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Our flexible and affordable Balance Transfer & Topup Loan

Balance Transfer & Topup Loan

A balance transfer is available for all types of loans, including personal loans. Also referred to as refinancing, a balance transfer is primarily done to reap the benefits of better interest rates and other features. Do not miss a chance to lower your loan repayments when you have smarter options to choose from. Move your loan outstanding balances to Lonar, pay lower monthly installments and enjoy the savings for the other things in life that really matter to you and your family.

Lonar's Top-up loan is an exclusive financing option, our customers who opt for our balance transfer facility can borrow funds over and above the existing loan amount. You can avail of an additional Top-Up Loan to meet your business or personal needs.

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Features of Balance Transfer & Topup Loan

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Enhanced interest rate
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Better features
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Longer Repayment Tenure
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Increment of loan Facility
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Innovative Loan schemes
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Top-up Loan Facility
List of documents

Required Documents

1) For Balance Transfer of Home Loan:

  • KYC documents:
    • Pan Card
    • Aadhaar Card
    • For NRIs, a passport is required
    • Proof of residence
  • Income documents:
    • Salary slips and Form No.16 for salaried
    • Last 3 years income tax returns along with financials for self-employed or professionals
    • Last 3 years income tax returns along with financials for self-employed or professionals
    • Bank statements for last 6 to 12 months
  • Property Documents (incase property is identified):
    • Proof of ownership of property
    • In the case of flats, the allotment letter of the builder/society
    • Up to date tax paid receipt

2) For Balance Transfer of Personal Loan:

  • Salaried Applicants:
    • 3 months salary slips
    • Identity proof – Passport, Aadhar Card, Driving License, etc.
    • PAN Card
    • Address proof – Aadhaar Card, passport, voter’s ID, etc.
    • 2 photographs
  • Self-employed Applicants:
    • Last 3 years balance sheet
    • Profit & Loss account statements
    • TAN Card
    • Last 6 months current account statements
    • Applicant’s savings account statements

3) For Balance Transfer of Mortgage Loan:

  • For Salaried:
    • Application form with photograph
    • Identity Proof and Address Proof
    • Latest Salary Slips (Latest 3 months)
    • Form 16 / appointment letter
    • Bank Statements (Last 12 months)
    • Latest outstanding Letter (current lender)
    • All Loan Sanction Letter(if any)
    • Processing fee cheque
    • Spouse income(if required)
    • Property Papers
  • For Self-Employed:
    • Application form with photograph
    • Identity Proof and Address Proof
    • Proof of business existence
    • Last 3 years ITR
    • Last 3 years P&L and Balance Sheet with Audit Report
    • Bank Statements (Last 12months)
    • Latest outstanding Letter (current lender)
    • All Loan Sanction Letter(if any)
    • Processing fee cheque
    • Spouse income(if required)
    • Property Papers

4) For Balance Transfer of Vehicle Loan:

  • For Salaried:
    • Income proof: Salary slips for the last 3 months or income tax returns
    • Bank statements
    • Address proof
    • Proof of identity
    • KYC documents
    • Passport size photos
Just find your answers below

Frequently Asked Question

  • Who can avail the personal loan balance transfer facility?

    Any borrower who has an existing personal loan on which he/she has paid at least 12 EMIs regularly is eligible to transfer the outstanding balance to another lender, provided that they meet the lender’s eligibility criteria.

  • How long does it take for a balance transfer to happen?

    The amount of time taken by banks to process a balance transfer may depend on the time taken by your existing lender to close the loan and issue a loan foreclosure letter. After that is done, you will have to apply for a loan with the existing lender and once it is approved, the loan amount will be disbursed to your account. The whole process should not take more than 8 days.

  • Who can avail the balance transfer facility?

    Anyone who has availed a personal loan for which he/she has made timely repayments for at least 12 months can opt for the balance transfer facility or even a top-up loan during the loan transfer.

  • When can I apply for a Balance Transfer?

    Balance Transfer is always recommended when your present lender's rate of interest is at higher side than the rate offered from new lender or you have the requirement for additional amount. This additional amount can be utilized for your personal expenses such as marriage, medical expenses, education or capital infusion, etc. Additional amount can be availed at a better rate.

  • What is a Top Up Loan?

    Top Up Loans can be availed for personal and professional needs(other than for speculative purposes) like marriage, Child's education, business expansion, debt consolidation etc.

  • Can I avail a top up loan along with a balance transfer loan ?

    Yes. Top loan can be availed in addition to a balance transfer loan.

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