What would a balance transfer save you?
Animated estimate of lifetime savings at a lower comparison rate — 15 banks, plus an illustrative 7.15% figure, in real time.
Your Current Loan Details
Enter your existing loan information below
Your Current Monthly EMI
₹52,211
At 9.5% for 15 years
Total Payable
93.98 L
Total Interest
43.98 L
15 Banks Compared
Published starting rates from major lenders
Fees in the estimate
Review processing charges alongside the estimate
Paperwork guidance
Review lender requirements and confirm the process
Everything About Balance Transfer Savings
Answers to the most common questions about switching loans and unlocking lifetime interest savings.
What is a balance transfer?
A balance transfer means moving your outstanding loan from your current bank to another bank offering a lower interest rate. Your new bank pays off your old loan, and you continue your EMIs with the new bank — typically at a lower rate, which reduces your total interest paid over the tenure.
How accurate are the savings estimates?
Estimates use standard reducing-balance amortisation and published starting rates in the current dataset from 15 major banks. Actual savings may vary based on the rate a lender offers you, which depends on your credit profile, loan-to-value, tenure remaining, fees, and other criteria. Treat the result as an illustrative estimate, not a lender quote.
What is the indicative 7.15% comparison rate?
The calculator may show 7.15% as an illustrative comparison rate. It is not a Money Matrix Hub-negotiated rate or a lender quote. Confirm the lender's current published rate, fees, eligibility criteria, and final offer before making a decision.
Are there hidden costs in a balance transfer?
The main costs can include: (1) a processing fee, (2) legal and valuation charges, and (3) stamp duty on the new loan agreement, which varies by state. Check the lender's current schedule and statutory charges; any net-savings figure is an estimate.
Does balance transfer affect my credit score?
A balance transfer does not normally affect your credit score by itself, but lender credit checks and a new account can affect your profile. A lower EMI may make timely payments easier; confirm the implications with your lender.
How long does a balance transfer take?
Timelines vary by lender, document review, valuation, and approval. Ask the relevant lenders or an advisor for a current estimate; the lenders control their own processing and disbursement steps.
When does balance transfer NOT make sense?
If you have less than 3 years remaining on your loan, or if your rate is already close to the published comparison rate, fees may reduce or eliminate the potential savings. Treat the calculator's net-savings figure as an estimate and review the lender's current charges before deciding.
Can I do a balance transfer on business loans and LAP?
Yes. The calculator supports home loans, business loans, and Loan Against Property. Balance transfer eligibility, processing fees, and rate differences vary by product; an advisor can explain the figures for your loan type, subject to lender criteria.
Ready to capture the savings?
We can help you review a balance-transfer application. Paperwork, valuation, fees, disbursement, and approval depend on the lender and your case.