Balance Comparison Over Time
How to Use This Calculator
- 1 Enter loan amount or principal
- 2 Set the annual interest rate
- 3 Choose loan tenure
- 4 View EMI and repayment schedule
Formula Used
Savings = (Old Interest - New Interest) - Transfer Fees
Calculates net savings from transferring a loan to a bank offering a lower interest rate, accounting for processing fees.
Key Insights
- Compare rates from multiple lenders
- Check processing fees and prepayment charges
- Maintain good credit score for better rates
- Consider prepayment when you have surplus funds