Loan & Repayment Details
Original loan
Repayment so far
Outstanding Balance
—
Remaining Tenure
—
EMIs paid: —
New loan offer (after BT)
Cost of switching
Check your loan agreement — floating-rate loans to individuals often carry nil charges.
BT Results
Net Benefit of Switching
—
Switch Recommendation
—
Interest Saved
—
Switching Cost
—
Monthly EMI
—
Interest Over Remaining Term
—
Total Repayment
—
One-time switching cost
Outstanding balance is worked out using standard reducing-balance amortisation on the original loan. Estimate excludes part-prepayments already made or any rate changes since disbursal — confirm exact figures with your lender before deciding.
Balance Transfer Calculator – Check If Switching Your Loan Saves Money
A balance transfer (BT) means moving your outstanding loan to another lender, usually to get a lower interest rate. Switching can reduce your interest cost, but it also comes with charges, so it is important to compare both sides before you decide.
The CibilBazaar Balance Transfer Calculator compares staying with your current loan against switching to a new offer, after taking the cost of switching into account.
What Is a Loan Balance Transfer?
In a balance transfer, a new lender pays off your existing loan and you repay the new lender instead, ideally at a lower interest rate or on better terms.
A BT is useful only when the interest you save is greater than the costs of making the switch, such as foreclosure or prepayment charges on the old loan and the processing fee on the new one.
How to Use the Balance Transfer Calculator
Enter Your Original Loan
Add the loan amount, interest rate and original tenure of your current loan.
Add Repayment So Far
Enter the number of EMIs you have already paid.
Enter the New Loan Offer
Add the interest rate and tenure offered by the new lender.
Add the Cost of Switching
Enter the foreclosure or prepayment charge and the new loan processing fee.
Compare and Decide
Review the result to see whether switching saves you money compared with staying.
What to Check Before You Switch
Interest Rate Difference
A meaningful gap between your current rate and the new rate is what creates savings.
Remaining Tenure
The more tenure remaining on your loan, the more time the lower rate has to reduce your interest.
Switching Costs
Foreclosure charges, processing fees and other charges can reduce or cancel out the savings.
New Tenure and EMI
A longer new tenure can lower the EMI but may increase the total interest you pay.
When Does a Balance Transfer Make Sense?
A balance transfer is generally more beneficial when the interest rate difference is meaningful, a large part of the tenure is still left, and the total switching cost is small compared with the interest saved.
Frequently Asked Questions (FAQs)
1. What is a balance transfer?
A balance transfer is moving your outstanding loan from your current lender to a new lender, usually for a lower interest rate.
2. Is a balance transfer always worth it?
No. It is worth it only if the interest you save is more than the charges you pay to switch. The calculator helps you compare both.
3. What costs are involved in switching?
Common costs include foreclosure or prepayment charges on the existing loan and a processing fee on the new loan. Other charges and taxes may also apply.
4. Why does the number of EMIs paid matter?
It shows how much of your loan is already repaid and how much tenure is left, which affects how much a lower rate can save.
5. Do all lenders accept balance transfers?
Each lender has its own balance transfer policy, including minimum EMIs paid and eligibility rules. Confirm with the lender before applying.
Disclaimer: Balance transfer results are estimates for informational purposes only and do not guarantee savings or approval. Actual charges and terms are decided by the respective lenders. CibilBazaar is a loan marketplace and is not a bank or NBFC. Please verify the latest information with the relevant bank or NBFC before submitting your application.
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