Personal loan refinance guide for India

Step-by-step personal loan refinance guide: compare rates, fees, break-even, and documents — plus when to stay put.

This personal loan refinance guide walks through the numbers Indian borrowers should check before a balance transfer — so a lower advertised rate does not hide a worse total cost.

Step-by-step

• Note outstanding principal, rate, EMI, and remaining tenure from your lender app or SMS.
• Collect 2–3 refinance offers for your credit profile (not just headline rates).
• Add foreclosure charges, processing fees, and GST.
• Compare total interest + fees on the new schedule versus staying put.
• Choose shorter tenure if you can afford EMI — maximises interest saved.

Documents typically needed

KYC, income proof, existing loan statement, and sometimes a cancelled cheque. Soft eligibility checks should not hurt your score; hard pulls usually happen at application.

Model EMI and refinance savings before you apply. Open loan tools