Tuesday, 6 January 2015

How to transfer your loan from one bank to another ?

1. Get below documents from your current bank loan centre:
* foreclosing letter : This includes the amount to be paid(outstanding amount), if we want to close the loan today etc.. 
* loan tracking letter : This includes the tracking of your EMIs completed etc..

2. Apply for the loan in new bank for the same amount(outstanding amount).

3. New bank will provide you a DD for the same amount.

4. You can submit this DD to the current bank loan centre.

5. It will take few days(nearly 7-9 days) to process the request. Thats it.

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