Balance Transfer Calculator
To calculate the top-up loan amount you are eligible for, you just need to fill in information about your current loan amount, EMIs and the loan tenure. Upon entering the required details, the result will show the foreclosure charges you will have to pay to close your current loan and the net cash in hand you will get after the closure of your current loan.
Calculate your EMI
Current Loan Details
Required Loan Details
|Total Loan Amount||₹3,12,000|
|Cash In Hand||₹3,12,000|
What is balance transfer & top-up loan?
Balance transfer is the process of transferring outstanding balance of the running loan from one bank to another. Balance transfer is generally availed to save interest and to reduce EMIs by switching to a lower interest rate loan and to get additional cash top-up on the existing loan from another financier.
What are the benefits of balance transfer & top-up loan?
There are multiple benefits of balance transfer and top-up car loan which includes, more affordable interest rates, better loan features, lower fees and charges associated with the loan, better repayment terms, and overall reduction in the car loan cost and top-up on the existing car loan.
Who is eligible for a balance transfer & top-up loan?
A borrower with a running car loan on which he has regularly paid at least 12 EMIs is eligible to balance transfer their car loan to another bank and can also avail top up loans at the time of loan transfer. A few financiers like Axis bank accepts applications for balance transfer once the borrower has regularly paid at least 18 EMIs
How much finance I can avail through balance transfer & top-up loan?
Financing amount will depend upon the current valuation of your car, most of the financiers provide funding from 100% to 150% of the current valuation of the car, and a few financiers like IDFC First Bank provide funding up to 200% of the current valuation of the car.
What are the tenure options available for balance transfer & top-up loan?
Borrowers can apply for balance transfer and top-up loan after regularly paying at least 12 EMI’s against their running loan. Tenure of the loan will depend up on the principal amount and age of the car. Generally, leading financiers provide balance transfer loans for a tenure of up to 5 years.
What are the documents required for balance transfer & top-up loan?
To process your loan application with the chosen lender, you would be required to submit a summary from your current lender with details about your existing loan including outstanding principal, interest, and the remaining tenure, a few more documents such as income proofs (Form 16/salary slips/ITR), bank statement, KYC documents (PAN, Aadhaar) will also be required to process the loan application.
What are the charges for balance transfer & top-up loan?
While running through the process of balance transfer and top-up loan, a borrower needs to pay pre-payment or foreclosure fee payable to existing bank, processing fee to the new bank, and stamp duty on loan agreement in some states.