Provident Fund Transfer Online: Important Details to Know

You can easily transfer EPF online on the EPFO portal, which you may need to do if you switch jobs. If required, your employer will register you on the Employees Provident Fund Organisation (EPFO) portal. As per the regulations, both you and the employer contribute to your account to build a corpus for retirement. 

While you can withdraw the EPF amount, opting for a provident fund transfer is always better to build a substantial corpus for retirement. 

To know how to transfer EPF online and why it is significant, read on.

Why Should You Choose EPF Transfer Instead of Withdrawal? 

These are a few crucial points that you must be aware of:

  • When you are employed by a PF-registered employer, the company will open your Employee Provident Fund account
  • Both you and the employer contribute 10-12% of your gross salary into this account, which earns interest
  • This helps you accumulate funds, which you can use during retirement or during other times of need

However, when you leave a job, you have two options:

  • Withdraw the EPF amount and close your account if you have not been employed after 60 days of leaving the previous job
  • Carry out the provident fund transfer online, retain your EPF membership and transfer the funds to an EPF account with the new employer

Retaining your EPF membership by transferring it is advisable because:

  • It allows you to build a good corpus for the future
  • You will have to pay the tax deducted at source (TDS) if you withdraw the EPF amount without completing 5 years of service with the current employer

Also Read: Check your EPF Balance Online

Prerequisites for EPF Transfer

To transfer EPF online, you need to complete these prerequisites:

  • Your Universal Account Number (UAN) and mobile number must be linked with the EPFO’s Unified portal
  • For raising transfer claims, your Bank account number and IFSC code must also be seeded against the UAN Seeding Aadhaar Card number
  • You must have verified KYC details
  • The current and new employer must have signed your transfer application
  • The EPFO data should have the EPF account numbers of both the current and new employer
  • You need to fill in the personal details and PF account details in the portal correctly
  • You can only carry out one transfer request per previous member ID 

Apply for an Instant Cash Loan 

Online EPF Transfer Procedure

Follow these simple steps to transfer EPF online:

  • Step 1: Visit the EPFO’s Unified portal and log in using your credentials
  • Step 2: Go to the ‘Online Services’ tab and select ‘One Member – One EPF Account (Transfer Request)’ 
  • Step 3: Authenticate your PF account and the current employer details
  • Step 4: Click on the ‘Get Details’ to check the previous employer’s details
  • Step 5: Choose ‘Previous Employer/Present Employer’ in the ‘Assessment Through’ section based on the availability of an authorised signatory holding DSC 
  • Step 6: Provide UAN and click on ‘Get OTP’ 
  • Step 7: Enter the OTP received on your registered mobile number and click on ‘Submit’ 
  • Step 8: Check the tracking ID and take a printout of Form 13 once redirected
  • Step 9: Sign this form and submit it to the employer within 10 days of obtaining it

Documents Required to Complete EPF Transfer

Now that you know how to transfer EPF online, submit these documents to complete the process:

  • Valid ID proof: Aadhaar card, Driving licence, PAN card
  • Universal Account Number (UAN)
  • Provident Fund account number 
  • Current and old PF account details
  • Details of the present employer 
  • Bank account details 
  • Establishment number

How to Check the Status of PF Transfer

You can visit the ‘Member Claim Status’ page on the EPF India website to check your PF transfer status. Select the option of ‘Click here to get redirected to the passbook application’ and sign in using your UAN and password to continue. 

Once your previous employer approves the claim and sends it to EPFO authorities for approval, your provident fund transfer will be completed in a few days. In case you need funds, you can get a quick and hassle-free Instant Personal Loan from Fibe. With us, you can get funding of up to ₹5 lakhs and enjoy speedy disbursal. Download the Personal Loan App or log in to our website to secure a loan with an easy repayment schedule and affordable interest rates.

FAQs on How to Transfer EPF Online

How to transfer EPF online?

You can transfer EPF online through the EPF Member portal. All you have to do is fill out a Composite Claim Form to apply for the EPF transfer when switching jobs.  

Why is EPF not transferred?

There can be several reasons why your provident fund transfer could have failed, including:

  • Your application does not have a signature from the previous employer
  • Your UAN may not be linked to the EPFO portal
  • Your KYC details may not be verified on the EPFO portal
  • Your documentation is not complete
  • The information provided does not match with the information in the database
  • Non-compliance with the rules and regulations of EPF transfers
  • You may have submitted incorrect account details
  • System errors or technical glitches

What happens to EPF after leaving a job?

When you leave a job, you have these options:

  • You can withdraw the EPF amount and settle your account if you don’t join another job after 2 months
  • If employed, you can opt for a provident fund transfer to keep your savings intact and continue your membership

Do we need to transfer EPF separately?

When switching jobs, you can choose the following options:

  • Close your current EPF account and open a new account with the new employer

Transfer EPF online and keep your EPFO membership

Sources:
https://www.epfindia.gov.in
https://passbook.epfindia.gov.in

How to Withdraw PF Amount Online: A Detailed Guide

Filing a provident fund claim online can help in the partial or complete withdrawal of funds, allowing you to manage unexpected financial needs or planned expenses. The Employee Provident Fund (EPF) is a savings scheme initiated by the Central Government, where you and your employer make equal contributions, which helps you build a sizeable corpus post retirement. 

However, you need to file different forms when making a claim, depending on the purpose for which you plan to withdraw the amount. For example, you need to submit Provident Fund Application Form 19 to settle your PF account once you reach retirement age.

Read on to learn how to fill out PF Forms, make a provident fund claim online, and more.

Also Read: EPF Interest Rate 2023

Different Types of EPF Forms 

There are various EPF forms that you need to fill out based on specific purposes. Here are a few details about them:

  1. Form 2: It is a nomination and declaration form to furnish details about the account nominee.
  2. Form 5: It needs to be submitted by employers to the EPF Commissioner’s office before the 25th of every month.
  3. Form 5 (IF): In case of the employee’s death, the legal heir or nominee needs to fill out this form to claim insurance benefits.
  4. Form 10C: You can submit this form to withdraw your pension amount during financial emergencies. Note that out of your 12% contribution towards the EPF account, 8.33% is contributed to your EPS or pension account. 
  5. Form 10D: You can fill out this form to avail yourself of monthly pension benefits once you retire.
  6. Form 11: This is a self-declaration form wherein you submit basic details related to your EPF account. It is mandatory to submit this form when you start a new job.
  7. Form 14: You can link your LIC policy with your PF account by submitting this form to the nearest EPFO office.
  8. Form 15G: You can submit this form to avoid TDS deduction if you plan to withdraw your PF amount before completing 5 years of service with the current organisation. Know that if your withdrawal amount exceeds ₹50,000, it attracts tax deductions.
  9. Form 19: The Provident Fund Application Form 19 allows you to make a complete withdrawal and settle your EPF account.
  10. Form 20: The legal heir or nominee can submit this form upon the death of the EPF account holder.
  11. Form 31: This form allows you to make partial withdrawals only on certain conditions, which include meeting medical emergencies, being unemployed for more than 2 months, managing wedding expenses, and more.

Documents Required for PF Claims

In addition to the applicable PF claim form, here are other documents you need to submit:

  • Composite Claim Form
  • Bank account statement
  • Identity proof
  • Address proof
  • Two revenue stamps
  • One cancelled cheque with your account number and IFSC code visible
  • ITR Forms 2 and 3 (if you withdraw your EPF amount before completing 5 years of service with the current employer)

Also Check: Apply for withdrawal of PF online

How to Claim PF Online

Follow these steps to claim your PF amount online:

  • Visit the EPFO’s UAN portal
  • Enter your UAN and password, and click on ‘Sign in’
  • Navigate to the ‘Manage’ tab to find the ‘KYC’ option
  • Check your KYC details and hit the ‘Verify’ button 
  • Go to the ‘Online Services’ option and click on ‘Claim (Form-31, 19 10C & 10D)’ from the drop-down menu
  • Verify your account information, KYC and other service details 
  • Enter the bank account number and click on ‘Verify’
  • Sign the ‘Certificate of Undertaking’ to proceed and click on ‘Yes’
  • Select the ‘Proceed for Online Claim’ 
  • Choose the claim you want to file under the tab ‘I Want to Apply for’
  • Select ‘Form 31’ to withdraw your funds and finally submit your application

As you can see, filing a provident fund claim online or offline is essential if you need access to funds. Another solution to help you tackle financial emergencies is to opt for Fibe’s quick and hassle-free Instant Personal Loan. 

We provide funding of up to ₹5 lacs with an easy repayment schedule extending up to 36 months. To secure a loan at affordable rates and within a few minutes, download the Instant Loan App or log in to our website.

FAQs on How to File a Provident Fund Claim Online 

How do you fill out the EPF withdrawal form and process claims online?

To make a withdrawal from your EPF account, you will need to make a request on the EPFO’s UAN portal. All you have to do is fill out the Provident Fund application Form 19, Form 10C, Form 10D, Form 31, or other forms based on the purpose of withdrawal.

How to fill out Forms 19 and 10C for PF withdrawal?

To fill out Forms 19 and 10C for PF withdrawal and file a provident fund claim online, visit the UAN portal of the EPFO. While Form 10C allows you to make a withdrawal while retaining your EPF membership, you can settle your EPF account with Form 19. 

How can I withdraw my final PF amount online?

To withdraw your final PF amount online and settle your EPF account, visit the EPFO’s UAN portal and submit Form 19.

What is a Non-Performing Asset? Important Facts to Know

A non-performing asset meaning states that a borrower has taken a loan and fails to repay the EMI on time. While lenders are lenient if you miss one or two EMIs, NPA can have some serious consequences for the borrower.

The borrower can face a decreased credit score and lowered creditworthiness. On the other hand, the banks will lose the stability and liquidity to provide more loans. Read on to learn what is NPA, how it works, its impact on the banking system, and more. 

What is NPA in Banking?

In simple terms, it is if a loan payment is due for more than 90 days. When the borrower has missed out on the payment, the bank will mark the loan as NPA. Also, the borrower is marked as a defaulter. 

On the other hand, if the loan repayment is made on time, it will be called a standard asset. According to the RBI guidelines, banks overall classify NPA in three categories.

  1. Sub-Standard Assets

These loans are due for more than 90 days or less than 12 months. As per RBI guidelines, this applies only when the loan terms have been re-negotiated, and the borrower has not yet repaid the loan amount. 

  1. Doubtful Assets

If the borrower has not made payment toward the loan for more than 12 months, it is classified as a doubtful asset. 

  1. Loss Assets

If the borrower defaults for an extended period, the lender marks the loan as a loss on the balance sheet. This loan becomes ‘uncollectible’, and its value is not worthy enough to be considered as a bankable asset. However, it is not written off wholly or in parts. Thus, it may have some recovery value.

How do NPAs Work?

In addition to knowing the NPA classification, you must know how an asset is declared as an NPA. In instances of non-payment, the lender offers a grace period of 90 days. Only after this grace period does the lender move further. 

If this situation occurs, the bank or lender will send a notice to the pledger and will enable an auction for the collateral to regain the loan capital. This will comfort the lender’s load as they can remove NPA loans from their financial statement.

What are GNPA and NNPA?

Lenders take precautions for such cases and keep a certain amount from their profits aside every quarter to deal with NPAs. With these provisions, banks keep their accounts and balance sheets protected. 

To calculate the required provisions, the lender measures the number of NPAs using these two metrics:

  • Gross Non-Performing Asset: GNPA is the total principal amount and interest due from the NPAs in 90 days 
  • Net Non-Performing Asset: NNPA is the value of NPA after considering the provisions (doubtful and unpaid debts) and subtracting the total from the GNPA 

Non-performing Assets Examples

To clearly understand NPAs, here are some examples that better explain the concept. 

Assume that you take a personal loan or a car loan. After paying the EMIs for 3 months or over 90 days, you are not able to pay the remaining EMIs due to financial crisis. So now, because the bank is not earning any interest after providing the loan, it will be declared as NPA. Further, the bank takes steps to recover the same. 

Consider another example, where a borrower takes a business loan of ₹5 lakhs. After paying ₹15,000 for three months, now the business is not gaining profits, leading to economic difficulty. In this case, if the owner does not pay the remaining EMIs, the banks will classify the loan as NPA and take action to cover the loan amount. 

One of the best examples is the case of Kingfisher Airlines. The owner, Vijay Mallya, willing to expand its airline service, thought of acquiring an international Air Deccan in 2007. After dominating the domestic market with a share of 25%, the combined business started to bear losses. In this condition, banks like PSU. HDFC and ICICI provided him with a loan of ₹6,900 crores. By 2010, the business stats dropped and this loan amount became an NPA.

Performing and Non-performing Assets

To better understand the difference between both of these terms in brief, here is a tabular differentiation with an example of each. 

Non-performing AssetsPerforming Assets
Loans or advances that do not generate an income for a due timeAll types of assets provide a financial return regularly 
Principal or interest payments are due for more than 90 daysRegular payment is received by the banks or financial institutions 
Low risk due to inconsistency in paymentsHigher risk of losses for banks
Negative impact on the lender and borrowerPositive impact on both parties

Impact of Non-Performing Assets in the Banking Sector

An NPA negatively impacts the lender’s income and profitability because earned interest is the main source of banking profit. Not only the profit but it can inversely impact the lender’s reputation.

This may lead to people withdrawing funds from the bank to protect their finances. If a bank runs short on funds, they cannot offer more loans. Thus, NPAs can affect the lender’s overall business. 

How do Banks Recover NPAs? 

Lenders can hire third-party recovery agents or opt for settlement to recover their money. Before that, they discuss the loan terms and sometimes adjust the repayment conditions to give the borrower. After exhausting all the resources, lenders can take the matter to court.  

To avoid losses, here are options available to lenders to recover NPAs: 

  • Asset Reconstruction Companies
  • Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act 2002 (SARFAESI Act)
  • Lok Adalat
  • Prompt Corrective Action (PCA)
  • Debts Recovery Tribunals (DRTs) 
  • Debts Recovery Appellate Tribunals (DRATs)

With these facts in mind, you can understand that a non-performing asset can have a huge impact on the banking system. In addition, if you fail to repay your loan and it gets marked as an NPA, your credit score will drop significantly. This will make it challenging for you to access credit in the future. So, ensure you get a loan that fits your repayment capacity. 

If you are looking to bridge monetary gaps, you can get the required funds with ease from Fibe. We offer Instant Personal Loan online up to ₹5 lacs at a pocket-friendly interest rate, even if you’re new to credit. Download our Personal Loan App or visit our website to register and get started. 

FAQs on Non-performing Assets

Why should customers be concerned about NPAs in banks?

The reason is that NPA directly impacts the overall bank’s financial condition, which directly impacts their existing customer. As such, loans and deposits can be negatively affected, and the interest gains may decrease.

What are common methods banks use to recover NPAs?

Some common methods banks use to recover from NPAs include reconstruction of financial assets, application of the SARFAESI Act, filing a suit against the borrower, prompt corrective action, and DRTs.

How are NPAs classified and reported by banks?

NPAs are classified into three main sub-categories, including sub-standard assets, loss assets, and doubtful assets.

How does NPA resolution impact banking sector stability?

NPAs influence the economic stability of banks by limiting them to provide extra loans and slowing capital growth. A lack of liquidity by banks leads to earning losses on provided loans or advances. 

Credit Review: Know the Meaning, How it Works and Importance

Credit review or appraisal is an essential part of your loan approval process. To understand why it is done, think from the lender’s point of view. Lending is associated with the risk of late repayment or non-payment. To minimise this risk, lenders conduct a review to ensure they offer financial assistance to trustworthy borrowers who have the ability to repay on time. 

Read on to learn about the credit appraisal meaning, types, factors and more.

What is a Credit Review?

This is a process through which lenders evaluate your creditworthiness. Apart from checking your repayment ability, this evaluation also helps financial companies decide the amount and the interest rate of the loan. 

Lenders check your credit report to access your financial history and repayment behaviour as well as other critical factors to make a decision. All this comes under the purview of a credit appraisal or review. 

Various Types of Credit Appraisals

Here are the different types of credit loan reviews that you must know about.

During Application

When you apply for a loan, lenders perform an initial review to decide the loan amount and interest rate based on your financial profile. They consider your income and employment, credit report and debt-to-income ratio, among other factors.

Periodic Review

Lenders frequently review your creditworthiness during the repayment process to ensure you meet the necessary standards. If the lender notices any issues during this review, they will reach out to you to discuss and work out your loan repayment terms. 

Self-Review

You can conduct a self-review or a soft inquiry before applying for a loan to check your eligibility. You can get your credit report and score from the official website of any credit bureau and review your creditworthiness. 

Factors Considered During a Credit Review

Check out the various factors that lenders consider during credit loan reviews.

Credit Report

A credit report includes a summary of your credit profile. Based on the report, you are assigned a credit score. A credit report includes essential information regarding your finances and credit history, including:

  • Credit mix you have experience with
  • EMIs of existing loans
  • Past credit defaults, if any
  • Debt settlements, if any
  • Loan foreclosures, if any 

Lenders can access this report through credit bureaus. If you have a healthy credit score, you have a higher chance of loan approval. Conversely, if you have a lower score, the likelihood of loan approval reduces. 

Income and Employment

Lenders also consider your income and employment while deciding on your loan application. If you have a stable income, lenders consider you a safe borrower and hence, you have a higher chance of loan approval. 

On the other hand, if you have an irregular or seasonal income, lenders may consider you a risky borrower and not approve your application. Lenders also consider the credibility of your employer, as it can help them understand more about your income stability. 

Debt-to-Income Ratio

The debt-to-income ratio gives insights into how much debt you have against your income and is a critical parameter that lenders check during a review. Lenders prefer a lower debt-to-income ratio since it reflects lower dependence on credit, higher dispensable income and higher financial stability. 

It shows a higher repayment capacity, making you a low-risk borrower. Ideally, you should keep your debt-to-income ratio below 35%. 

Collateral Offered

You need to offer collateral if you take a secured loan. The security that you can pledge generally refers to assets like gold, property of vehicle documents and deposit accounts, among others. In case you fail to repay your loan, lenders can use the collateral to get the amount. 

During the credit appraisal process, lenders check the authenticity and the quality of the collateral before approving the application. 

Now that you know what credit loan reviews are, you can plan out how to borrow to ensure quick access to funds. Also, check your credit score in advance to avoid rejections. If you do not have a credit score yet or do not have a a good score, do not worry. 

At Fibe, we do not rely on your credit score to approve your application. Instead, our proprietary alternate credit scoring algorithm helps us lend more inclusively. You can get an Instant Personal Loan of up to ₹5 lakhs at affordable rates and flexible tenures by meeting our simple eligibility terms. Download the Fibe Personal Loan App or register on our website to apply online in just a few clicks!

FAQs on Credit Review

What is a credit review in the loan process?

A credit review is when the financial institution assesses your credit profile to decide if you qualify for a loan. Lenders also use this assessment to finalise your loan terms.

Who is a credit reviewer?

A credit reviewer or a credit analyst is a professional who assesses your creditworthiness when you apply for a loan. Such professionals determine the likelihood of loan repayment by reviewing your financial health. This includes checking your credit score, income and employment, debt-to-income ratio and other factors.

How long does a credit review take?

The credit appraisal process has multiple stages and can take a few days up to a few weeks. This depends on your profile, loan type, loan amount and the lender’s policies.

What happens after a credit review?

After completing the review process, the lender approves or rejects your application based on their assessment of your creditworthiness.

Loan Closure Certificate: Importance of Securing a NOC After Loan Repayment

After closing the loan, acquiring a loan closure certificate or a No Objection Certificate (NOC) is essential. It helps prove that you have successfully repaid the loan. Keep in mind that your borrowing journey does not end when you repay. There are some legal formalities that you need to complete after successful repayment, too.

One of these formalities is getting an NOC from your lender. Read on to learn more about the loan closure certificate and why you need to get the NOC after loan settlement.

What is a No Objection Certificate (NOC)?

It’s a legal document that states your loan has been fully repaid. It signifies your loan’s formal closure, stating you have paid all your EMIs and other related charges. The lender issues this at the end of the loan cycle. Thus, you can get this document from the financial institution only after you have repaid the loan in full. 

Loan Closure Certificate Format

The loan account closure certificate from a bank follows the same format with brief details about the loan and the borrower. This includes: 

  • Lender’s address 
  • Your name 
  • Your address 
  • Date when the letter was drafted 
  • Subject line
  • Salutation
  • Body of the letter starting loan closure 
  • Bank name 
  • Contact details

Importance of Securing an NOC After Repayment

Here is why it is critical for you to get the NOC after loan settlement.

Serves as Proof of Loan Repayment

The most important benefit of an NOC is that it signifies the formal closure of the loan. Therefore, it serves as proof of successful repayment.

Since it is legal proof of full payment of all outstanding loan dues, it eliminates the chances of confusion. Therefore, it ensures that the financial institution does not ask you to cover any pending dues later.

Helps Correct Mistakes to Boost Credit Score

Upon full repayment, your creditworthiness and credit score increase. However, there may be times when your loan account shows as active even though you have repaid your loan. In such cases, you can raise a dispute with credit rating agencies like CIBIL.

  • Getting the NOC after loan settlement from the financial institution shows that you have repaid the loan amount in full 
  • You can use this document to expedite the process of updation
  • This will help you correct the mistake and see an increase in your credit score as soon as possible

Safeguards from Legal Troubles

Since getting a loan comes with the responsibility of timely repayment, non-repayment can lead to severe consequences. These include late repayment penalties or legal notices and proceedings.

  • Thankfully, an NOC proves that you have successfully repaid the loan and do not owe the lender anything
  • As a result, this document helps avoid any misunderstanding and legal troubles

Also Read: Eligibility Criteria for Personal Loan

Dissolves Lender’s Right on Collateral

In some cases, you may have chosen to provide collateral to get a loan from a lender. The collateral may include gold, your vehicle, your home or other valuable assets. 

  • The lender has the right to liquidate this collateral in case of non-repayment on your part
  • When you repay the loan, the lender’s right to your asset dissolves and they have to return your asset
  • By getting an NOC, you can ensure that the lender does not bypass this and hold on to your collateral

As you can see, not getting your loan closure certificate or NOC after the completion of your loan repayment can have serious consequences. These include legal repercussions, lack of solid proof of loan repayment and confusion related to repayment. It also leads to a poor credit profile that, in turn, may affect your future plans. So, ensure that you get it at the right time.

In order to have a hassle-free experience with financing from start to finish, apply for the Fibe Instant Personal Loan and get up to ₹5 lakhs quickly and affordably. Download our Personal Loan App or register on our website to meet your needs with ease.

FAQs on Importance of Securing an NOC After Loan Repayment

What is the purpose of NOC for a loan?

The No Objection Certificate is a legal document that states you have successfully repaid your loan to the lender. The main purpose of a NOC is to serve as proof of your repayment and help ensure clarity.

Is NOC required after loan closure?

Yes, getting the loan closure letter from the bank or other financial institution after repaying all the EMIs of your loan is crucial. It is an important legal document that serves as proof of repayment.

What is the validity of NOC for a loan?

The NOC for loan closure is valid for 6 months, 1 year, 5 years or longer based on its purpose.

How long will it take to get NOC after loan closure?

It can usually take up to 9 days after paying the loan. 

What is the validity of a loan Closure certificate?

The validity of the NOC depends on the purpose of the financial institution. It can be up to 5 years.

Balance transfer in personal loans: Everything you need to know

A balance transfer in a personal loan is an excellent option to manage your repayment and even save on interest. This facility allows you to transfer your loan balance from one lender to another, which is a feasible solution when a new lender offers a better interest rate than your current one.

However, to make a well-informed decision, you need to know the features and other nuances of a personal loan transfer facility. So, read on to know what balance transfer in a personal loan is, its benefits, process and more. 

What is a personal loan balance transfer?

A personal loan balance transfer is a facility offered by most financial institutions in India. Simply put, this facility allows you to transfer your outstanding loan amount to another lender, who may be offering a better repayment structure. 

When you opt for a balance transfer in a personal loan, your new lender settles your loan with the existing lender. Based on your outstanding loan amount, foreclosure, charges, etc., you can opt for a new loan at a better interest rate and a suitable repayment plan.

Here are some instances when carrying out a transfer of loans is ideal:

  • If your lender is charging very high-interest rates
  • If you want to take a top-up loan to fulfil your cash requirements
  • If you want to extend the tenure and restructure repayment 
  • If you want to consolidate multiple debts into one 

Balance transfer interest rates of top institutions

When comparing various financial institutions, you must check the interest rates and the processing fees to choose the best option. Here are the interest rates and charges of some of the top financial institutions offering a personal loan transfer: 

Financial InstitutionsInterest RatesProcessing Fee
Axis Bank10.49% p.a. onwardsUp to 2% + GST
Aditya Birla Finance13% p.a. onwardsUp to 3% + GST
Bajaj Finserv11% p.a. onwardsUp to 3.93%
HDFC Bank10.5% p.a. onwardsAs per the bank’s policy
ICICI Bank10.50% p.a. onwardsUp to 2.50% + taxes
IDFC First Bank10.49% p.a. onwardsUp to 3.5%
IndusInd Bank10.5% p.a. onwardsUp to 3%
Kotak Mahindra Bank10.99% p.a. onwardsUp to 3% + taxes
Tata Capital10.99% p.a. onwardsAs per the bank’s policy
SMFG India Credit Co. Ltd.11.99% p.a. onwardsUp to 6% of the loan amount

Note that the above interest rates are current as of October 2023 and are subject to change at the financial institution’s discretion.

Eligibility and documents required for a balance transfer 

When you apply for any loan, verifying if you are eligible and keeping the required documents can help save time and effort. While these terms may vary across lenders, here are some general criteria for a balance transfer in a personal loan. 

  • You must be between 21 and 60 years of age
  • Minimum monthly income as per the lender’s policy
  • Minimum of 1-year employment with the current employer 
  • A CIBIL score of 750 or above 

If you meet the above requirement, you can apply for a personal loan balance transfer with the following general documents:

  • Proof of identity such as PAN Card, Aadhaar card, driver’s licence, passport, etc.
  • Proof of address such as an Aadhaar card, utility bills, passport, etc.
  • Proof of income such as last 3 months’ salary slips and 6 months’ bank statement (if salaried individual)
  • Self-employed professionals must provide 3 years’ balance sheet, 6 months’ bank statement

With these points in mind, you can decide when is the right time to opt for transfer of loans. However, ensure that your new overall cost is lower than the existing one. So, do a thorough comparison of the terms. 

If you are looking to get an Instant Cash Loan at pocket-friendly rates, look no further than Fibe. You can get funding of up to ₹5 lakhs at interest rates starting at just 2% per month. Submit minimal documents and enjoy quick approval. Download the Personal Loan App or register on our website to get started. 

FAQs on Personal Loan Balance Transfer

Is balance transfer a good idea for a personal loan?

Transferring your personal loan is a good idea if a new lender offers better interest rates. You can also opt for a balance transfer to restructure your loan by getting a longer tenure to repay, or even apply for additional funds through a top-up. 

How much does a loan transfer cost?

When you opt for a balance transfer, your existing lender will charge a foreclosure fee, which varies from bank to bank. You will also have to pay a processing fee to your new lender. 

Are balance transfers interest free?

No, you must pay the interest and other charges when you transfer your loan. However, the new interest rate may be lower than your existing one.  

Can I transfer my personal loan from one bank to another?

Yes, by applying for a personal loan balance transfer, you can easily switch from one bank to another.

EPF India Balance: Check your Corpus in 4 Ways Online

Unified Mobile Application for New-age Governance (UMANG) allows you to complete an EPF balance check easily. On this platform, you can access details about various central and state government services in 13 different languages.

In addition to this, you can conduct an EPF enquiry through the official Employees’ Provident Fund Organisation website. Other options include an SMS or missed call service. Read on to know more about how to perform a PF account balance check.  

Online Methods to Check Your Balance 

Performing a balance enquiry has become quite easy with various online modes available to you on the go. You can check your PF balance online from the comfort of your house with a web-enabled device or through SMS and missed call services. To find out your current balance, check these methods:

Through the Official Portal

You can conduct PF fund balance enquiry through the EPFO portal. Follow these steps:

  • Step 1: Visit the official EPFO portal 
  • Step 2: Click on the ‘For Employees’ option under the ‘Services’ tab
  • Step 3: Click on the ‘Member Passbook’ option 
  • Step 4: Wait for the new page to load
  • Step 5: Enter the Universal Account Number (UAN), password and captcha code
  • Step 6: Click on the ‘Sign in’ button

With this step, your EPF account passbook will be displayed on the screen. Now, you can check the current balance and other details easily. 

Also Read: EPF Interest Rate 2024

Using UMANG

Another convenient method to check your PF balance online on your mobile phone is through UMANG. Here are the steps you can follow:

  • Step 1: Download UMANG from Google Play or the App Store
  • Step 2: Launch the app on your mobile device 
  • Step 3: Click on the ‘All Services’ option
  • Step 4: Select the ‘EPFO’ option
  • Step 5: Top on ‘View Passbook‘ 
  • Step 6: Enter your UAN and the OTP you receive on your registered mobile number 
  • Step 7: Click on the ‘Log in’ button

Once you are logged in, you will see all the details for review on the dashboard. This includes your EPF balance, previous contributions and withdrawals.

Through SMS-Based Services

If you prefer offline modes, you can conduct an EPF enquiry for balance using SMS services. Type ‘EPFOHO UAN’ on your phone’s messaging window and send it to 7738299899. You will receive a message detailing your current EPF balance. 

Also Read: How To Invest Your EPF Savings?

If this is your preferred option, here are a few points you should note: 

  • Make sure your UAN is linked to your Aadhaar card and mobile number 
  • If it’s not linked to your Aadhaar card, PAN card and bank account, request your employer to do so

By Giving a Missed Call

If you are opting for this method, give a missed call to 9966044425 from your registered mobile number. This service is free of cos and reveals the account balance with an SMS. Before dialling the number, here are a few things to keep in mind:

  • Your registered mobile number needs to be active 
  • Your UAC must be linked to your bank account, Aadhaar card and PAN card 

Also Read: How to Check EPFO Pension Status?

The EPF is a great instrument for salaried individuals as it provides a financial safety net without requiring much effort. However, you can’t withdraw funds if you fall short on cash to fulfil your needs. This is where a Fibe Instant Personal Loan comes in handy.

We have easy-to-meet eligibility criteria and minimum paperwork, which makes it more convenient to finance urgent requirements. There are no restrictions on how you can use the loan, plus you can close your loan early when you have funds available. 

Download our Personal Loan App or log in to our website to get up to ₹5 lacs with an easy repayment schedule and affordable interest rates.

FAQs on EPF Balance Enquiry Online

What is the current EPF balance?

This is the total amount in your EPF account at a given time that contains a part of your salary and the employer’s contribution. For an EPF balance check, use the UMANG mobile application or visit the EPFO website.

How can I check the EPF balance by SMS?

You can run an EPF balance check through SMS by sending ‘EPFOHO UAN’ to 7738299899. However, must have your UAN linked to your Aadhaar. Additionally, you should have your mobile number registered with the EPFO.

What is an EPF passbook balance?

The EPF passbook balance lists the current balance in your EPF account. Along with the monthly contributions, it includes details of the accrued interest and the current interest rate applicable to your savings.  

What is the benefit of knowing my EPF balance?

By performing an EPF enquiry, you can get an idea about the total savings you have accumulated in your EPF account. This helps you plan your retirement, post-retirement life and your investments. 

Is it possible to check the EPF balance by giving a missed call without registering the mobile number?

No, you must give a missed call from a registered number to verify your account and get the details. 

Is it possible to check the EPF balance using an Aadhaar number?

You can only check your 12-digit Universal Account Number using your Aadhaar. 

Can I withdraw my entire PF amount at once?

You are only allowed to make a complete withdrawal after retirement.

Apply for Pre Approved Credit Cards Online – Detailed Guide

Pre-approved credit cards offer instant credit, which helps the cardholder efficiently manage unplanned expenses. You can get these cards from the issuer when you meet certain eligibility terms. This way, you can get the required credit without waiting for approval.

While getting such an offer may sound exciting, assessing the pros and cons before opting for the card is important. To have clarity over what is a pre-approved credit card and what to consider when accepting an offer, read on.

Pre-Approved Credit Cards: All You Need to Know

Most card issuers provide pre-approved credit card offers to existing customers based on their profile and eligibility. With a pre-approved offer, you can easily access a credit card.

  • Easy Application

In most cases, you don’t need to attach identity and address proofs or fill out a lengthy application form. This is because your issuer has this paperwork on hand and also has your credit score, so the approval process is quicker.

  • Issuer’s Assessment

Card issuers make these offers available after assessing your income, credit score and other factors determining your eligibility. Based on this, they prepare an offer with your credit card limit.

Remember that getting such an offer doesn’t necessarily mean a 100% chance of approval. The issuer may re-run a credit check when you apply for pre-approved credit cards. If you do not suit the terms to qualify at this point in time, you will not be able to get approval. However, this is rare as pre-approved offers are based on the recent past and come with a limited time period.

Essential Points to Know About Pre-Approved Credit Card Offers

Here are a few crucial factors to consider before you apply for a pre-approved credit card:

  • Maintain a good credit score and a strong credit history to receive pre-approved offers
  • Review the credit card’s terms and conditions to avoid any unexpected charges
  • Check the conditions and validity of such offers to ensure you choose a feasible option
  • Assess if you need the card based on your existing debt and income
  • Compare different offers to ensure that you choose the best credit card
  • Evaluate your lifestyle and financial requirements to decide on the type of card, the credit limit you want and more before signing on

Steps for Pre-Approved Credit Card

Getting a pre-approved credit card includes the following steps:

  • Step 1: Check your CIBIL score to ensure it aligns with the bank’s eligibility criteria, as a higher score boosts approval chances.
  • Step 2: Pay off all the amounts on existing cards or loans to enhance your credit score and history.
  • Step 3: Research pre-approved cards by comparing features, interest rates, fees, rewards and benefits.
  • Step 4: Complete the application form accurately and submit the required documents online or at a branch.
  • Step 5: Wait for the lender to conduct background checks and verify your credit history. If you meet the criteria, your application will be approved.
  • Step 6: Get your pre-approved card with a specified credit limit once you qualify.

Issuers always run an inquiry before issuing your card. For a pre-approved card, they do the same but this is a quicker process. 

Eligibility Criteria for Pre-Approved Cards

When you apply for a pre-approved credit card, the issuer looks into these parameters. Which are:

  • you have maintained a high CIBIL score for a long time, it is easier to get a pre-approved credit card.
  • The issuer will check your repayment history and how consistent your previous payments have been. Your repayment history will include your EMI payments, credit card bill payments, etc.
  • If you have a stable income and employment and the issuer is sure you can manage your credit card bills, they will send you a pre-approved credit card offer.

When to Apply for Such Cards?

There is no right time to get pre-approved credit cards. Issuers roll out these offers periodically and during festive seasons. So, when you get such an offer, consider whether it suits your finances. Only apply for a pre-approved credit card when you want to:

  • Increase your spending power
  • Have the finances to repay a new credit card on time
  • Get a card that offers perks you don’t already have access to

Consider these vital points before you zero in on a card and enjoy pre-approved credit card offers. One credit card you can add to your wallet is the Fibe Axis Bank Credit Card. It is India’s first numberless credit card and allows you to link it with your UPI ID. This helps you pay safely and more conveniently than ever before! 

With it, you can also get a 1% waiver of fuel surcharge and free access to domestic airport lounges. What’s more, it has zero annual and joining fees. Download the Fibe App or register on our website to apply for this credit card. 

FAQs on Pre-Approved Credit Cards

Is it reasonable to accept pre-approved credit card offers?

Depending on your needs and repayment capacity, a pre-approved credit card offer can be an ideal solution to boost your purchasing power. However, do not blindly accept the deal because the card is pre-approved. Read the terms and conditions and decide based on your requirements.

Can pre-approved credit cards be rejected?

Yes. There is a possibility for rejection if your current eligibility parameters don’t match those of your card issuer.

What do you mean by a pre-approved credit limit?

A pre-approved limit for a credit card is the maximum limit sanctioned by your issuer. The issuer fixes this limit after assessing your income and other parameters.

What happens after pre-approval of a credit card?

Once your issuer sends you a pre-approved credit card offer, you can opt for it and apply on the issuer’s website or app. The issuer reviews it and checks various parameters before approving the offer.

What benefits come with a pre-approved credit card?

There are many benefits you can get from a pre-approved credit card. Some of them are:

  • Payment convenience and flexibility
  • Exclusive offers, rewards and cashback
  • Sign-in bonuses
  • Emergency assistance
  • Zero liability
  • Opportunity to improve your credit score

How can I manage my pre-approved credit card online?

You can easily manage your credit card through the portal on the issuer’s official website. Also, downloading the app can be a more efficient way to manage your credit card.

What are Credit Card Over Limit Charges and How to Avoid Them

Financial institutions levy credit card over limit charges when you spend more than your sanctioned credit card limit. While this increases your credit card bill amount, it has other negative effects, too.

Understanding these charges helps you manage your use of credit and your finances. Read on to learn what is over limit in credit cards, tips to avoid it and more.

What is a Credit Card Over Limit Fee?

Remember, all card issuers approve a specific credit limit to you based on numerous parameters. When you use your credit card over the limit sanctioned by issuers, they will levy a charge for the same. 

The over limit fee for a credit card can differ based on the amount you have crossed over and your issuer. Knowing these charges beforehand is crucial to help you plan your expenses better.

Also Read: Benefits of Credit Cards

What Happens When You Exceed the Credit Card Limit?

Here are the negative effects associated with exceeding your credit card limit.

Over Limit Fees

First and foremost, exceeding your card limit means that you will have to pay the credit card over limit charges levied by the card issuer. These charges increase your total credit card bill amount and are calculated on the total balance that is outstanding above your credit card limit. Most issuers charge 2.50% of the outstanding amount as the over limit fee.

Interest Charges

Apart from the over limit fee for a credit card, many financial institutions also increase your credit card interest charges when you exceed the limit. They charge a higher interest on the total outstanding amount. This ultimately increases your bill amount and can cause financial strain. 

Reduced Credit Score

Going above the predetermined credit card limit also leaves a negative impact on your credit report and hence reduces your credit score. This is because a higher utilisation of credit reflects that you have an unstable financial standing, implying a higher risk of non-payment of bills. It is ideal to maintain a credit utilisation ratio (the percentage of credit limit used) of less than 30%.

Also Check: Personal Loan Online

Tips to Avoid Credit Card Over Limit Fee

Here are some tips that can help you avoid the over limit fee for a credit card.

  • Check your credit limit before you carry out any transactions
  • Pay the entire or a portion of the outstanding balance to restore your limit
  • Request the issuer to increase your credit limit to meet your requirements
  • Keep tabs on your limit through the alert facility and mobile app provided by the issuer
  • Apply for more than one credit card so you have a higher limit for your needs

Being aware of your credit card limit and using your card accordingly is one of the simplest ways to avoid credit card over limit charges and other penalties. Staying vigilant and making responsible use of the card can help ensure that you enjoy continued access to its benefits.

To enjoy seamless transactions and exclusive rewards, get the recently launched Fibe Axis Bank Credit Card. You can link this card with your UPI and initiate transactions without any hassles. You also get exclusive discounts on dining with partner restaurants, cashback of up to 3% on transactions, and more! Download the Fibe Instant Loan App or register on our website to apply.

FAQs on Credit Card Over Limit Fee

How do I remove the over limit fee from my credit card?

Credit card issuers eliminate the over limit fee for a credit card when you repay the full or a part of the due amount. You can also reach out to the customer service of the issuer and request a waiver.

What happens if you use a credit card above the limit?

When you cross the approved credit limit, the issuer levies credit card over limit charges. There may be a possibility of your card getting declined until you clear your dues. In addition, your issuer can increase the interest rates.

What happens if you use over 90% of the credit card limit on a credit card?

When you utilise more than 90% of your card limit, it can have a negative impact on your credit score. This is because a higher utilisation of your credit limit shows higher reliance on credit. 

Can I use the 100% limit of a credit card?

Yes. While you can utilise the card limit to the maximum, know that doing so can have a negative impact on your score. So, it is better to keep your credit card utilisation ratio below 30%.

Is it okay to use 50% of your credit limit?

A credit utilisation of 50% or above can harm your financial profile since it reflects a higher reliance on credit. This implies that you rely more on credit to cover your financial obligations. Therefore, keeping your credit utilisation ratio below 35% is ideal.

Multiple Credit Cards: Know all the important pros and cons!

Access to multiple credit cards has made it easier than ever for you to shop, address daily expenses and cater to emergencies. After all, credit cards offer easy access to credit whenever you need it. What’s more, you get to enjoy exciting benefits like:

  • Cashback on certain transactions 
  • Discounts and deals 
  • Reward points
  • Fuel surcharge waivers 
  • Other perks 

If you plan to get more than one credit card, it is natural for you to think, “How many credit cards a person can have?” Well, in an emergency, having a range of cards in your wallet can come to your aid. However, if not used diligently, multiple cards can harm your financial health and well-being. 

Also Check: Instant Cash Loan Online

Benefits of having multiple Credit Cards

Check out why having several credit cards can be an advantage for you. 

Higher Spending Capacity

When you get a card, the issuer gives you a certain credit limit. This is based on your financial standing, past repayment history and other factors. If meeting your needs with a single credit card is difficult, you can apply for another credit card. 

This helps you get an additional credit limit and you enjoy an enhanced spending capacity. This can help you cover your big-ticket and daily expenses conveniently. 

Chance to Improve Your Credit Score

A high credit score is an indicator of good creditworthiness, which makes it easier for you to get approval on your loan applications. Your credit score is influenced by a number of factors and one of them is timely repayment of credit. 

When you have more than one credit card, you can distribute your expenses across various cards and due dates. This can help you pay your dues on time and boost your credit score.

Way to Maintain Your Credit Utilisation Ratio

The credit utilisation ratio is another important factor that affects your creditworthiness. Experts recommend keeping it at around 30%, which means you can only use your credit card limit up to a certain point. For instance, if your credit limit is ₹1 lakh, you can use just ₹30,000. 

With a single credit card, spending as per your needs can prove difficult due to this reason. However, if you have more than one credit card, you will be able to utilise 30% of the available limit on each card. This will help you address your needs while maintaining the ideal credit utilisation ratio. 

Also Read: Benefits of credit card

Drawbacks of having multiple Credit Cards

Here are some limitations associated with having several credit cards on hand.

Higher Associated Charges

Credit cards are associated with various types of fees and charges like:

  • Annual maintenance fees
  • Joining fees
  • Transaction charges

When you have multiple credit cards, be careful about accumulating all these costs. If not, 

these costs may outweigh the benefits you get. 

Enhanced Risk of Falling Into a Debt Trap

Having a number of credit cards means that you get an increased spending limit. You must be cautious while swiping your cards since you need to pay your dues in full at the end of the billing cycle. 

If you have several credit cards, you may lose sight of your budget and spend more than you can afford to repay. Non-repayment of the dues comes with high-interest charges and late repayment fees. If you are not cautious, you may get stuck in a debt trap.

Difficulty in Management 

Another limitation of getting many credit cards is the difficulty in tracking them. This is because each card follows a different billing cycle and due date. When you have multiple liabilities, you may miss out on some payments. This can lead to accumulated interest on outstanding amounts and bring your credit score down. 

All in all, having several credit cards comes with a number of pros and cons, but it all comes down to making the right decision. It is important to understand your requirements and ensure you make the most of the benefits that these cards offer. 

One card that offers a range of advantages is the Fibe Axis Bank Credit Card. Get it now on the 

Fibe App or on our website to enjoy discounts on dining, up to 3% cashback on every transaction and more. You can link it with your UPI ID and execute various transactions conveniently and safely, too. 

FAQs on How Many Credit Cards You Should Have

Is 4 credit cards too many?

The suitable number of credit cards depends on your requirements and preferences. Four credit cards can give you a higher credit limit. This can help you cover your expenses effectively while also enabling you to maintain a lower credit utilisation ratio. If you can manage four cards effectively without overburdening your finances, there is no problem. 

How many credit cards are considered a lot?

You can get any number of credit cards since there is no restriction on how many credit cards you can get. However, you must remember that several credit cards have different billing cycles and tracking the due dates can be difficult. Having up to three cards is ideal if you can manage repayment seamlessly.

How many credit cards can I have?

The right number of credit cards to have depends on your personal expenses, usage and preferences. If you need a higher amount for your expenses, getting several credit cards can help as they help you keep the credit utilisation ratio in control. That said, you must consider your existing financial obligations before opting for multiple cards.