BERKELEY, Calif. —Shastic has released AutoCalcubot, the first social loan calculator for financial institutions. AutoCalcubot is designed to help financial institutions generate new auto loans by turning Facebook into a channel for reaching more than a billion potential customers.

With AutoCalcubot, financial institutions can take full advantage of their Facebook presence to create concrete business results. AutoCalcubot allows users to save auto loan estimates on their bank or credit union’s Facebook page and solicit feedback from friends, family and advisors.

To create long-term engagement with users, AutoCalcubot provides an ‘Alert Me’ feature that monitors interest rate changes and notifies the user of savings opportunities. AutoCalcubot can also increase loan revenue by directing prospects from Facebook to the financial institution’s online loan application.

With AutoCalcubot — and its sister product, MortgageCalcubot — banks and credit unions have the tools to use Facebook to their advantage. They can inexpensively convert Facebook users from casual car shoppers to loan savants who prefer their financial products.

“Given the cost that we pay for Calcubot for the annual fee, I can tell you that those funded loan applications will truly cover that many times over,” said Shannon Doiron, director of marketing at Kinecta Federal Credit Union.