Is property transfer under will required transfer deed

But will is not valid for loan/bank purpose. is there any alternative. Please relpy.

you need to get 'probate' your WILL.

What is meant by probate of will and what is its procedure? Please elaborate it.

Probate is copy  of the will certified by court as the last and final will of the deceased. It establishes the genuineness of the will. When the will  is probayted it is accepted by one and all. For getting probate of the will the person appointed as executor of the will should file the application; or, in his absence or reluctance to apply for the probate any person who is a beneficiary under the will can apply to the cpourt. The application should be filed in the Sub court or the Dt court where the deceased executed the will or died. Advelorem court fee should be paid. In Maharashtra the maximum court fee is Rs. 75,000/-

After probate, is it valid for bank loan purpose? Did banks give loan on the basis of this document only?

After probating the will, it is necessary to get the name or names of persons to whom  the immovable property is bequeathed, in the property records and municipal records. There is no need to execute any documents and register them. The will itself acts as the conveyance of title to the property. By the by, your queries appear to be for academic purpose ane not connected to any real problem faced by you. If this is so, Pl avoid further queries.