The Bank Bazaar Car Loan Calculator is an online financial tool that lets borrowers calculate installments payable on their car loans.
By inputting basic loan details viz. the interest rate, tenure and amount, users can calculate loan installments accurately and instantly. This helps borrowers decide which loan to opt for, how much to borrow and for how long. It also helps borrowers decide whether to prepay a loan and/or refinance their car loans.
Prepaying or pre-closure of loans go towards reducing debt burdens. However, many lenders charge prepayment penalties. Bank Bazaar’s calculator lets users input penalties and calculate new loan installments. Using this feature, borrowers can determine if prepayments are feasible and if so, the savings thereon.
The amount payable as installments on your car loan can change with an upward or downward movement of interest rates, loan periods and loan amounts. If interest rates come down over the course of the loan, you can use the calculator to determine the new installments payable and how much you save as a result of this.
Car loan calculators are not only useful while deciding to opt for a loan but also for existing loans. Whether to cross-check installments charged by lenders or to compare payments on new schemes, it makes for better personal financial planning and management.
A key feature is the tool’s extremely user-friendly and pleasing interface. Unlike other existing online tools such as excel spreadsheets, there is no need for users to understand and implement complex formulae or collate results.