When it comes to car finance, the first thing that strikes in mind is 'what is the interest rate?' But unfortunately bank executives don't tell you interest rate, the all they tell you is EMI! Without knowing the interest rate, you really can't figure out how good or bad a deal you are getting on your car loan. Just to overcome this problem, CarWale.com has just launched yet another cool feature 'EMI Comparison'.
EMI comparison or Interest Rate Calculator asks you for basic inputs like loan amount, tenure (loan duration) and EMI. Up to three EMIs (from same or different banks) can be compared side-by-side. By clicking Compare button, the comparison tool instantly tells you the actual interest rates being charged. It also highlights the best loan option. If you have got just one finance quote so far or have already taken loan and want to know your interest rate, just fill in the required information in Option-1 and click compare button, it will tell you your loan's interest rate.
Another good thing about this EMI comparison tool is, it can be used for any type of loan, provided its EMI is calculated on floating basis.
Useful car finance/insurance tools:
