Personal Loan Balance Transfer @10.99% | Lower Your Loan Costs
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  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • NRI Services
  • Investors

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Frequently Asked Questions

Who can opt for the balance transfer facility?

Individuals with an ongoing personal or home loan can opt for the loan balance transfer facility. Applicants need to fulfill the required eligibility criteria such as minimum education, income etc. to avail the same. 

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

When you transfer your existing personal loan balance to another lender, you are able to avail a fresh set of terms and conditions. So, depending upon various loan-related factors and your eligibility, your repayment tenure too can change. 

What will be my EMI after transferring my personal loan?

Balance transfer facility will impact your EMI as the interest rate and tenure may change. A reduced interest rate in turn decreases your EMI amount as well. You can check for your EMI amount through Kotak’s personal loan EMI calculator

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

Yes, while opting for a personal loan balance transfer you get a chance to avail a top-up loan upto 100% of the amount of your personal loan. For such deals, make sure you have a good credit record. 

Do you offer a top-up facility on existing Personal Loans?

Kotak Bank provides personal loan top-up facility to borrowers after a period of 9 months post the loan sanction. Considering various factors like credit history and EMI repayment history, your top-up loan can be approved in 2 days’ period.

 

How does Personal Loan Balance Transfer Work?

When you apply for a personal loan balance transfer, your lender pays off your existing loans and adds the total amount to your new loan. However, you have to remember that you may incur some prepayment charges if applicable.

What are the interest rates applicable while transferring a personal loan?

Kotak Mahindra Bank’s personal loan interest rate starts from 10.75% per annum. It can go up depending on your financial history. Therefore, it is advisable to plan wisely before opting for a personal loan balance transfer.

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