Balance Transfer Calculator
Thinking of switching your loan to a new lender? Use our Balance Transfer Calculator to see exactly how much you can save on interest and find out your break-even period.
Existing Loan (A)
Current Monthly EMI
₹
New Loan Offer (B)
New Monthly EMI
₹
Transfer Verdict
Stick with your current loan.Switching would cost you ₹ more.
| Parameter | Existing Loan | New Loan | Difference |
|---|---|---|---|
| Monthly EMI | ₹ | ₹ | ₹ |
| Total Interest (Future) | ₹ | ₹ | ₹ |
| Total Future Cost (Inc. Fees) | ₹ | ₹ | ₹ |
Cost Comparison
Outstanding Balance Over Time
Understanding Loan Balance Transfer
A Balance Transfer is a strategic financial move where you transfer your outstanding loan amount from your current bank to another bank that offers a lower interest rate. This is most common with Home Loans and Personal Loans.
The primary goal is to reduce the monthly EMI burden or the total interest payout. However, it's crucial to account for the processing fees and other charges associated with the new loan to ensure it's truly beneficial.
When Should You Switch?
Lower Interest Rate
If another lender offers a rate that is at least 0.50% to 0.75% lower than your current rate.
Early Tenure
If you are in the early years of your loan tenure where the interest component is highest.
Better Credit Score
If your credit score has improved significantly since you first took the loan, you might qualify for better rates now.
Better Service
If you are unhappy with your current lender's service or want better digital banking features.