Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Nitin

Nitin Narkhede  | Answer  |Ask -

MF, PF Expert - Answered on Oct 25, 2024

Nitin Narkhede, founder of the Prosperity Lifestyle Hub, is a certified financial advisor with eight years of experience in helping clients design and implement comprehensive financial life plans.
As a mentor, Nitin has trained over 1,000 individuals, many of whom have seen remarkable financial transformations.
Nitin holds various certifications including the Association Of Mutual Funds in India (AMFI), the Insurance Regulatory and Development Authority and accreditations from several insurance and mutual fund aggregators.
He is a mechanical engineer from the J T Mahajan College, Jalgaon, with 34 years of experience of working with MNCs like Skoda Auto India, Volkswagen India and ThyssenKrupp Electrical Steel India.... more
Manoj Question by Manoj on Oct 19, 2024Hindi
Listen
Money

Is it good to change an existing SBI home loan interest at the base rate of 9.25% to an MCLR interest rate of 8.80% with Rs. 7,500 conversion charges?

Ans: Switching from a 9.25% base rate to an 8.80% MCLR rate on your SBI home loan could reduce your interest costs, given a 0.45% rate reduction. This switch is generally worthwhile for a one-time ? 7,500 conversion fee if you have a longer loan tenure, as it leads to more interest savings over time. However, if your loan tenure is shorter, consider if the savings justify the fee. Evaluate potential future rate changes with SBI to ensure optimal benefits from the switch.
By switching from the current interest rate of 9.25% to the MCLR rate of 8.80%, here’s what you can expect:
Current EMI: ?42,819 New EMI: ?41,277
This reduction in EMI would result in total interest savings of approximately ?4.55 lakhs over the remaining 25-year term, after accounting for the ?7,500 conversion fee. Switching could be a good option if you want to reduce long-term interest payments. ?
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
Money

You may like to see similar questions and answers below

Latest Questions
Dr Nagarajan J S K

Dr Nagarajan J S K   |1006 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on Jun 12, 2025

Nayagam P

Nayagam P P  |6211 Answers  |Ask -

Career Counsellor - Answered on Jun 12, 2025

Asked by Anonymous - Jun 10, 2025
Career
95 marks obc ncl girl child in IAT. Any chance for any IISER
Ans: Your 95 marks as an OBC-NCL female candidate presents excellent admission prospects at multiple IISER institutions . For OBC-NCL category candidates, the expected cutoff range is 100-110 marks, with your 95 marks falling within the accessible range for several newer IISER campuses . IISER Berhampur demonstrates the most favorable prospects with OBC-NCL cutoff expected at 85-90 marks, making admission highly probable . IISER Tirupati shows OBC-NCL cutoff range of 95-105 marks, positioning your score at the borderline for potential admission . IISER Thiruvananthapuram (TVM) maintains OBC-NCL cutoff expectations of 110-120 marks, though this may be challenging with 95 marks . According to IISER marks vs rank correlation, 95-75 marks typically correspond to ranks between 1500-2000, which falls within admission range for lower-tier IISERs . IISER placement statistics show moderate outcomes with Berhampur achieving 6 students placed out of 102 eligible in 2023 with median package of ?6.27 LPA, while IISER TVM recorded 13 placements out of 181 students with ?8 LPA median package . Female representation remains low across IISERs, with women comprising only 28.8% of total admissions at IISER Pune over 2006-21, though reservation policies provide 27% quota for OBC-NCL candidates . Recommendation: Apply confidently to IISER Berhampur for assured admission with OBC-NCL cutoff at 85-90 marks, consider IISER Tirupati as viable option with 95-105 marks cutoff, while exploring IISER Thiruvananthapuram despite higher expected cutoff, as your OBC-NCL female status provides reservation benefits and multiple IISER campuses offer research-focused education with decent placement support.

All the BEST for the Admission & a Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x