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Balance Transfer Calculator: Will Switching Save You Money?

See whether moving your loan to another lender actually saves money once the fees are counted. Works for personal, home and car loans. Free, no signup.

Your Loan Portfolio
Check the loans to include in balance transfer. Uncheck loans the bank won't transfer. Adding/removing loans here is just for this comparison — it doesn't change your saved profile.
Click "+ Add Loan" to start building your loan portfolio.
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BT Offer Advisor
Rate & tenure negotiation targets · Login to unlock
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Login to access BT Offer Advisor
Get personalised rate & tenure negotiation targets based on your saved loans. Find the exact ceiling to negotiate with your lender. Free, forever — same login as the rest of FinResp.

What to look at next

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How it works

  1. Add your current loan. The amount still outstanding, the interest rate and the months remaining. Add more than one loan if you want to move several.
  2. Enter the new lender's offer. Their rate and tenure, the processing fee and any other charges. You can compare up to three offers side by side.
  3. Read the verdict. You see what switching costs, what it saves and how long it takes to pay back, so you can decide with the fees included.

Questions people ask

How do I know whether a balance transfer is worth it?

Work out the break-even: total switching cost divided by the interest you save each month gives the number of months to recover the cost. If you expect to keep the loan longer than that, switching is usually worth it. If you are likely to sell, prepay or move before then, the costs can outweigh the savings. Late in the tenure most of your EMI is already principal, so the same rate cut saves less, and rate gaps under about 0.5% often do not clear the costs within a reasonable time.

What does switching cost?

More than the new lender's processing fee, which is typically 0.25% to 1% of the outstanding amount plus GST. Depending on the loan you may also pay legal, technical or property valuation charges. On a ₹50 lakh loan the total commonly lands between ₹15,000 and ₹40,000 before you save a rupee of interest.

Will my current lender charge me to close the loan?

It depends on the loan. Under the RBI's Pre-payment Charges Directions, 2025, in force since 1 January 2026, an individual with a floating-rate loan taken for a non-business purpose cannot be charged a prepayment or foreclosure penalty, including when refinancing with another lender. Fixed-rate loans and floating-rate loans taken for business can still carry a charge, typically 2% to 5%, calculated only on the amount prepaid. Check your loan agreement, and enter the charge that applies to you in the calculator.

Should I ask my current lender for a lower rate first?

Yes. Most banks have a retention process, often for a small fee, that can match or come close to a competitor's rate without the paperwork, legal charges or waiting of a full transfer. It is usually faster and cheaper, and worth trying even if you expect to switch anyway.

What can this calculator do?

Compare one or several of your loans against up to three lender offers, with the processing fee, GST, insurance and other charges included. Logging in is optional and unlocks an advisor that suggests rate and tenure targets to negotiate; the comparison itself is free and needs no account.

How accurate are the results?

They are illustrative. Actual amounts can differ because of part-payments, rate resets and lender-specific rounding, so confirm the final figures with the lender before you decide.

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