Urban Money

Personal Loan Balance Transfer Calculator

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25
%
  • 8
  • 9.5
EMI
  • 0
  • 59

Total Savings

Key Takeaways:

Current EMI

Revised EMI

Total Savings

Balance Transfer Calculator

Compare interest rates and save a handsome amount before transferring your loan balance from one bank to another using a personal loan balance transfer calculator.

A personal loan balance transfer is a cost-effective process where you can transfer your current outstanding loan amount from one lender to a new one, offering you the lowest interest rate without extending your tenure. That way, you pay less EMI amounts every month and save more. However, for a personal loan balance transfer, you might have to pay a processing fee and stamp duty charges imposed by your lender.

Personal Loan Balance Transfer

To reduce the EMI burden, you can go for a personal loan balance transfer. This facility will help you pay EMIs at a lower interest rate and improve your savings. You can use the personal loan balance transfer calculator and take your decision to move from one lender to another.

Personal Loan Balance Transfer Benefits

Some of the key benefits of a personal loan balance transfer are as follows:

Improved Rate of Interest

The best advantage of opting for a personal loan balance transfer is to transfer the remaining loan amount at a low-interest rate. This reduces your overall EMI. However, it is suggested that you compare the interest rates and other charges for the balance transfer facility.

Chance to get a Longer Tenure

You can reduce your monthly burden of EMIs and ask a new lender to increase your tenure. However, the loan period for repayment will attract a higher interest payout. Keep in mind that a personal loan is offered generally with only tenure of up to 60 months. So, ensure you do not exceed that.

Better Features

If you have an adequate history of repayments, a new lender can offer you extra benefits as well, like no processing fee, waiver of the last EMI, insurance cover and many others.

Top-up Facility on Loan

You can ask for some more loan amount during the personal loan balance transfer with a top-up loan facility. However, this offer is valid only if you want to transfer the outstanding loan from the current lender to a different one.

How to Use Urban Money Personal Loan Balance Transfer Calculator?

With minimal entries and AI-powered technology, the Urban Money Personal Loan Balance Transfer Calculator offers an easy and quick process to retrieve your EMI amount, tenure, etc. All you have to do is enter the following details:

  • Your bank’s name
  • Left-over loan tenure
  • Unpaid loan amount
  • Present rate of interest
  • Current EMI

Once you enter all the details, hit the Check to Submit button to know your savings.

Factors Affecting Personal Loan Balance Transfer

Determine the following factors that can affect your personal loan balance transfer:

Equated Monthly Instalment (EMI)

People mainly transfer their balance to a new lender when they get lower interest rates in other banks. However, while transferring the remaining of your personal loan amount, you must ensure that your new lender agrees with the initial tenure. An extended repayment period may lead to an overall higher interest.

Processing Fee

There is a high chance that your new lender might charge you a processing fee. This may be of the same amount as charged by your previous lender. Whatever the case, ensure that this additional cost does not incur any losses.

Additional Offers

Check for or ask your lender about the availability of discounts while choosing a personal loan balance transfer, as this would further help reduce your loan burden.

Terms and Conditions

Make sure to read all the terms and conditions set by your new lender carefully. Clear all your doubts and ensure there are no hidden clauses that can damage your financial prospects.

Bank Transfer

If you don’t have a savings account with your new lender, it is possible that they might ask you to open a new bank account for a personal loan balance transfer. This can cost you some additional amount. Thus, you must transfer your personal loan to a bank where you already have a bank account.

Comparison of Personal Loans Interest Rate Offered by Top Banks/NBFCs

Here is the list of personal loan balance transfer interest rates offered by the top banks and NBFCs in India:

Banks

Bank NameInterest Rate (p.a.)Repayment Tenure
ICICI BankUpto 18.00% p.a.12 months to 5 years
HDFC Bank10.50% p.a. to 18.00% p.a.12 months to 5 years
Kotak Mahindra Bank10.25% to 24% p.a.12 months to 5 years
IndusInd Bank15.00% p.a. - 18.00% p.a.12 months to 5 years
Axis BankUp to 21% p.a.12 months to 5 years
State Bank of India9.60% p.a. onwardsUp to 6 years
Bank of BarodaBank of Baroda 10.50% p.a. onwardsUp to 5 years
Indian Overseas Bank10.80% p.a.Up to 5 years

NBFCs

LenderRate of Interest (p.a.)Tenure for Repayment
HDB Financial Services16.75% p.a. onwards12 months to 5 years
India Infoline24% onwards12 months to 2 years
Mahindra FinanceContact lender for informationUp to 3 years
Tata Capital10.99% onwards12 months to 6 years
Aditya Birla Finance Limited14%12 months to 3 years

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FAQs

From refinancing to reducing your interest, we have the answers right here.

Can I transfer my personal loan balance?

Yes, you can easily transfer your existing personal loan to a new bank at a lower interest rate. For example: Suppose you have a remaining personal loan amount of Rs. 3 lakh at an annual interest rate of 14.50%. Transferring this amount to a new lender offering you a lower interest rate of 10.25% would readily reduce your monthly EMIs helping you save more.

What is the interest rate on a personal loan balance transfer?

The interest rate on personal loan balance transfer starts from 9.60% p.a., while the repayment period ranges from 12 months to 6 years.

How do I transfer my personal loan to another bank?

Shortlist the banks offering low-interest rates for a personal loan balance transfer. Analyse and compare the eligibility, processing fee and rates. Finally, approach the bank either online or offline and submit the required documents and NOC certificate. If the lender considers you eligible and reliable, they will transfer the remaining loan amount within a few days.

Can I change my EMI amount for a personal loan?

Yes, you can pay more than the regular EMI. Also, the excess amount will lower the outstanding principal amount and lower the interest burden. Therefore, you can pay one extra EMI each year.

What documents are required for a personal loan balance transfer?

The documents required for a personal loan balance transfer are a signed application form, passport size photograph, identity and address proof, salary slip for the last three months, a 6-month bank statement, and a current lender statement. The document requirements may vary depending upon whether you are a salaried or self-employed individual.