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Balance Transfer
Moving an existing loan from one lender to another to take advantage of a lower interest rate, reducing your EMI and total interest outgo.
Balance transfer is most beneficial when: (1) You have significant tenure remaining (5+ years), (2) The rate difference is at least 0.5–1%, and (3) Processing fees at the new lender do not negate the savings.
Before transferring, calculate the total interest saving over the remaining tenure and compare it against all costs (processing fee, legal fee, pre-payment penalty if any, documentation charges). SolveDet helps clients identify the right balance transfer opportunity and negotiate rates.
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