In these times of fluctuating lending rates, it pays to know whether you are on the right side of such changes. It is with this in mind that we present this calculator. A simple calculator that allows you to enter your present loan numbers to give you a straight Yes/No answer to the question Should I switch my loan?
Here is how it works you enter your present loan numbers. i.e. your outstanding loan amount, the balance tenure of your loan, and the existing EMI. On submitting these numbers, the calculator gives you your answer as to whether it is a good idea to switch your loan or not.
How the calculator give you the answer? The calculator takes into account a 2% pre-payment penalty that you will have to pay in case you want to foreclose your existing loan as well as a 0.5 % processing fee payable to the new lender. After making these adjustments, the calculator gives you the cost of switching your loan and the difference in the EMIs. It is hardly worth saying that if the new EMI is lesser than the old EMI, you go ahead and switch your loan (this is where the bar on the right in the bar chart would be green). You stick to your existing loan if the same bar is red.
Simple, if you really come right down to it.
Note: All calculators and comparators are made based on assumptions which may not be true in your case. You should consult your personal financial advisor before taking any decision. Apnaloan disclaims any responsibility for any decision taken based on these calculators and comparators.