Personal Loan Balance Transfer Calculator
Check how much you can save by transferring your personal loan to a lower interest rate.
Compare your current personal loan EMI with a new lower-interest loan and estimate your total interest savings before switching lenders.
Remaining principal on your existing personal loan
This calculator shows potential EMI reduction and interest savings after transfer.
- Current Cost
- New Cost
Reduce Cost By
3%
Current EMI
₹17,089
New EMI
₹16,607
Total Savings
₹17,340
Interest saved over remaining tenure
What is Personal Loan Balance Transfer?
A Personal Loan Balance Transfer allows you to move your outstanding personal loan from your current lender to another bank or NBFC offering a lower interest rate. This helps reduce your EMI or total interest burden.
Why Should You Consider a Personal Loan Balance Transfer?
Charges to Consider Before Switching
- Processing Fee:Usually 0.5%–2% of loan amount
- Foreclosure / Prepayment Charges:Varies by lender and loan type
- Documentation & Verification Charges:As per lender policy
Tip: Transfer is beneficial only if interest savings exceed these costs.
Top-Up Loan Option
Some lenders offer an additional top-up amount during balance transfer. This can be used for emergency expenses, education, travel, or medical needs at a lower interest rate than a fresh personal loan.
Choose What Matters More
Option 1 — Reduce EMI
- Same tenure
- Lower monthly burden
Option 2 — Reduce Tenure
- Keep EMI similar
- Become debt-free faster
Eligibility for Personal Loan Balance Transfer
Documents Required
Personal Loan Balance Transfer Interest Rates
| Bank / NBFC | Interest Rate | Loan Amount | EMI per Lakh | Processing Fees | Pre-Payment Charges | Apply |
|---|---|---|---|---|---|---|
| HDFC Bank | 10.99% - 18.00% | ₹50K – ₹40L | ₹2,149 – ₹3,199 | Up to 2% | 2% - 5% | Apply for Balance Transfer |
| SBI | 11.50% - 16.50% | ₹50K – ₹40L | ₹2,149 – ₹3,199 | Up to 1.5% | As per policy | Apply for Balance Transfer |
| ICICI Bank | 10.75% - 17.99% | ₹50K – ₹40L | ₹2,149 – ₹3,199 | 1% - 2% | 2% - 5% | Apply for Balance Transfer |
| Kotak Mahindra | 11.00% - 18.00% | ₹50K – ₹40L | ₹2,149 – ₹3,199 | Up to 2% | 2% - 5% | Apply for Balance Transfer |
| Axis Bank | 11.00% - 18.50% | ₹50K – ₹40L | ₹2,149 – ₹3,199 | Up to 2% | 2% - 5% | Apply for Balance Transfer |