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Transfer your personal loan to lower rates and better tenure options with quick digital processing.
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Why Choose Six Finance?
Experience hassle-free borrowing with flexible loan options, instant credit tracking, and rapid approvals designed around your unique financial journey.
Flexible Repayment Plans
Life changes, and your loan should adapt with it. We offer customizable repayment schedules and loan amounts designed to fit comfortably within your budget.
Fast, Secure & Transparent
Apply with complete peace of mind. Our streamlined, bank-grade encrypted platform ensures lightning-fast approvals while keeping your data strictly protected.
Personalized Financial Solutions
We look beyond the numbers to understand your story. Enjoy a borrowing experience that is custom-tailored specifically to your unique financial goals and needs.
Loan Details
Personal Loan Transfer EMI Calculator
Calculate your EMI and total interest for transferring a personal loan with flexible repayment options.
Instant Approval
No Hidden Charges
100% Digital Process
Representative Example:
Borrow ₹5,00,000 over 12 months at 9.99% APR. Total repayment: ₹5,27,467.42 with monthly EMIs of ₹43,955.62.
EMI Calculator
Select Your Bank
Enter Loan Amount
₹5,00,000
50K50L
9.99
8%30%
1
1Y10Y
Monthly EMI
₹43,955.62
Total Interest
₹27,467.42
What is a Personal Loan Balance Transfer?
A balance transfer involves moving your outstanding personal loan from one bank to another to benefit from a lower interest rate or better terms. It helps reduce your overall interest burden.
By switching to a lender offering a lower rate, your monthly EMI reduces. You can also opt to renegotiate the tenure, typically ranging from 1 to 5 years, to suit your current financial situation.
Criteria for approval:
- Existing personal loan with a clean record
- Minimum number of EMIs already paid (usually 12+)
- Stable income & employment
- Credit score (750+ preferred for lower rates)
Banks often charge a small processing fee for balance transfers, but the interest savings usually outweigh this cost.
Financial Guide
Balance Transfer Interest Rates
Balance transfer rates can start as low as 10.99%, often significantly lower than your original personal loan rate if your credit score has improved.
Checklist for Balance Transfer
Switching lenders is only profitable if the net savings exceed the transfer costs. Keep this in mind:
1
Calculate Net Savings
Deduct the processing fee of the new loan and foreclosure charges of the old loan from the total interest saved. Proceed only if the result is positive.
2
Check Remaining Tenure
Transferring is most beneficial in the early years of the loan. If less than 12 months are left, the savings might be negligible.
3
Top-Up Facility
Most lenders offer a top-up loan along with the transfer. Use this to consolidate other expensive debts (like credit card dues).
4
Negotiate Processing Fees
Since you already have a repayment track record, negotiate with the new lender to waive off the processing fee.
5
Read Foreclosure Terms
Ensure the new lender does not have a long lock-in period, so you retain the flexibility to close this loan early too.
Balance Transfer Eligibility
Transfer eligibility To switch your loan to a new lender, you must meet these criteria:
Existing Loan Age: At least 6 to 12 EMIs must have been paid on the existing loan.
Repayment Track: Zero delays or bounces in the last 12 months.
Credit Score: Should have improved or remained stable (750+) since taking the original loan.
Income Status: Current income meets the new lender's minimum salary criteria.
Loan Amount: Outstanding principal should be at least Rs. 50,000.
Balance Transfer Fees
When switching lenders, factor in the costs of the new loan versus the savings:
| Particulars | Charges |
|---|---|
| Processing Fees | 0.5% to 1.5% (Often waived for high credit scores) |
| Foreclosure of Old Loan | Dependent on previous lender (0% to 4%) |
| Stamp Duty | As per state laws |
| Part-Payment Charges | Usually Nil if paid from own sources |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
Balance Transfer vs Top-Up Loan
Two ways to manage your existing personal loan.
| Balance Transfer | Top-Up Loan |
|---|---|
| Shifting loan to new bank | Taking extra money on existing loan |
| Reduces interest rate | Rate usually same as existing loan |
| Used to reduce EMI burden | Used for new financial needs |
| Foreclosure charges apply on old loan | Processing fee applies on extra amount |
Why Switch Your Personal Loan?
If your credit score has improved since you took your loan, you shouldn't be paying the old high rates. Our Balance Transfer calculator shows exactly how much you save by switching to a new lender, often accompanied by a top-up loan for extra needs.
Balance Transfer Benefits
- Reduce interest rates by up to 2-4%
- Consolidate multiple loans into one EMI
- Get an additional Top-Up loan instantly
- Zero foreclosure charges with select lenders
- Simplified paperwork for transfer process
- Reduce your monthly EMI burden immediately
Types of Balance Transfers
Switching your loan isn't just about rate reduction; it's about optimizing your debt structure.
Balance Transfer Documentation
In addition to standard KYC, you need documents related to your existing loan.
| Requirements | Salaried | Self-Employed |
|---|---|---|
| Existing Loan | Loan Account Statement (last 12 months), Foreclosure Letter | Loan Account Statement (last 12 months), Foreclosure Letter |
| Income Proof | Current Salary Slips, Bank Statement showing EMI deductions | ITR, Bank Statement showing EMI deductions |
| KYC | PAN, Aadhaar | PAN, Aadhaar, Business Proof |
Balance Transfer Checklist
Cost Benefit Analysis
- Calculate the processing fee of the new loan.
- Add the foreclosure charges of the old loan.
- Only proceed if the interest saving is higher than these costs.
Timing Matters
- Transfer is beneficial in the early years of the loan.
- If you have paid more than 50% of EMIs, the interest saving is negligible.
Top-Up Facility
- Most transfers come with a Top-Up loan option.
- This is cheaper than taking a separate second personal loan.
Credit Score Check
- Ensure you haven't missed unknown EMIs on the existing loan.
- A drop in credit score can lead to rejection of the transfer request.
Balance Transfer Offers
Switch your high-cost personal loan to these lenders to reduce your EMI burden immediately. Check your eligibility for a balance transfer rates today.
| Bank | Transfer Rate (p.a.) |
|---|---|
| HDFC Bank | 10.40% onwards |
| Axis Bank | 10.49% onwards |
| Standard Chartered | 10.99% onwards |
| IDFC First Bank | 10.75% onwards |
Who Should Opt for Balance Transfer?
Borrowers whose credit score has improved significantly since taking the original loan.
Those currently paying interest rates higher than 14-15%.
Borrowers who need a Top-Up loan along with the transfer.
Process to Switch Lenders
Request a foreclosure letter from your current bank.
Calculate the net savings (New Interest savings - Processing Fees - Foreclosure charges).
Apply with the new lender submitting KYC and Income documents.
Once approved, the new bank issues a cheque to close the old loan.
How to Calculate Balance Transfer EMI Online?
You can calculate your balance transfer EMI using a free online balance transfer EMI calculator. You just need to enter your interest rate, loan amount and tenure in the calculator to get instant and accurate results.
Balance Transfer vs Top-Up Loan
Should you just move your loan or take extra money? Here is a comparison to help you decide.
| Parameter | Balance Transfer | Top-Up Loan |
|---|---|---|
| Primary Goal | Reduce Interest Rate | Get Additional Funds |
| Interest Rate | New lower market rate | Usually same as existing loan rate |
| Processing | Treats as a fresh application | Minimal documentation required |
| Cost | Foreclosure charges on old loan | Processing fee on new amount |
Savings via Balance Transfer
Vikram Sethi — Reduced Interest Rate
"I was paying 18% on my old loan. Six Finance showed me an offer for 11.5% from another bank. The balance transfer reduced my EMI by Rs. 4,500 per month instantly."
Ankit Verma — Consolidation
"I had 3 different loans and 2 credit cards maxed out. I used the Balance Transfer + Top Up facility to close everything and now I pay just one manageable EMI."
Checklist for Balance Transfer
Switching lenders? Make sure it's worth it:
- Only switch if the interest rate difference is at least 2-3%.
- Calculate the processing fee of the new loan vs interest saved.
- Ensure you have paid at least 6-12 EMIs on the existing loan.
- Negotiate for a waiver on processing fees with the new lender.
- Check for a Top-Up facility to consolidate other debts.
Transfer Facts
- Balance transfer treats your application as a fresh loan request.
- It allows you to reset the tenure (increase or decrease).
- Foreclosure charges on the old loan (if fixed rate) can eat into savings.
- Your credit score might dip slightly due to a new hard enquiry.
- Most beneficial in the first half of the loan tenure.
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