Calculate Loan Transfer Savings
Calculate savings from transferring loan to lower interest rate
Loan Details
Enter current and new loan details
Comparison
Current EMI
₹27,964
New EMI
₹26,035
Current Total Interest
₹37,11,345
New Total Interest
₹32,48,327
About Balance Transfer Calculator
Loan balance transfer allows you to move your existing loan to a lender offering a lower interest rate. This calculator helps you determine if transferring your loan will result in net savings after considering all transfer costs.
Key Considerations
- Compare interest savings vs transfer costs
- Check prepayment charges with current lender
- Verify eligibility with new lender
- Consider processing fees and documentation costs
Frequently Asked Questions
Loan balance transfer is moving your existing loan from one lender to another lender offering a lower interest rate. This helps reduce EMI or loan tenure, saving on total interest.
Benefits include lower interest rate, reduced EMI or shorter tenure, lower total interest cost, and potentially better service. However, consider processing fees and prepayment charges.
Charges include processing fee (0.5-2% of loan amount), prepayment charges to old lender (if applicable), valuation charges, and legal/documentation charges. Factor these into savings calculation.
Consider balance transfer if new lender offers at least 0.5-1% lower interest rate, and savings exceed transfer costs. Also check if your credit score and eligibility meet new lender requirements.