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.