Existing Loan Details

Proposed Loan Details

Processing Fees +
Insurance Charges =
Proposed loan amount includes the bank transfer and insurance charges if applicable. Click on the clear button if not needed.

Loan Comparison - Existing Vs Proposed

Parameters Existing Calculation Proposed Calculation
Transfer Principal
Saved EMI (Profit/Loss)
Force Closer Charge
Processing Charge
Total Saving (Profit/Loss)
Balance Transfer Decision
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Existing EMI Details

Proposed EMI Details

Balance Transfer

What is Balance Transfer?

Balance transfer is the process of transferring high-interest debt from one or more Lender (Bank) to another Lender (Bank) with a lower interest rate. This will help you pay off debt faster, since more of your payments will go toward the principal balance each month instead of toward interest charges. Balance transfer allows people to move their debts such as Home loan, Personal loan, Car Loan, credit card balances to a lower interest rate. You can save your money by using our Balance transfers tool by choosing correct lender. Our tools predict the Profit or loss in second based on your existing and Proposed loan details.

How to use the calculator?

  • Enter your existing loans details such Loan Amount, Rate of Interest, Loan Tenure, EMI already paid and Forecloser charges if any
  • Forecloser charges varies from one bank to another. We have given two options for users:
    • Add a fixed Forecloser charge if you know
    • Add the Forecloser parentage, our tool will calculate it automatically
  • Enter proposed loans details such Loan Amount, Rate of Interest, Loan Tenure, Processing Fees and Insurance as applicable
  • Balance Transfer Adviser has inbuild AI (Artificial Intelligence) to calculate Proposed loan Principle and tenure. User has also given option to change it as per their need
  • You can click on Compare Loan button to get the advice as your Balance transfer is decision of Profit or loss
  • Click on the Detailed EMI button to see the detailed calculation of your existing and proposed loan

Use Eonlinetool's Balance Transfer calculator to find out the savings in EMI, resulting in lower cash outflow towards your home loan, personal loan, car loan etc.

This will help you to get a clear understanding of total savings on your loan's EMI.


Is home loan balance transfer a good idea ?

  • A balance transfer can help you save extra bucks that you can invest at some other places for better return on investment (R.O.I). So, it’s time to re-examine your interest rate, debt and reset your home loan as per your convenience.

Is it going to help me to save money?

  • Most of the time it does help people to save more on their EMIs but it totally depends on whether the bank, you are planning to transfer your loan, offers you better interest rate with less charges or not. If you were making your payment on times and your records were good with your previous bank, then the new bank will consider offering you less interest rate

Will Balance transfer help me to improve my credit score?

  • It actually helps you to increase your credit score if taken once, but if you are transferring your loan again and again then it can actually make your credit score look bad because bank will think you can’t pay your loan and that’s why you are just transferring your loan frequently for less interest rate.

How much time it takes to process balance transfer?

  • Well, it depends on your lender but generally it takes around 7 to 10 days. Moreover, it is recommended to apply online as it takes less time.

When should I consider transferring loan?

  • It is advisable to switch the loan early if you want to save more because later on you would have already paid out an ample amount of interest.

Is there any possibility that I can get more money when transferring my existing loan?

  • Yes, borrowing more money at the time of transferring your existing loan is called Top-up. You can apply for top-up along with the balance transfer; thus, you will get more loan and more time to repay it.

Is it possible to merge two of my existing loans through balance transfer?

  • Yes, if you have two or three loans altogether and if you are tired of paying so many instalments individually, then balance transfer is the best savior for you as it can merge them all into one single loan for better interest rate.