Kagaznama

Request to Switch the Interest Rate

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Also called

Interest Rate Switch Letter
Loan Conversion Request
MCLR to Repo Rate Switch Application
Base Rate to EBLR Conversion Letter
Home Loan Interest Rate Reduction Request
Rate Reset Application to Bank
Floating to Fixed Rate Conversion Request
Spread Reduction Letter to Lender

When you need it

Move your loan off an old benchmark (Base Rate/BPLR/MCLR) onto your bank's repo-linked rate, switch floating to fixed, or ask for a lower spread. The letter cites the RBI instructions requiring the option, forces the switch fee into writing before any debit, records your EMI-vs-tenure choice, and sets an escalation ladder.

Don't use this for a balance transfer to another lender (a foreclosure/NOC letter instead), a moratorium, restructuring or disputing interest already charged. Written for EMI term loans, not credit cards, overdraft, cash credit, gold loans or securities-backed loans. If the account is NPA or under SARFAESI, get advice first.

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You can fill this one in on this site, and read the whole draft on screen before you decide anything about it. It is a carefully drafted template; it is not advice about your own facts.

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See stamp duty, registration and witnesses

What follows is the position for this kind of document. The amount is set by the state the property is in and it changes, so the figure for your own state is worth confirming at the sub-registrar’s office before you pay anything.

Stamp duty

No duty in any State — the request itself creates/transfers/extinguishes nothing; it asks. Plain paper. What CAN attract duty is whatever you're asked to sign AFTERWARDS — a conversion letter, supplemental agreement or security modification — which varies by State; the letter asks the lender to state any duty it'll recover and to share a draft first. Don't sign a supplemental document blind on duty or who pays; e-stamping (SHCIL or the State portal) is how it's usually done, and the lender typically arranges and recovers the cost.

Registration

Not registrable — s.17 doesn't cover this request; no Sub-Registrar visit, fee or deadline. Whether the LENDER's own switch paperwork needs registration depends on how it's documented: a deed modifying a registered mortgage can require it; a conversion letter merely noted in records usually doesn't. Ask in writing first, and get a certified copy of anything registered — reflect any charge change in CERSAI and, for a company, RoC filings.

Notarisation

Not required — doesn't speed anything or prove receipt. Some branches want a notarised indemnity as their own formality. A signature on your behalf instead needs a power of attorney, which may itself need stamping/registration.

Witnesses

No witnesses needed — proof of delivery matters instead. Get the branch to sign, date and stamp your copy with a reference number; if refused, email the same day and follow up by registered post, keeping every record. On a joint loan, all borrowers sign as parties, not witnesses; a guarantor's consent, if needed, goes on the lender's own separate form.

Request Stamp Paper

Sample preview — placeholder answers, not your data

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APPLICATION TO SWITCH THE INTEREST RATE ON A LOAN ACCOUNT

Loan Account Number: 3049 8871 0025 6
Customer ID / CIF: CIF 80554213
Date: 2 April 2026
Place: Ludhiana
Sent by: email, and by hand against acknowledgement

To
The Branch Manager
Bank of Baroda
Retail Asset Branch, Sector 34, Chandigarh
Ground Floor, Sunrise Plaza, Sector 34, Chandigarh 160034

Copy to: The Nodal Officer / Principal Nodal Officer, Bank of Baroda

From
Kavita Ramaswamy and Anand Ramaswamy
B-704, Meridian Heights, Sector 70, Mohali 140307
Phone: +91 XXXXX XXXXX
Email: kavita.r@example.com

Subject: Loan Account 3049 8871 0025 6 — application to reprice the loan to Repo Linked Lending Rate (RLLR / EBLR), and to be given the switch fee and the revised terms in writing before anything is debited

Dear Sir / Madam,

1. The loan account this letter is about

1.1 This letter concerns the loan account described below, which stands in my name jointly with Anand Ramaswamy. Please quote the loan account number on every reply.

1.2 Particulars:

Loan account number: 3049 8871 0025 6
Type of loan: Housing Loan
Purpose for which the loan was taken: a personal or household purpose
Date of sanction: 1 April 2026
Amount sanctioned: ₹42,00,000 (Rupees Forty Two Lakh only)
Principal outstanding today: ₹29,65,000 (Rupees Twenty Nine Lakh Sixty Five Thousand only)
Present EMI: ₹31,480 (Rupees Thirty One Thousand Four Hundred and Eighty only)
Balance tenure: about 148 months
Present rate of interest: 9.35% per annum
Present interest rate basis: Base Rate
Status of the account: regular — no EMI is overdue
How that rate is made up: One-year MCLR 8.95% + spread 0.40%
Security: Equitable mortgage of Flat B-704, Meridian Heights, Sector 70, Mohali

2. What I am asking you to do

2.1 Please reprice this loan account from its present basis — Base Rate — to Repo Linked Lending Rate (RLLR / EBLR), with effect from the earliest date your systems allow.

2.2 Before you process anything, please send me in writing the price of that change and the terms on which it will be given effect, as listed in paragraph 6 below, so that I can accept them.

2.3 Please treat this as a formal application under your Board-approved interest rate policy and under the Reserve Bank of India instructions named in paragraph 3, register it in your customer service or grievance system, and give me the reference number.

What you are charging new borrowers today. For a new loan of the same kind, Bank of Baroda is presently offering: 8.40% to 8.75% per annum for salaried borrowers, as published on your website on 3 September 2026. I am paying 9.35% per annum on the same book, on a loan you have already made, secured on the same terms, with a repayment record you can see. That gap is the reason for this letter.

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