Balance transfer
Paying 16% on a loan your file says should cost less? Move it.
A balance transfer — a loan takeover, in the words most people use — 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.
In short
A balance transfer through Finsa moves an existing personal loan to a lender charging less: one soft check, offers from RBI-regulated lenders with the new rate and fees on their Key Fact Statement, and the new lender repays the old loan. Finsa is not a lender and charges no fee; the new lender's processing fee and the old lender's foreclosure charge are the numbers to weigh.
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 our lender partners at once. They come back with what they will offer.
Questions people ask
- Is a loan takeover the same as a balance transfer?
- Yes. Takeover is what borrowers and many bank branches call it; balance transfer is what the product is named in the paperwork. In both, the new lender pays off your existing loan and you repay the new lender at its rate.
- 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.
- Does Finsa charge a processing fee?
- Finsa charges no processing fee and no fee of any kind: the credit report, the offers and the match are free to the borrower. Finsa is paid by the lender on disbursal. Any processing fee of the lender's own is shown on its Key Fact Statement before you sign, and you can compare offers on that.
Before you apply
Apply once, not bank by bank.
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.