Loan Balance Transfer Calculator
Is moving your loan to a lower rate worth the fees?
Switching Saves You Money
Current loan vs new lender
| Current (9.5%) | New (8.5%) | |
|---|---|---|
| Monthly EMI | ₹31,327 | ₹29,542 |
| Interest still to pay | ₹26,38,813 | ₹23,17,594 |
| Switching costs | — | ₹15,000 |
| Total still to pay | ₹56,38,813 | ₹53,32,594 |
- 1Enter your current loanBalance, rate and months left
- 2Add the new offerRate and all switching costs
- 3See your net savingAnd when the fees pay back
How is the saving worked out?
Both lenders' EMIs are worked out on the same balance and remaining tenure. The saving is the difference in interest, minus what it costs to switch.
Net saving = (interest at current rate − interest at new rate) − switching costs
Break-even = switching costs ÷ monthly EMI saving
When does a transfer make sense?
A rate cut of 0.5% or more on a large balance with many years left usually pays off. Near the end of a loan, most of the interest is already paid, so the saving shrinks while the fees stay the same.
Ask your bank first
Many banks will lower your rate for a small conversion fee if you ask, which saves the paperwork of moving. Use the new lender's offer to negotiate.
Related calculators
- Home Loan EMI CalculatorMonthly EMI, interest and repayment schedule for your home loan
- Loan Prepayment CalculatorHow much interest a part-payment saves, and how much sooner you're done
- EMI CalculatorKnow your monthly instalment before you borrow
- Loan Eligibility CalculatorHow much you can borrow on your income
Frequently asked questions
Are there prepayment charges for moving a home loan?
Not on floating-rate home loans to individuals; RBI doesn't allow foreclosure charges. Fixed-rate loans may carry a fee.
Can I get a top-up loan when transferring?
Many lenders offer a top-up at a similar rate along with a balance transfer. Treat it as new borrowing and include its EMI in your budget.
Does a balance transfer affect my credit score?
There's a small, temporary dip from the new loan enquiry. Closing the old loan and paying the new one on time keeps your score healthy.
These results are estimates for planning only, not financial, investment or tax advice. Rates and rules change, and your bank, fund house or employer may calculate slightly differently. Check with them or a qualified adviser before you decide.
Sources
Last reviewed: October 2026