Car Loan EMI Calculator

Car loans made easy with Bank Bazaar’s Car Loan Calculator

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.

Benefits of using a Car Loan Installment Calculator

  • Save time - By calculating car loan installments instantly, users can compare and choose the the best loan without wasting time on complicated calculations.
  • Save money - Determining the expected financial outflow on a car loan enables users to choose the most affordable scheme based on personal financial situations.
  • Save effort - Besides the loan installment, the loan calculator displays repayment timelines. Results include monthly payments, annual payments, balances outstanding and other such details thereby letting borrowers ascertain their repayment status in real-time.

Car loan installments and prepayments

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.

Interest rate changes and loan installments

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.

When to use a loan calculator

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.

Other features of the Bank Bazaar Calculator

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.

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