Personal Loan Balance
Transfer:
 Save on Interest Costs

Shift your existing personal loan to a new lender offering lower rates, reduced EMIs, or better tenure. Ideal when your current ROI is high or service is poor—save interest and simplify repayments.

Why Switch Your PL

  • Get a lower ROI & save on interest
  • Cut monthly EMI or shorten tenure
  • Option to add Top-Up while shifting

Good to Know

  • Ensure ≥6 EMIs are paid before transfer
  • Compare ROI + fees for real savings
  • Keep paying old EMIs till closure

Get a Personal Loan upto ₹25 Lakh in 30 Minutes*

100% digital and secure process, 45% lower EMIs starting at ₹1104/Lakh, Pay interest only on what you use with flexi loan.

Instant e-KYC No collateral Flexible tenure Trusted partner
Approval in 2 minutes & Disbursal in 30 Mins*
1+ Million

Happy Customers

Rs. 250+ crore

Monthly Personal Loans Disbursal

Wide Range of 60+

Partner Banks & NBFCs

Support team 500+

Team Size of Experts

⚡
Quick approvals: complete files can see same-day decisions.
💳
Unsecured: no collateral; credit profile drives pricing.
🧮
EMI clarity: compare total cost, fees, and prepayment rules before signing.

What is a Personal Loan Balance Transfer?

A Balance Transfer (BT) lets you shift your running personal loan to another bank/NBFC offering a lower interest rate, reduced EMI, and/or more flexible tenure. The new lender pays off your outstanding with the old lender, and you continue EMIs with the new one—often with sizable interest savings.

Lower ROI
Lower EMI
Top-Up option
Aspect Before BT After BT
Interest Rate Higher, legacy pricing Lower, re-priced to profile
EMI Stretched cash flow Reduced EMI or shorter tenure
Extras Limited offers Top-Up & better digital journey

Benefits of a Balance Transfer

💰

Interest Savings

Move to a lower ROI and cut total interest outgo.

📉

Lower EMI

Ease monthly burden by re-pricing and/or extending tenure.

🎯

Flexible Tenure

Shorten to finish earlier or lengthen to suit cash flow.

🧾

Consolidation

Option to merge multiple PLs into a single EMI.

⚡

Top-Up Eligible

Get extra funds along with BT if your profile allows.

📲

Better Service

Improved digital experience & transparent tracking.

How to Apply

1
Check Eligibility

Usually ≥ 6–12 EMIs paid, clean repayment track.

2
Compare Offers

ROI, fees, tenure, prepayment rules, service quality.

3
Apply Online/Branch

Share KYC, proof of income, and existing loan details.

4
Approval & Payoff

New lender pays old lender; you e-sign agreement.

5
Start New EMI

Set up NACH/auto-debit; collect old lender closure letter.

Tip: Keep paying old EMIs until you get official closure confirmation—avoid late fees.

Eligibility Criteria

🎂

Age

21–60 years (some lenders allow up to 65 at loan maturity).

💰

Income

Minimum ₹20,000/month for salaried employees.

🏢

Job Stability

Minimum 1 year in current job; 2–3 years experience preferred.

📊

Credit Score

600+ eligible; 700–750 improves approval and reduces interest rate.

📍

Residency

Indian citizen living in India with stable address history.

Eligibility varies by NBFC policy, city, and risk profile.

Documents Required

🪪

Basic KYC (Common)

  • Identity: PAN (mandatory) + Aadhaar / Passport / DL / Voter ID
  • Address: Aadhaar / Passport / utility bill / rent agreement
  • Contact: Recent photo, active mobile & email
  • Banking: Cancelled cheque / passbook for e-mandate
💼

Salaried Employees

  • Last 3 salary slips
  • Salary account statement (6 months)
  • Employment ID / HR letter (if asked)
  • Form 16 / ITR (if required)
📊

Self-Employed / CA

  • Business Proof: GST / Udyam / Shop & Est. / CA Membership
  • ITR (2–3 yrs) + P&L + Balance Sheet
  • Current/Business account statement (6–12 months)
  • Office address proof
🩺

Doctors

  • MCI/State Registration Certificate
  • Clinic registration / hospital empanelment
  • ITR / Form 16 (if salaried doctor)
  • Bank statement (6–12 months)
🛡️

Armed Forces

  • Service/Force ID
  • Posting/Transfer letter (if asked)
  • Latest payslips
  • Salary account statement
➕

Optional (If Needed)

  • Co-applicant documents
  • Existing loan statements
  • NOC / verification documents
  • DPD/settlement proof if asked

Documentation varies by NBFC, city, loan amount & risk profile. Upload clear PDFs.

Interest Rates & Charges (Indicative)

  • BT Rate: ~10.49%–12.99% p.a. for strong profiles (varies by lender).
  • Top-Up Rate: Usually near BT ROI; risk band dependent.
  • Processing Fee: ~0.5%–2.0% of transferred amount + GST.
  • Old Lender Foreclosure: ~0%–4% (refer to the original agreement).
  • Stamping/NACH: Nominal, policy-based.
  • Late Fees: Avoid by paying old EMIs till closure confirmation.
Pro Tip: Compute net savings = (Interest saved) − (All fees/charges). BT is ideal when net is positive & meaningful.

Frequently Asked Questions — Balance Transfer

Updated: 26 Jan 2026

Q1. Can I do BT before completing 6 EMIs?
Most lenders require at least 6 EMIs before allowing a Balance Transfer. Some lenders may consider earlier BT, but it usually comes with additional conditions, higher interest rate or extra processing fees.
Q2. Will BT hurt my credit score?
A BT request triggers a hard credit inquiry, which may cause a small temporary dip. Paying EMIs on time on the new loan generally helps your score improve again.
Q3. Can I add a Top-Up during BT?
Yes. Many lenders offer Balance Transfer + Top-Up together if your income, CIBIL score and FOIR/DBR meet their underwriting policy.
Q4. What’s the most cost-effective setup for BT?
For maximum savings:
• Choose a lower interest rate
• Opt for a shorter tenure (if budget allows)

This significantly reduces total interest outgo.

Calculate Your EMI Instantly

A Multi-Purpose Loan EMI Calculator helps you estimate your monthly repayment amount before applying for a loan. Whether it’s for education, travel, wedding, home renovation, or business needs—know your EMI and plan smarter.

₹
Selected:
Years
Selected:
% p.a.
Selected:
Monthly Payable

0 / month

Principal

Interest

Total Payable

Breakdown: Principal vs Interest
Repayment Schedule
Month-Year EMI Interest Principal Balance

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