Balance transfer
Paying 16% on a loan your file says should cost less? Move it.
A balance transfer moves an existing loan to a lender charging less. The rate you were given at signing reflected your profile then — if your score has improved or you simply took the first offer, you may be paying for a version of yourself that no longer exists.
The bank you are with has no reason to tell you someone else is cheaper.
How it works
- 01
See what you are actually paying
Finsa reads your Equifax report and lists every loan with its rate, EMI and remaining tenure. Checking is free and is a soft enquiry, so it never affects your credit score.
- 02
Pick the loans worth moving
Not every loan is worth transferring. Finsa flags the ones where the gap is wide enough to matter after fees.
- 03
Lenders bid to take it over
Your selection goes to 30+ lenders at once. They come back with what they will offer.
Questions people ask
- When is a balance transfer actually worth it?
- When the rate difference outweighs the new lender's processing fee and any foreclosure charge on the old loan — usually if you are more than one or two percentage points above what your profile can get today, and you still have a meaningful tenure left to save over. A transfer with two EMIs remaining rarely pays for itself.
- Will a balance transfer hurt my credit score?
- Checking will not. The transfer itself closes one loan and opens another, which can dip your score briefly because your average account age falls — it typically recovers within a few months of on-time payments.
- What does it cost to transfer?
- The new lender usually charges a processing fee, and your existing lender may charge a foreclosure or prepayment fee. Both are the lender's to set. Compare them against the interest you would save over the remaining tenure, not against the monthly EMI.
- Can I transfer more than one loan?
- Yes. You can select several, and if you would rather merge them into a single EMI that is consolidation instead.
Apply once, not 30+ times.
Check your credit report free, and let the lenders come to you.
Finsa is a Lending Service Provider, not a bank or an NBFC. We do not lend or set rates — every credit decision, interest rate and fee belongs to the lending partner.