Credit & Loans
Car Loan Balance Transfer Calculator
Find out if balance transferring your car loan to another bank saves you money.
Formula
New EMI at lower rate vs current car loan rate
Outstanding, Current Rate %, New Rate %, Months
Results
Enter values above to see results
New EMI at lower rate vs current car loan rate
Car loan balance transfer allows you to move your outstanding car loan to a lender offering better rates. The remaining loan tenure affects how much you save. Prepayment penalties on the old loan are factored in.
Car loan balance transfer of ₹6 lakh from 11% to 8.5% for 36 months
Input Values
Calculation
Applying the formula with the input values above:
Results
New EMI
₹19,014.00
Interest Savings
₹52,000.00
- 1Enter your current car loan outstanding balance from the last statement.
- 2Input your current car loan interest rate and remaining tenure.
- 3Enter the new interest rate offered by the bank you are transferring to.
- 4Add processing fee (₹1,000-5,000) and any prepayment penalty on old loan.
- 5Transfer makes sense if the rate difference is at least 1-2% and you have 2+ years left.
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