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Absolutely yes, you can go for a Balance Transfer for personal loan to other banks if it is really beneficial with lower interest rates.
You should also analyse the EMI you pay and the closing charges for that particular bank , since some bank impose high closing charges, particularly if the loan is being closed within 6 months. This period varies for Banks, so please check your current agreement to be sure of this.
In addition, you should consider the processing charge of the new loan and the difference between current and new(proposed) EMI to be sure of your effective saving in the transaction.