Personal Loan Balance Transfer @ 9.99%* p.a.

The 9.99% p.a. is an advertised starting rate available for eligible borrowers with strong credit profiles (typically CIBIL 780+), on Balance Transfer amounts above Rs 15 Lakhs, from our empanelled lender network. Your final sanctioned rate depends on lender policy, your credit profile, income stability, and loan tenure. Applying via MahadevX gives you the best chance to unlock this tier because our aggregator negotiations often secure rate slabs unavailable to walk-in customers.

For most eligible borrowers, the entire BT completes in 3-7 working days from application to disbursement of the takeover amount to your old lender. Pre-approved borrowers can close in 24-48 hours. The old loan account is formally closed once the new lender sends payment, and you receive an NOC from your existing lender.

You typically pay: (a) processing fee to the new lender (0.5% - 2% of the outstanding balance), (b) foreclosure charge from the old lender ONLY if your existing loan is fixed-rate (2% - 5% of outstanding); floating-rate loans have zero foreclosure charge per RBI mandate, (c) stamp duty per state actuals. All fees are disclosed in the new lender sanction letter before you sign.

The initial eligibility check via MahadevX is a soft inquiry - zero score impact. When you finalise a lender, they run one hard credit pull, which typically causes a 5-10 point temporary dip that recovers within 2-3 months. Closing the old loan and opening the new one shows as a "loan closed" plus "new loan opened" - neither is negative if you continue to repay on time.

Yes. Most Balance Transfer offers allow a top-up loan over and above the outstanding takeover amount. The top-up is priced at the same competitive Balance Transfer rate. Useful if you have upcoming expenses (medical, education, wedding, business need). The total sanctioned amount depends on your income-to-EMI ratio and lender policy.

Usually not. The processing fee on the new BT loan is typically 1-2% upfront. On a residual tenure below 24 months, the interest saving from a lower rate rarely covers the upfront processing fee, especially after factoring foreclosure charges if your original loan is fixed-rate. Rule of thumb: BT makes strong financial sense when residual tenure is 24+ months and the rate delta is 1.5% or more.

Possible but difficult. If your score dropped due to missed EMIs, high credit utilisation, or new bad debts, most new lenders will decline the BT or offer a rate no better than your current one. Best strategy: focus on strengthening your credit profile first (clear defaults, reduce card utilisation, pay all EMIs on time for 6+ months), then reapply for the BT. MahadevX advisors can review your credit report and give a candid assessment.

Common tactic - many lenders offer a "retention rate" once they see you have applied for foreclosure. Compare the retention offer carefully: rate reduction only, or also waived foreclosure fees, or a limited-time promotional cut. If the retention offer matches or beats the BT offer including all fees, staying may be simpler. If the BT offer is meaningfully better even after fees, switch. Always get the retention offer in writing.

Not all. Some banks only offer BT for Home Loans or LAP, not for unsecured Personal Loans. Others accept PL BT only from specific source lenders. MahadevX pre-filters this in the eligibility check - we only show you lenders who accept BT for your existing lender + profile + amount combination. Saves you the trouble of applying to banks that would decline anyway.

Yes. Self-employed borrowers can apply, though the documentation requirements are heavier: last 2 years ITR, P&L + balance sheet, 6-month business bank statement, GST returns if applicable, and business vintage proof (typically 3+ years). Rates for self-employed BT are usually 0.5-1.5% higher than salaried BT for the same profile, reflecting the lender view on income variability.

No hard regulatory limit, but multiple BTs in short succession (say, two BTs within 24 months) is a red flag to lenders and hurts your credit profile. Practically, most borrowers do a Balance Transfer once, halfway through their loan tenure, to capture rate improvements. Doing more than that rarely provides incremental benefit and increases costs.

No. MahadevX is free for borrowers. We earn a small commission from the lender post-disbursement, never from you. The only fee you pay is the lender processing fee (0.5-2% of outstanding), disclosed transparently in the sanction letter before you sign. No hidden charges, no surprise deductions.

Yes. All floating-rate Personal Loans (which most BT loans are) have zero foreclosure charges per RBI mandate - you can pay off the balance anytime without penalty. Fixed-rate BT loans may charge 2-5% foreclosure fee on outstanding. Check the new sanction letter for the exact terms before signing.

Your existing loan continues unchanged with your current lender - nothing bad happens. MahadevX will identify why it was rejected (credit score, income variance, existing debt burden, employer profile) and either recommend improvements before reapplying, or suggest alternative lenders in our network who may accept your profile. We try at least 3 lenders before declaring the case rejected.

A Balance Transfer moves your existing loan to a new lender at better terms. A top-up loan is additional borrowing on top of your existing loan, from the same lender. BT usually reduces your interest cost. Top-up increases your total debt. Some BTs come with an integrated top-up option (extra funds + rate reduction), giving you the benefits of both.