Balance Transfer Loan
Balance transfer is a strategic financial move that allows individuals to transfer their existing loans to another lender with more favorable terms. It's a powerful tool to reduce EMI burdens, access additional top-ups, and enjoy a hassle-free loan experience. Orion Finance World simplifies the balance transfer process, offering a wide range of benefits and key features tailored to your financial needs.
Why Choose Orion Finance World for Your Balance Transfer
Service Benefits
Lower EMI
Enjoy reduced monthly instalments, easing your financial burden
Additional Top-ups
Access additional funds for your financial requirements.
Wide Range of Banks
Choose from a diverse selection of banks for your balance transfer.
Hassle-free Documentation
Experience a seamless transfer with minimal paperwork.
Key Features
Competitive Interest Rates
Benefit from attractive interest rates for enhanced savings.
Quick Processing
Experience swift and efficient processing for timely approvals.
Flexible Repayment Options
Choose from a variety of repayment plans suiting your financial capabilities.
Transparent Terms
Enjoy clarity and transparency in all aspects of your balance transfer.
Eligibility Criteria
Salaried Individual:
- KYC (Photo, Pan Card, Aadhar Card of Applicant & Co-applicant)
- Latest 6 months’ Salary Slip
- 12-month bank statement (Reflecting the salary credited) 6 month
- Current Address Proof (If rented then rent agreement)with latest light bill
- 2 yrs Form 16 & Return ITR acknowledgement (saral)
- Company ID Card / Offer Letter / Visiting Card
- All ongoing loan sanction letter and repayment track record.
- SOA (Statement of Account) – Home Loan
- Sale Agreement
- Occupancy Certificate (OC) & Completion Certificate (CC) (Blue Print)
- LOD (List of Documents with bank)
- For closer letter
Self-Employed Individuals:
- Individual KYC (Photo, Pan, Aadhar Card of all applicant & Co-applicant)
- Utility Bill of office and home (Electricity Bill / Gas Bill)
- Office Proof –(Udyam Certificate, Shop Establishment, GST Certificate)
- Gumasta Licence (Proprietor), Company Pan Card/Partnership Deed (Partnership), Company Pan Card/MOA/AOA/Certificate of Incorporation (Pvt. Ltd.)
- 1 year GST return (June 2022 to Till Date)
- Last 3 years ITR of company and individual (Acknowledgement, Computation of Income, Balance Sheet & Profit & Loss Account with schedules, (If applicable 3CD & 3CB)) or 3CA with annexure report with part A & B
- Last 12 months current account banking
- Last 12 months saving account banking
- All ongoing loan sanction letter and repayment track record or repayment schedule
- Sale Agreement/All Chain Agreement
- Home loan sanction letter
- Occupancy Certificate & Completion Certificate & Blue print / share certificate F/B
- LOD (List of Documents with bank)
- For closer letter
Calculator
Get an approximate figure for the total monthly instalment payments along with a complete break-up of the loan.
Loan Amount
Loan Duration(Year)
Rate of Interest
Principal Amount
₹ 1,50,00,000
Interest Payable
₹ 28,21,079*
Total Amount Payable
₹ 1,78,21,079*
FAQs
1. How quickly can I expect my balance transfer to be processed?
Orion Finance World ensures quick processing, and the timeline may vary based on the complexity of the application. Expect timely updates on the status of your transfer.
2. Can I get an additional top-up with my balance transfer?
Yes, Orion Finance World offers the option for additional top-ups, providing you with extra funds to meet your financial needs.
3. What documents are required for a self-employed individual during the balance transfer?
Self-employed individuals need to submit various documents, including KYC, utility bills, GST certificates, ITR, and details related to their business. The exact list may vary based on the lender's requirements.
4. Are there prepayment charges if I choose to prepay the transferred loan?
Prepayment charges, if applicable, will be communicated transparently as per the loan agreement. It's advisable to review the terms related to prepayment in your loan agreement.
Orion Finance World is committed to simplifying your financial journey with a seamless balance transfer experience. Explore the benefits of transferring your loan to unlock savings and enjoy enhanced flexibility in your financial planning.
5. How can i reduce my EMIs on my existing loan ?
The best way to Reduce the EMI is by doing Balance Transfer and no repayment charges.
6. Is it advisable to do balance transfer if i have less than 1 year tenure on my existing loan ?
Yes, but to enjoy the major and full benefits of balance transfer, you should transfer your loan in the initial stage, like in the first or second year.
7. Can i merge my existing multiple loans through balance transfer ?
Yes, you can transfer the loan to another bank, but you need to repay the existing loan first. It only makes sense, if you take a loan from another bank at a lower interest rate. Your CIBIL score, credit history and EMI regularity are highly taken into consideration.
8. Does my credit score matter in Balance Transfer ?
It plays a major role in availing any kind of loan. Credit score defines your creditworthiness and your financial portfolio. It determines your repayment history.
9. What is the difference between home loan & home loan balance transfer ?
Home loan is a product which assists an individual to buy a house or flat. Home loan balance transfer is a product where you transfer your existing loan from one bank to another which offers a lower rate of interest.
10. What is MCLR ?
The RBI issued a new set of guidelines known as the Marginal Cost of Funds-based Lending Rate (MCLR). Commercial banks must use the MCLR to set their interest rates. Its main purpose is ensuring that banks pass on the benefit of rate cuts to borrowers.
11. When is the right time to do balance transfer ?
The right time to do a balance transfer is within the first two years.
12. Will balance transfer help me to improve my credit score ?
No, but if you are paying your emis on time without any skips, then only your credit score will improve.
