choose a shorter tenure to pay off the loan faster or extend it to lower EMIs to make the payments more affordable.

Can you increase your loan amount by opting for a balance transfer?

Yes, some lenders offer a multiple loan on demand facility along with a balance transfer, allowing you to borrow additional funds if you meet the eligibility criteria. This can be useful for covering extra expenses while benefiting from lower interest rates.

How does a personal loan balance transfer work

You move your outstanding loan balance from your current lender to a new one, usually to get a lower interest rate. The new lender settles your existing loan and creates a fresh loan account in your name at the revised rate. IDFC FIRST Bank's balance transfer lets you shift loans from other banks with tenures up to 60 months, zero foreclosure charges and funds disbursed within 10 minutes of approval.

What documents are required for a personal loan balance transfer?

For FIRSTmoney, you only need your Aadhaar and PAN numbers for the application and your physical PAN card for video KYC. No document uploads are needed during the online journey. You should also have your existing loan details handy, including the outstanding amount and lender information.

What is the impact of a balance transfer on my credit score?

The new lender will run a hard inquiry on your credit report, which can cause a small, temporary dip in your score. However, once your old loan is closed and you begin making timely EMI payments on the new loan, your score is likely to recover and improve over time.

How much can I save by transferring my personal loan balance?

Savings depend on the interest rate difference, the outstanding loan amount, and the remaining tenure. Even a 1 to 2% reduction in rate can add up meaningfully over a long tenure. For example, on a ₹5 lakh loan with 3 years remaining, dropping the rate by 2% can save several thousand rupees in interest. Using an EMI calculator before applying gives you a clearer picture.

Can I transfer my personal loan balance to any bank or lender?

Not every lender accepts balance transfers, and each has its own eligibility criteria. IDFC FIRST Bank accepts balance transfers from other banks for eligible applicants. It is important to factor in the processing fee charged by the new lender and any foreclosure charges from the old lender before deciding.

More FAQs

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Different Types of Personal Loan for you

Travel Personal Loan

Dreaming of a memorable getaway, whether it's a beach vacation, a thrilling trek, or city exploration? FIRSTmoney’s travel personal loan empowers you to forget financial constraints and focus on experiences. You can book flights, accommodation, and premium experiences without draining your savings. The entirely digital application process is seamless and quick, enabling instant fund disbursal once your eligibility is confirmed.

Know More

Debt Consolidation Loan

Managing multiple debts with varying EMI amounts, due dates, and interest rates can be stressful. FIRSTmoney’s debt consolidation loan allows you to merge all outstanding loans and credit card balances into one affordable monthly EMI. The entire process is digital, from application and verification to fund disbursal, making it a hassle-free solution. Competitive interest rates, clear repayment schedules, and zero foreclosure charges help you regain control of your finances.

Know More

Emergency Personal Loan

Unexpected expenses, medical crises, urgent repairs, or unforeseen bills, can disrupt your financial stability. FIRSTmoney’s emergency personal loan acts as a dependable backup, offering immediate access to funds without draining your long-term investments. Available via a fully digital process, you can receive quick approvals and disbursal often within hours. Best of all, flexible repayment options and zero foreclosure charges make it easier to repay without stress.

Know More

Wedding Personal Loan

Your wedding day is a milestone worth celebrating in style, but managing costs can be daunting. FIRSTmoney’s wedding personal loan helps you plan a memorable ceremony without undermining your financial well-being. With a digital application process and rapid approval and disbursement, you can cover venue, vendors, and decoration expenses effortlessly. Competitive interest rates and tenures ranging from 9 to 60 months allow you to structure affordable EMIs. Since there are no foreclosure penalties, you have the freedom to close the loan early once the celebrations are over.

Know More

Home Renovation Loan

Enhance your living space with FIRSTmoney’s home renovation loan, ideal for smaller upgrades like painting, flooring, or furnishings. The application is digital and fast-tracked: simply complete the steps online, and funds can be approved within hours. Competitive interest rates and flexible repayment periods allow you to align EMIs with renovation timelines. Since early closure is permitted without any foreclosure charges, you can repay the loan sooner if desired, keeping your remodel smart and affordable.

Know More

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Personal Loan Balance Transfer Online in India

Personal Loan EMI Calculator

₹5,072/month*

₹43,435

₹2,43,435

Overview

Benefits

Eligibility

How to apply

Fees & Charges

FAQs

Blogs

Personal Loan for Balance Transfer with IDFC FIRST Bank

What is Personal Loan Balance Transfer?

What Are the Benefits of a FIRSTmoney Personal Loan Balance Transfer?

Seamless Digital Application

Zero Foreclosure Charge

Instant Access to Additional Funds

High Loan Amounts Available

Simple and Intuitive Mobile App

Swift Loan Disbursal

Flexible Repayment Options

No collateral required

Why Choose FIRSTmoney for Your Personal Loan Transfer?

What Can a Balance Transfer Loan Be Used For?

Need up to ₹1 crore? Apply for our Personal Loans with minimal documentation

Personal Loan EMI Table by Loan Amount and Tenure

See How Personal Loan Amount and Tenure Affect Your EMI

Who is Eligible for a Personal Loan Balance Transfer?

Personal Loan Eligibility

Personal loan documents required

Easy Guide on How to Apply for a Personal Loan

Personal Loan Balance Transfer - Fees & Charges Explained

Service Charges and Fees for Personal Loans

Calculate your Personal Loan Interest Rate

Step-by-Step Process of a Personal Loan Balance Transfer

Our App Ratings from 2.64M+ happy users

Interest Rates & Charges for Personal Loan

Interest Rates & Charges for Personal Loan

Low interest rate

Processing fee

Flexible loan tenures

Do’s and Don’ts about Personal Loan Balance Transfer

Do's

Don’ts

Things to Know Personal loan Balance Transfer

Eligibility Criteria

Processing fees & charges

Interest rates

Easy loan comparison

Better financial planning

Tips to use your Personal Loan Balance Transfer smartly

Tip 1

Plan your repayment in advance

Tip 2

Use the loan only for urgent needs

Tip 3

Avoid borrowing too frequently

FAQs on Personal Loan Balance Transfer

Do I need to provide any security or collateral to obtain a personal loan?

How much time will it take for my personal loan to be approved?

How can I prepay my personal loan as I cannot visit a branch?

Does a personal loan balance transfer affect your credit score?

Are there any costs related to transferring the amount of a personal loan?

Can the repayment tenure be changed while opting for the personal loan balance transfer?

Can you increase your loan amount by opting for a balance transfer?

How does a personal loan balance transfer work

What documents are required for a personal loan balance transfer?

What is the impact of a balance transfer on my credit score?

How much can I save by transferring my personal loan balance?

Can I transfer my personal loan balance to any bank or lender?

Get FIRSTmoney Smart Personal Loan for Different Amounts

Different Types of Personal Loan for you

Travel Personal Loan

Debt Consolidation Loan

Emergency Personal Loan

Wedding Personal Loan

Home Renovation Loan

Personal Loan Tips & Insights: Your Guide to Smarter Borrowing

How to choose a personal loan: 7 signs it may be time to switch lenders