Card to loan
Paying 36% on a card? A loan in the teens does the same job.
A credit card is the most expensive debt most people carry, and the minimum-due line is designed to keep it that way. Moving the balance to a personal loan swaps a revolving charge of roughly 36% to 42% a year for a fixed rate, a fixed end date, and one EMI. Finsa reads the card balances from your Equifax report and asks RBI-regulated lenders to price clearing them.
Finsa's fee: ₹0. No processing fee, no fee of any kind. The lender's own charges are on the Key Fact Statement before you sign.
In short
Moving credit card debt to a personal loan through Finsa replaces a balance charged around 36% to 42% a year with one loan at a fixed rate, typically in the teens, and one EMI on one date. Finsa reads the card balances from your Equifax report, RBI-regulated lenders price the total, the new loan clears the cards, and Finsa is not a lender and charges no processing fee and no fee of any kind.
How it works
- 01
See every card balance in one place
Finsa pulls each card's outstanding and the loans beside it from your report. Checking is free and is a soft enquiry, so it never affects your credit score.
- 02
See the rate you are really paying
A card balance at 3% a month is 36% a year before fees. Next to it, the loan rates the panel actually quotes. The comparison is the whole decision.
- 03
One loan clears the cards
our lender partners price the total. The one you pick disburses, the cards are paid off, and you are left with one EMI and a date it ends.
Questions people ask
- Can I convert my credit card outstanding into a personal loan?
- Yes, and it is the most common reason people consolidate. A personal loan for the amount of the card balance is disbursed, the card is paid off, and you repay the loan in fixed EMIs at a fixed rate instead of a revolving balance at the card's rate.
- How much does moving ₹2,00,000 from a card to a loan save?
- Over 24 months, ₹2,00,000 at 14% a year costs about ₹30,462 in interest. The same balance at a card's 36% costs about ₹83,428, and at 42% about ₹98,910. That is a saving of roughly ₹52,966 to ₹68,448, before the card's late fees and GST on interest, which a loan does not carry.
- Why is paying the minimum due so expensive?
- Because the minimum, usually 5% of the balance, barely covers the month's interest at 3% to 3.5%, so the principal hardly moves and the interest repeats next month. A loan EMI is mostly principal from the first month and has an end date.
- Does converting card debt to a loan hurt my credit score?
- Usually it helps within a few months. The card's utilisation drops to zero, which is the second-largest factor in the score, and a loan being repaid on time adds positive history. The new lender's hard enquiry costs a few points briefly.
- Should I close the card after it is paid off?
- Keeping it open with a zero balance usually helps your score, because the unused limit keeps your utilisation low. The mistake to avoid is running the balance back up while still repaying the loan, which leaves you with both.
- Can I include more than one card, and a loan as well?
- Yes. Several cards and one or two small loans are the typical case, and the point of consolidating them is a single EMI on a single date at a rate below the blended rate you pay across them today. One EMI for all of it →
- What if I have missed card payments?
- Lenders read a current overdue on the report and price for it or decline. A missed payment that you have since brought current weighs far less than one that is still outstanding, so clearing any overdue first widens the panel that will quote.
- Does Finsa only do this, or fresh loans and top-ups too?
- All three, from the same check. Clearing cards into one loan, a fresh personal loan, and a top-up on a loan you already repay each get their own offers from the same report, so you see whichever actually lowers your monthly total. A fresh personal loan →
- 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.
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.
What a loan through Finsa costs
- Tenure
- Repayment runs from 6 months to 60 months.
- Rate
- Lending partners price personal loans from about 9.99% to 24% a year, on a reducing balance. Your rate is set by the lender from your credit profile, not by Finsa.
- Example
- Worked example: on ₹3,00,000 over 36 months at 14% a year, the EMI is ₹10,253 and the total repaid is ₹3,69,118, of which ₹69,118 is interest.
- Fees
- Finsa charges no processing fee and no fee of any kind. A lender's own processing fee, insurance or GST is extra, and each one is stated on the Key Fact Statement you get before signing.