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  • Reduce EMI/Tenure
  • Save on interest payment
  • Special Rates on Balance transfers
  • Compare across banks
  • Choose Additional amount
  • Easy and quick processing
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* Rates are indicative only. Final rates may depends on the customer profile.

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About Balance Transfer

The Transfer of an outstanding loan from one Bank to another is called Balance transfer.

  • Any outstanding loan can be transfered to another loan at a lower rate of interest through Balance Transfer
  • Individuals can avail of a top-up to the existing loan if their eligibility criteria increases.
  • This benefit is available for personal, business and home loans.

Why should one go for Balance Transfer?

  • Save on the interest payment.
  • Reduce EMI/Tenure
  • Easy and quick processing.

Balance Transfer Products

Achieve all your goals and aspirations with the right kind of help, exactly when you need it.

Reduce EMI/Interest

By making your outstanding loan Balance Transfer at a lower rate of interest, You can reduce both EMI- which you pay Monthly and Interest- Which you pay through out the tenure


If additional amount is required you can also avail the benefit of TOP UP – An additional amount to the outstanding loan at the lower rate of interest if eligibility criteria exits

Features of Balance Transfer

Simple procedure

It can be accessed with minimum documentation and does not take time to procure as compared to secured loan.

Choose the additional amount

Top Up in additional to the exiting outstanding can be taken depending on income, obligations, repayment history (if applicable) and repayment capacity

Enjoy the Special rates

Special offer rates are available in case of Balance Transfer

Increase the Tenure

Tenure of the new loan can be increased which is irrespective to the old tenure

Balance Transfer- Eligibility

    Personal Loan:

  • 21 years of age for salaried individuals and 25 for self employed
  • 58 years of age for salaried individuals and 65 for self employed
  • Resident Indian/NRI
  • Rs 20,000
  • Rs 50,000
  • Rs 40,00,000
  • Salaried/ Self-employed professionals and nonprofessionals

  • Home Loan:

  • 21 years of age for salaried individuals and 25 for self employed
  • 58 years of age for salaried individuals and 65 for self employed
  • Resident Indian/NRI
  • Rs 20,000
  • Salaried/ Self-employed professionals and nonprofessionals
*These are general terms only. Policy norms vary from bank to bank and customer to customer.
  • PAN Card, Passport, Driving License, Voter ID, Aadhar Card,
  • PAN Card, Passport, Driving License, Bank Verification form.
  • Passport, Driving License, Voter ID, Aadhar Card, Mobile/Land line Bill, Rental Agreement, Gas Bond with Bill, Sale Deed, Property Tax,Electricity Bill, Aadhar Card.
  • 6 Months Bank Statement.
  • Latest 3 Months Payslips.
  • Company 3 years ITR's- Saral copy, Computation of Income, Profit and Loss Account, Balance Sheet with Schedules.
  • Business Registration certificate, Business Continuity Proof,OD/CC Sanction Letter.
  • All Directors KYC, Company PAN Card, Individual ITR, Patnership Deed, Provisional or VAT return copies along with VAT certificate copy, OD/CC Sanction Letter.
  • All Directors KYC, Company PAN Card, Individual ITR's, MOA/AOA, Share holding Pattern, Board Resolution.
  • Existing Loan Track/Sanction Letter.
  • Sale Deed Copy/Agreement Of Sale, 15 Years Link Documents, 15 Years Encumbrance Certificate, Municipal Sanction Plan, Latest Property Tax Receipt (incase of resale property) and Vendor Pan Card, LRS required for plot loans, Layout copy for plot loans.
  • One Photograph.

Frequently Ask Questions

Balance transfer

Balance transfer is the process where you can transfer your outstanding balance of the credit card or loan to other banks which offer you the low interest rates. This provides the great benefits, but sadly very few know about this service and maximum people are unable to avail this service as lack of knowledge about balance transfer.

Adopting the balance transfer in the initial stages of your repayment adds even more advantage as the benefit of low interest will be for a longer time. The people having bad credit score can save more by availing the balance transfer (BT). For Instance, you was charged 20% interest for your personal loan because of your bad credit score, when your CIBIL is improved you can get balance transfer done at 14%, because banks are open to individuals and offer balance transfer (BT) if you hold a good cibil score.

Some lenders charge foreclosure fee as percentage of the outstanding principal amount. This means if you want to close your loan before the date of tenure you will be charged for foreclosure and balance transfer may have the processing fee too. This means you will be incur extra charges of foreclosure and balance transfer processing fee. You need to calculate all the extra charges and compare if you are benefiting with the interest rate offered to you with balance transfer. Compare against the loan amount you will be paying if you continue the same loan.

Steps for Balance Transfer

These points may slightly vary depending on the Lender norms:

  • Look a foreclosure letter, property documents list and account statement from the current lender.
  • Analyze the market of Balance transfer and choose the home finance company.
  • Submit the necessary documents income,loan application, identity etc., to the new lender
  • Credit appraisal from the new lender along with field investigation and loan sanction.
  • Offer letter from the new lender.
  • Submit your legal checks and documents.
  • Sign the agreement and post dated cheques and provide it to the new lender.
  • Loan Disbursing in favour of old lender.

Points to consider Balance Transfer

  1. Take time and calculate the whole loan amount after balance transfer including the extra charges like pre-closure and processing fee. Now sum it all up and compare with the ultimate loan amount if you continue with the same lender.
  2. Make sure the interest rate offered is not a teaser rate that will contractually increased after a certain time.
  3. Ensure that your paperwork under process of new lender, especially the property ownership papers, this will delay the loan disbursal.

The minimum period differs from bank to bank but is usually between 1 and 12 months.

Yes, this facility is possible with a balance transfer program.

Balance transfer is the procedure of transferring your outstanding amount of personal loan from one bank to another who is offering low interest rates. Basically it is like taking a new loan at lower interest for clearing the existing loan.

Yes it is a great idea to do a Balance transfer on your Personal Loans as you can save money in the form of low EMI’s when bank offers Balance Transfer at low interest rate for your existing Personal Loan and it also helps you to improve your credit score. But applying for balance transfer multiple times may affect your CIBIL.

Yes it does help you to save money in the form of EMI’s. It depends on the interest rate of the bank which is ready to offer you balance transfer, If your record is clear and if there are no delay payments of EMI’s, The Banks will offer you Balance transfer at low interest rate.

Yes, Balance transfer will help you to improve your credit score if done once. If you are applying for Balance transfer multiple times banks will consider that you lack the capacity of repayment and seeking for low interest rates, which will in turn effect your credit score

It totally depends on the lender who is offering you balance transfer. Usually it takes 7 to 10 working days, we recommend instant loan transfer online with InstaEMI as it is a swift process.

Its a big YES! You can get more money while Balance Transfer and this is called top-up. Here is how you get more loan and more time for repaying it.

Its a Big YES! Again. If your holding multiple loans and tired of paying EMI’s individually, balance Transfer is the great option for merging all loans all together at better interest rates.

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