How to use Finance Boss's Balance Transfer EMI Calculator?

This calculator helps you compare your current EMI with a new offer by taking into account the amount already paid and the balance to be transferred.

• Enter your existing loan details: amount, interest rate, total tenure, and how many EMIs you've paid.
• Provide your new loan offer: transfer amount and interest rate.
• You'll see your New EMI, Current EMI, Monthly EMI Savings, and Total Savings instantly.
• A pie chart helps you visualize savings vs. cost.

Frequently Asked Questions (FAQs)

1. What is a Balance Transfer EMI Calculator?

   A Balance Transfer EMI Calculator helps you estimate potential savings when transferring your existing loan to a new lender with a lower interest rate.

2. Can I change the loan amount and tenure easily?

   Yes, you can adjust the existing loan balance, new tenure, and interest rate using input fields or sliders to instantly recalculate savings.

3. Does this calculator work for all loan types?

   Yes. The balance transfer calculator can be used for home loans, personal loans, car loans, and other EMI-based loans eligible for refinancing.

4. Is the EMI chart necessary to understand savings?

   No, but it provides a helpful visual of the breakup between principal and interest in your new loan, aiding better comparison and planning.

5. Will using this calculator affect my credit score?

   No. This is a self-assessment tool and does not access your credit data or report to any bureau, so your score remains unaffected.