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We serve loans, the best way you can borrow
We serve loans, the best way you can borrow
We at lendingplate help you move your current loan to a new lender for better terms. At lendingplate, we let you transfer your existing loan balance to us for lower interest rates and better terms. You can pay off your current loan while starting a fresh loan with us.
The new loan often has lower rates – which saves you money over time. We make this process simple through our personal loan balance transfer. You can check your options right from your phone. Our team guides you through each step – from checking rates to final approval. Balance transfers work best when you find a lender offering better terms than what you currently have.
A personal loan for balance transfer gives you better control over your finances with improved terms.
We offer reduced interest rates compared to many other lenders in the market. You can save thousands over your loan term with even a small drop in your rate. We review your profile carefully to give you the best possible rate based on your credit score and income.
Transfer your loan to lendingplate and enjoy smaller monthly payments that fit your budget better. Lower payments give you more breathing room in your monthly cash flow for other needs. You can use our portal to calculate your new payment before you decide.
Get more favourable conditions with our flexible loan terms that match your financial needs. You can choose longer terms to reduce monthly payments or shorter terms to pay off faster. Our loan terms are clearly explained with no hidden fees or surprise charges later.
Combine multiple loans into one easy payment for simpler monthly budgeting. Having just one loan payment makes tracking your finances much easier than juggling multiple due dates. We send timely reminders so you never miss a payment date.
Regular payments on your new loan can help build a positive credit history over time. Paying off your old loan through a balance transfer may reduce your credit utilisation ratio. Better credit opens doors to more favourable terms on future loans and credit cards.
Pay off your loan faster with our efficient repayment options designed for ambitious borrowers. Early payoff saves you significant interest costs over the life of your loan. We let you track your progress toward total debt freedom.
Our balance transfer options are built to make your financial life easier with transparent terms.
Competitive Interest Rates We offer some of the best rates in the market – starting from 12% per annum. We show you your personalized rate based on your profile. Lower rates translate directly to lower overall loan costs for you. We review the market regularly to ensure our rates remain competitive.
Quick Approval Process Get approved within minutes through our simplified portal. Our system works fast to verify your information and make a decision. You won't wait days wondering about your loan status. Quick approvals mean you can move forward with your financial plans without delay.
Minimal Documentation Requirements We keep paperwork simple with just basic KYC and income verification documents. Upload everything directly through us without visiting any branch. Our system securely stores your information for future transactions. Less paperwork means faster processing and less hassle for you.
Flexible Loan Amount Transfer loans from ₹10,000 up to ₹2,50,000 based on your current loan balance. We match your existing loan amount and may offer additional top-up funds. You can calculate the right amount to cover your needs. Flexibility in loan amounts ensures you get what you need.
Transparent Fee Structure We clearly display all charges upfront with no hidden costs hiding in the fine print. Our processing fees range from 1% to 5% based on your loan profile. All fees are explained before you commit to the balance transfer. You'll know what you're paying before signing any agreement.
Digital Processing System Complete the entire transfer process online through our portal without visiting any office. Our digital system works around the clock to process your application. Track your application status in real-time through our portal. Digital processing saves you time and makes the entire experience smoother.
You need to meet these basic requirements to qualify for a balance transfer with us.
Age above 21 years
Minimum monthly income of ₹20,000
Good repayment record on your existing loan
An Indian citizen with valid address proof
A valid email ID and phone number
Regular employment with work experience
Our personal loan transfer makes it easy to move your loan to lendingplate with just a few taps on your phone screen.
| Sr. No | Charges | Details |
| 1. | Processing Fees | 1% - 5% of loan amount |
| 2. | Conversion Fee | 1 - 5% of the amount |
| 3. | Interest Rate | 12% - 36% per annum |
| 4. | Foreclosure | 5% of the amount [Nil if prepaid on or after your first due date] |
| 5. | Mandate Return Fee | 500/- [inclusive of GST] |
Balance transfers work best in certain situations where the benefits clearly outweigh the costs involved.
Burden of Paying a Higher Interest
Transfer your loan when your current interest rate is much higher than what lendingplate offers. You can check your potential savings using our calculator right away. Many borrowers save thousands of rupees just by moving to our lower rates. A higher interest can drain your finances and make a transfer worth considering.
Financial Difficulty Period
Consider a balance transfer when you need lower monthly payments to manage current cash flow issues. Extending your loan term can significantly reduce your monthly payment burden. Our flexible options help you weather tough financial times without defaulting on payments.
Improved Credit Score
Transfer your loan after your credit score has improved to qualify for better rates. Better credit means better rates and more favourable terms on your new loan. Many lenders gave higher rates to borrowers with limited credit history or past issues.
Multiple Loan Consolidation
Opt for a balance transfer when juggling multiple small loans to simplify your repayment schedule. Combining loans eliminates the stress of tracking different due dates and payment amounts. Having one loan instead of many makes your financial planning much easier.
Unhappy With Service
Switch lenders when your current loan provider offers poor customer service or lacks digital features. We respond quickly to questions and concerns about your loan account. Better service means less stress and frustration with your finances.
While balance transfers offer many benefits, you should be aware of potential downsides before making your decision.
Transfer Timing Matters
The best time to transfer is early in your loan term when interest portions are highest. Transferring very late in your loan term might not save enough to justify the fees. The timing of your transfer directly impacts your overall savings.
Processing Fee Impact
Consider how upfront fees affect your overall savings when comparing transfer options with us. A high processing fee can sometimes cancel out interest savings on smaller loans. Our agents can help determine if the fee structure works in your favour. We offer transparent fee schedules so you can make informed decisions.
Credit Score Effects
Applying for a new loan causes a temporary dip in your credit score during the inquiry. Multiple loan applications in a short time can significantly impact your score. Our soft inquiry option lets you check rates without affecting your credit initially.
Hidden Prepayment Penalties
Check if your current lender charges high exit fees before initiating a balance transfer. Some loans have lockdown periods during which penalties for exiting are very high. Our team can help you calculate whether penalties still make a transfer worthwhile.
Longer Repayment Cycle
Extending your loan term might lower monthly payments but could increase the total interest paid over time. Make sure you understand the trade-off between monthly payment size and total loan cost. Choose the shortest term you can comfortably afford to minimise overall costs.
Follow these strategies to get the most benefit from your personal loan balance transfer with lendingplate.
Compare Total Cost
Look beyond just interest rates to compare the actual lifetime cost of different loan options. Factor in processing fees, prepayment charges and other costs when calculating savings. Sometimes, a slightly higher rate with lower fees can be more economical.
Maintain Perfect Repayment
Pay all instalments on time to avoid late fees and negative credit reporting. A good payment history helps you qualify for better rates on future loans. We send timely reminders to help you maintain perfect payment records.
Keep Loan Term Short
Choose the shortest loan term you can manage to reduce total interest payments substantially. Even reducing your term by a few months can save thousands in interest costs. Our flexible terms let you balance monthly payment size with overall loan duration.
Read Fine Print
Review all terms and conditions carefully before signing your new loan agreement with us. Understanding all clauses helps you avoid surprises later in your loan term. Our loan agreements use clear language without confusing legal jargon. We're happy to explain any parts of the agreement you find unclear.
Check Prepayment Options
Choose a lender like us that allows partial or full prepayments without heavy penalties. Our loans allow prepayment after the first billing cycle without penalty charges. Making extra payments can dramatically reduce your loan term and interest costs.
Avoid New Debt
After transferring your loan, resist taking on additional debt that could strain your finances. Use the money saved from lower payments to build an emergency fund instead. Creating good financial habits helps you avoid the debt cycle.
We offer unique advantages that make your balance transfer experience smooth and beneficial for your finances.
We complete the entire process from application to approval online. No branch visits mean you save time and can apply from anywhere. Our digital platform works 24/7, so you can apply whenever it's convenient.
We clearly display all charges upfront with no hidden fees buried in fine print. You'll know what you're paying before committing to the transfer. Our loan statements clearly break down the principal and interest portions of each payment.
Choose payment terms that fit your budget and financial goals without rigid restrictions. Make payments through multiple channels including UPI, net banking or auto-debit. Adjust your payment date to align with your salary cycle for easier budgeting.
Get your old loan paid off quickly with same-day fund transfers in most cases. No waiting for weeks wondering when your balance transfer will be complete. Our efficient processing system moves your application through the approval stages rapidly.
Access our helpful support team through multiple channels whenever you have questions. Our support staff is trained to solve problems quickly without passing you around. We will follow up after your transfer to ensure everything goes smoothly.
Get extra funds beyond your balance transfer amount if you need cash for other purposes. Our option gives you access to more funds without a separate loan application. Use the additional money for home repairs, education or other important needs.
A balance transfer moves your loan from one lender to another, while refinancing changes your loan terms with the same lender. Balance transfers often offer promotional rates to attract new customers. Both options aim to reduce your interest costs and improve loan terms.
Your savings depend on your current interest rate, remaining loan amount and tenure. Someone with a ₹1 lakh loan at 24% interest could save around ₹10,000 by transferring to our 18% rate.
The best time is within the first half of your loan term when interest portions are highest. Transferring too late might not save enough to offset processing fees.
We consider other factors like income stability and payment history when reviewing applications.
No, we disclose all fees upfront – including processing fees, GST and foreclosure charges. Our processing fees range from 1-5% of the loan amount based on your profile. Foreclosure charges apply if you close the loan early but become zero after your first bill.
Yes, self-employed professionals can apply for balance transfers with proper income documentation. We require business existence proof and income tax returns for the past two years. Self-employed applicants need slightly more documentation to verify income stability. Interest rates may vary based on business type and income consistency patterns.
Yes, you can request additional funds beyond your current outstanding loan amount. Our top-up option lets you borrow extra for other financial needs during the transfer. Both balance transfer and top-up get processed together for convenience. The additional amount follows the same interest rate as your transferred loan.
Your existing loan continues with your current lender without any changes or disruptions. We provide specific reasons for rejection to help you improve future applications. You can reapply after addressing the issues that led to rejection.
Select the loan details you want to know
Select the loan details you want to know
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Unifinz Capital India Limited is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). lendingplate is the brand name under which the company conducts its lending operations and specialises in meeting customer’s instant financial needs.
