Bankaspot or its associate will never demand any money for getting the loan processed. Any person/institution doing so will be solely doing at their own risk. Bankaspot will not be responsible for this act. If you find any person/institute doing this; Please call us immediately at given contact numbers or mail us at

0164-2910238,70979-64000   |   SCO-2,1st Floor, DD Mittal Tower Shopping Complex, Bathinda

  • Overview

    About Balance Transfer Loan

    A balance transfer happens when you move a loan balance from one Bank/NBFC to another Bank/NBFC for top up of extra loan and lower the existing ROI and other charges. To make that happen, you need to get a new loan that will pay off an existing loan.

    Balance Transfer concept came up with credit cards first i.e. transfer of your outstanding balance from one credit card provider to another. The main reason behind this was to transfer your debt from the credit card with a higher interest rate to a credit card with a lower rate of interest. It was also used smartly by a few who transferred money from one credit card to another by rotation to avoid late fees. This transfer was available at low or no cost by banks as in most cases the customer would pay the minimum balance due and pay an interest on the balance outstanding.

    This facility has now been extended to other debt instruments such as personal loans, home loans and so on. The idea of a Balance Transfer for a personal loan is to shift your outstanding loan amount from one bank to another. There are many reasons to do a Balance Transfer including:

    Better Interest Rates - You have taken a loan from Bank A while working in a mid size company. You have now moved to a Category A (large and established) organization to which banks offer a better interest rate. If the probability of the current lender reducing the interest rate is low, you can move your outstanding loan amount to Bank B with an minimal charge and would end up paying lower EMIs.

    Offer by banks on Balance Transfer – Let us assume that you have taken a loan from a bank and have been paying the installments on a regular basis. Your profile too matches the ideal or favorable criteria of any bank. In this case, other banks would want to acquire you as a customer as they would be sure of your intention and ability to repay based on past records. In such a case multiple banks will be willing to offer an interest rate lesser by a sizeable percentage of about 2% - 3% if you undertake a Balance Transfer.

    Service Challenge with a Bank – There could be an instance where you are not happy with the service provided by a bank and would want to move out of an association with them. You can undertake a Balance Transfer to migrate to a bank that offers better service.

    Top-up Loan – A final scenario when you would want to go for a Balance Transfer is when you need to borrow more money. If you already have a regularly-serviced loan with a certain bank and are in need an additional loan (called a top-up), a separate bank might be willing to offer it at a better rate if you agree to transfer the outstanding balance of your current loan to them

  • How do we help you to borrow right?
    • 1. As per our mission to provide “best banking product and services according to customer needs” Bankaspot provides you the service with an unbiased platform to analyze and decide upon the best available deals in the market according to your needs
    • 2. We offer a customized loan consulting experience to each customer as per their needs.
    • 3. Our experienced loan consultants help you to understand which is the bank and product for you
    • 4. We make sure that your documents are in order as per bank’s requirement.
    • 5. We make the process smooth, efficient and easy with over the counter service.
    • 6. We take care of any issues and quick resolution of that issue to get the loan disbursed in very short time.

    Why Bankaspot

    • Get best offers & deals for you from our partner Banks & NBFCs .
    • Compare personal loan offers and services of leading banks and NBFCs
    • Apply with the best bank or NBFC with lower rate or interest and charges.
    • Hassle free process and easy documentation.
    • Free on door service for document pickup by Bankaspot Team.
    • Free expert guidance & advice from our dedicated team of experts.
    • We are not an agent of any particular bank/NBFC so you can also apply with the bank of your choice.
    • No any cash or hidden Fees for services which are being provided.
    • We are here to help & assist you so we understand that it’s an important decision for you because you are in immediate need of money so please be trusted that we will ensure quick processing and disbursal of your loan to fulfill your requirements.

    Point To Be Considered Before Taking A Personal Loan:

    • Share all the accurate information at time of filling up of application form. Bank will process your loan based the information you provide in application form.
    • Processing fees are deducted from Loan amount and thus do not pay any fees in cash to anyone to process your loan sanctioning. If anybody demand this kind of fees; immediately contact us on our given contact no. in contact us segment or mail us at
    • There should be no any delay in pay of EMI of your previous loans with any other banks because this will affect your CIBIL score.
  • Eligibility Criteria
    Eligibility Criteria of Personal Loan
    • Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a personal loan.
    • The applicant should be above the age of 24 years
    • Should be currently employed with existing organization or been involved in your business for a specific number of years.
    • Professional stability and savings history play a major role in approval of the loan, especially minimum required monthly salary and repaying capacity
    • Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for personal loan.
Apply for Loan