Cards & loans
Balance Transfer Savings
If you have credit card debt, moving it to a personal loan or balance transfer almost always saves you money. See exactly how much.
Your numbers
₹
% / month
%
% p.a.
months
Your result
₹67,440
Transferring ₹2 lakh from your 42% credit card to a 12% personal loan or BT offer (with 2% transfer fee = ₹4,000) saves you roughly ₹67,440 over 24 months. New EMI: ₹9,603 a month for 24 months.
- Transfer fee (one-time)
- ₹4,000
- New monthly EMI
- ₹9,603
- Total interest at card rate
- ₹97,912
- Total interest after transfer
- ₹26,472
- Total saved
- ₹67,440
paisaexpert.com
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See what you'd pay at minimum-only
The horror story version. If you keep paying just the minimum on the card instead of transferring, the numbers get genuinely scary.
Open it
When balance transfer makes sense
- You have ₹50,000 or more on a credit card you cannot pay in full this month.
- Your credit score is reasonable (700+), so personal loan rates are 12-15%, not 18-24%.
- You have a clear plan to clear the new loan in 12-36 months (do NOT extend a 5-year personal loan just to lower the EMI).
- The card you transferred from gets paid in full and is then used carefully or closed.
Two flavours of transfer
- Personal loan: take a 12-15% personal loan, pay off the card, run the loan to term. Best for clean execution.
- Same-bank balance transfer: most card issuers offer a 0% interest balance transfer for 3-12 months in exchange for a 1-3% upfront fee. Brilliant if you can clear the full balance in the introductory period.