A balance transfer scheme from AU Small Finance Bank to meet the financial needs

A special loan scheme to help home loan borrowers meet their personal needs or pare down their debts

AU Small Finance Bank Home Loan Balance Transfer

This scheme is designed for home loan borrowers from other banks to help them transfer it to AU Small Finance Bank. This is the perfect consolidation loan scheme for home loan borrowers since the bank offers flexible loan tenure and competitive interest rate.

Features of AU Small Finance Bank Home Loan Balance Transfer

Why this Loan?

  • The AU Small Finance Bank Home Loan Balance Transfer is meant for home loan borrowers who want to transfer their home loan from other banks to AU Small Finance Bank
  • The bank offers flexible loan tenures and competitive interest rates on this scheme

Loan Amount

  • The minimum loan amount sanctioned by the bank under this loan scheme is Rs. 2 lakh. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 5 crore

Repayment

  • This maximum repayment period offered is 30 years for salaried professionals and 20 years for self-employed professionals/non-professionals

Interest

  • The applicable interest rate on this loan is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR) and Spread. As of October 2020, the one-year MCLR of AU Small Finance Bank is 10.05%. The Spread factor is decided by the bank based on the loan type, quantum of loan, credit score of the borrower, etc.

Margin Money (Borrower’s Contribution to Total Cost)

  • As of October 2020, this information is not mentioned on the bank’s website. Please talk to a representative to get more details

Eligibility

  • The applicant must be above the age of 18 years
  • The applicant must be a resident of India
  • The borrowers should have a good repayment record for the home loan

Security Needed

  • The bank asks for the first charge of equitable/registered mortgage of property financed with the loan

Processing Charges

  • The bank charges up to 5.00% of the loan amount for processing this loan

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.

Reference Facts

  • AU Small Finance Bank Website: www.aubank.in
  • Headquarters: Jaipur, Rajasthan
  • Call Centre Toll-Free Number: 1800 1200 1200