Balance transfer
Is moving your loan actually worth it?
A lower rate is not the same as a saving. Transfer costs and how far through the loan you are decide whether moving pays — and often it does not.
Your loan today
Outstanding amount
Principal still owed
Current rate
a year
Months left
remaining tenure
The offer you are considering
New rate
a year
Processing fee
On the new loan
Other costs
MODT, stamp, legal
Worth moving
You would recover the transfer costs in 22 months, and save about ₹3,39,908 over the remaining tenure.
EMI now
₹41,528
EMI after transfer
₹39,390
Monthly saving
₹2,138
Cost to move
₹45,000
Net saving, full tenure
₹3,39,908
Break-even
Month 22
Compared like for like, over the same 180-month tenure. Stretching the term would lower the EMI while usually increasing total interest, which is not a saving. Indicative only — the new lender sets your actual rate and charges after assessing you.
Which lenders would take it over?
See which of 179 products your profile matches on their published criteria.
Check eligibility