There are various other reasons why you would want to switch, the most important among these is to balance risk and returns.
How to switch from one mutual fund scheme to the other?
While you can switch between different schemes, investment and plans, you have to follow a mechanism to do the same.
You need to fill in a transaction slip, which is available on the website of the respective mutual fund houses.
Normally, the same slip is also available at the bottom of your account statement. The same can be submitted at most of the offices of the respective mutual fund houses.
If you have a PIN you can also visit the website of the mutual fund house and switch the same online.
Is there a load when you switch?
When you switch from one scheme to another the same is treated as a redemption. Hence, you have to pay an exit load. On the other hand when you buy another scheme you have to pay an entry load, which means you could end-up paying an entry and exit load.