Save on Interest with MyFinCorp Balance Transfer Loans

Balance Transfer

Get Lower EMI with Balance Transfer Solutions

Optimize Your Loan Repayment with Balance Transfer Loans

At MyFinCorp, we believe in empowering you to manage your finances better. Our Balance Transfer Loans are designed to help you transfer your existing high-interest loans to MyFinCorp, allowing you to benefit from lower interest rates and reduced EMIs. Whether it’s a home loan, personal loan, or any other type of loan, our balance transfer solutions can provide the financial relief you need.

Why Choose MyFinCorp Balance Transfer Loans?

Lower Interest Rates: Transfer your existing loan to MyFinCorp and enjoy significantly lower interest rates, reducing your overall financial burden.
Reduced EMIs: With lower interest rates, your Equated Monthly Installments (EMIs) decrease, making your loan repayments more affordable and manageable.
Flexible Repayment Tenure: Select from a range of flexible repayment tenures that align with your financial goals and circumstances, ensuring ease of repayment.
No Hidden Charges: Experience transparent and straightforward processing with no hidden fees or charges, so you know exactly what you’re paying for.
Quick and Easy Processing: Benefit from our fast and efficient loan transfer process, designed to ensure a smooth transition with minimal paperwork and quick approval times.
Top-Up Loan Option: Avail an additional top-up loan on your transferred loan amount, providing you with extra funds for other financial needs or projects.
Improved Credit Score: Timely repayments on your transferred loan can help enhance your credit score, positively impacting your financial health.
Enhanced Loan Features: Access a range of enhanced features, including online account management, flexible repayment options, and personalized customer service.

8.5%

Interest Rate

Starts from 8.5 to 12%

90%

Loan Amount Range

Up to 90% on Property value

0.5%

Fees and Charges

Start from 0.5% to 1%

For Salaried Employees

KYC: Applicant and Co-Applicant

PAN Card (Mandate)
Aadhar Card (Mandate)
Voter ID (optional)
Driving License (optional)
Passport (optional)
Latest Passport Size Photo
Employer ID card
Resident Address Proof

Income Proof Documents:

3 months Pay slips (Latest)
IT returns for the past 2 years or Form 16 or PF ( Provident Fund ) Statement
6 months Bank Statement latest where your salary is credited

For Self-employed

KYC: Applicant and Co-Applicant

PAN Card (Mandate)
Aadhar Card (Mandate)
Voter ID (optional)
Driving License (optional)
Passport (optional)
Latest Passport Size Photo

Income Proof Documents :

Income Tax Returns ( ITRs ) for the Last 3 years ( Along with Profit & Loss and Balance sheet and Computation of income)
Office or Shop Business Registration Certificate.
One year Bank Statement from personal a/c and Current Account
GST registration certificates, 1 year GST monthly returns (if applicable.)
Partnership deed in case of partnership firms (if the applicant is one of the partners).
Certificate of Incorporation in case of Limited or Pvt. Ltd Company (if the applicant is one of the Directors).

For NRI

KYC : Applicant and Co-Applicant

Valid passport and visa (attested copy)
PAN, Driving License, Aadhar Card
Address proof with the current overseas address
Documents must be attested by Overseas Notary Public or Indian Embassy/Consulate.
passport size photograph
Employer identity card

Income Proof Documents for NRI

For Salaried
- Employment contract Letter with an English translation (if it’s in another language)
- Last 6 months’ salary slips or salary certificate
- Last one Year bank statements showing salary credits
- Latest Individual Tax Return (duly acknowledged copy) except for NRIs/PIOs located in Middle East countries & Merchant Navy employees.
For Self-employed
- Business address proof
- Income proof in case of Self-employed Professionals / Businessmen.
- Last 2 years’ balance sheet and P&L accounts (audited / C.A. certified).
- Last 2 years’ Individual Tax Return except for NRIs/PIOs located in Middle East countries
- Last 12 months’ bank statements of overseas account(s) in the name of individual as well as company.
GPA ( General Power Attorney ) PAN, Aadhar Who is Staying in India

Property documents

Agreement of Sale
Mother link Document Copies of all, that can establish the chain of ownership for the past 20 years.
Building Construction Permission Plan
Encumbrance certificate for 20 years
Property tax paid receipt

A balance transfer loan allows you to transfer your existing loan(s) from one lender to another, typically to benefit from lower interest rates, reduced EMIs, or better loan terms. This process can help you save money on interest payments and simplify your debt management.

Eligibility for a balance transfer loan depends on various factors, including: A good credit score and repayment history. An existing loan with a significant outstanding balance. Meeting the income and employment criteria set by the new lender. Typically, you need to have completed a certain period of repayments with your current lender before you can opt for a balance transfer.

To transfer your existing loan to a new lender: Apply for a balance transfer with the new lender. Submit necessary documents, including your loan statements, repayment history, income proof, and identification. Upon approval, the new lender pays off your existing loan. You start repaying the new lender as per the agreed terms, which usually include lower interest rates and possibly better loan terms.

The primary benefits include: Lower interest rates, reducing the overall cost of your loan. Reduced EMIs, making monthly payments more affordable. Potential for additional funds through a top-up loan. Better loan terms, such as flexible repayment options and enhanced features. Consolidation of multiple loans into a single loan for easier management.

Yes, balance transfer loans may come with certain fees and charges, including: Processing fees: A fee charged by the new lender to process the balance transfer. Prepayment penalties: Some lenders may charge a fee for closing your existing loan before its tenure ends. Administrative fees: Additional charges that may be levied for managing the transfer process. It's essential to read the terms and conditions carefully and understand all associated costs before proceeding with a balance transfer.