Axis Bank Car Loan EMI Calculator
Several banking institutions now offer different types of loans to their customers. So, those seeking car loans to fulfill their dream of purchasing a car can access them from reputable banks. The car loans from this bank may be borrowed at an attractive interest rate. One must pay the loans through monthly EMIs. These EMIs can be calculated using the Axis car loan calculator. It helps you plan your budget and make an informed decision. Reputed financial institutions like Axis Bank are now offering car loans at the best interest rates. This is a digitally forward bank serving its customers with different services and products. Among these services, car loans have gained a lot of popularity these days. To learn more about the Axis car loan calculator, read this post till the end.
- ₹ 1L
- ₹ 1Cr
- 1Yr
- 30Yr
- 7%
- 17.5%
- Interest Amount
- Principle Amount
- Monthly EMI
- ₹8,653
- Principle Amount
- ₹4,80,000
- Interest Amount
- ₹3,27,633
- Total Amount to Pay
- % 8.00
| Year | Interest Paid | Principle Paid | Outstanding Loan Balance |
|---|---|---|---|
| 2023 | ₹ 120,000 | ₹ 8,093 | ₹ 128,093 |
Bank Car Loan Calculators
| Bank Names | Interest Rates |
|---|---|
| Bank of Baroda Car Loan EMI Calculator | 8.80% |
| Axis Bank Car Loan EMI Calculator | 9.20% |
| PNB Car Loan EMI Calculator | 9.25% |
| ICICI Car Loan EMI Calculator | 10.75% |
| HDFC Bank Car Loan EMI Calculator | 8.70% |
| SBI Car Loan EMI Calculator | 8.85% |
The Axis car loan calculator sometimes referred to as the Axis car loan calculator, is an internet tool that lets you find out how much interest will be charged on a specific amount of bank-issued auto loans.
This Axis car loan calculator uses a formula box to perform this computation immediately and without waiting. All you need to input is some basic information about the loan you want from Axis Bank, and the Axis car loan calculator will quickly show you how much EMI you will be paying for the loan. It won't require any personal information.
An alternative method for determining the EMI quantity is to use the standard formula for EMI calculations, which is:
[PxRx(1+R)^N]/[(1+R)^N-1]
Here, the formula stands for the following -
P = Principal
R = Rate of Interest
N = Tenure
Consider the following scenario: Mr. Ramesh wants to obtain a car loan from Axis Bank in June 2022. The data sets for his loan are as follows:
The Principal Amount (P) = Rs. 10 lakhs
The Tenure (N) = 3 Years (36 Months)
The Rate (R) = 6%
EMI = [10,00,000x12/100/12 x(1+6/100/12)^36] / [(1+6/100/12)^36-1]
EMI = Rs. 30,422
The Axis car loan calculator offers several advantages. By simply inputting your loan details, the Axis car loan EMI calculator takes care of the rest.
• Manual EMI calculations are unnecessary; the Axis car loan EMI calculator handles even the most intricate computations with precision, saving time and minimizing errors.
• A reliable customer care team is on hand to address any queries or uncertainties that may arise when utilizing the Axis car loan EMI calculator.
• The car loan calculator Axis can be utilized multiple times without any subscription fees.
• The car loan calculator Axis presents a visual representation of your repayment schedule in a colorful bar graph, aiding in a clear understanding of monthly obligations.
• The Axis bank car loan EMI calculator is accessible online, allowing for repeated use at your convenience.
• The Axis bank car loan EMI calculator delivers accurate results in a well-defined manner.
The eligibility requirements for Axis Bank car loans include:
• Applicant's age must fall within the range of 25 to 58 years.
• A minimum gross annual income of Rs 2.50 lakhs is required.
• There should be a current employment stability of at least one year and an overall employment stability of over two years.
There are numerous advantages to using the Axis car loan calculator India, including:
• The Axis car finance calculator provides a comprehensive solution for estimating both the EMI amount and the associated interest on your car loan.
• The auto loan Axis calculator aids in making informed financial decisions by assisting in the calculation of monthly budgets and down payment options.
• Manual calculations of EMI amounts and interest are eliminated when you use Axis car EMI calculator, saving you time and effort.
The general documents required for taking a car loan from Axis Bank include:
• Application form
• Age proof
• ID proof
• Application form
• Photograph
• Residence proof
• Income proof
• Bank statement
• Signature verification proof
• Pro-forma Invoice or rate list
This amortisation table as shown by a car finance calculator Axis is based on the case that was described above:
| Year | Total Payment | Principal Paid - Up | Interest Paid-Up | Loan Outstanding |
| 2022 | Rs. 1,82,532 | Rs. 1,54,451 | Rs. 28,081 | Rs. 8,45,549 |
| 2023 | Rs. 3,65,064 | Rs. 3,23,122 | Rs. 41,942 | Rs. 5,22,428 |
| 2024 | Rs. 3,65,064 | Rs. 3,43,051 | Rs. 22,013 | Rs. 1,79,377 |
| 2025 | Rs. 1,82,530 | Rs. 1,79,377 | Rs. 3,152 | Rs. 0 |
The car loan EMI amount is influenced by several factors, including:
• Loan Amount: The principal borrowed for the car purchase directly impacts the EMI. Higher loan amounts lead to larger EMI payments.
• Interest Rate: The applied interest rate on the car loan determines the borrowing cost. Higher rates result in larger EMIs, while lower rates make payments more affordable.
• Loan Tenure: The chosen repayment duration affects the EMI. Longer tenures result in smaller EMIs but higher total interest paid, while shorter tenures lead to increased EMIs but controlled overall interest.
• Down Payment: The upfront amount paid for the car affects the loan and, consequently, the EMI. A larger down payment reduces the loan amount and lowers the EMI.
• Credit Score: Your creditworthiness, reflected in your credit score, can impact the interest rate. A higher score may secure a lower rate and more manageable EMIs, while a lower score could result in higher rates and larger EMIs.
• Type of Interest Rates: Whether the bank applies a fixed or floating interest rate on the car loan will also affect the EMI amount.
Prior to approving your loan application, Axis Bank performs a credit report evaluation. The credit score provides insight into your financial history, encompassing both current and closed credit accounts, payment track record, and the duration of active credit utilization. Should your credit score be on the lower side, the bank will decline the application.
Conversely, a higher credit score initiates a more thorough examination of the application, taking into account additional factors to gauge the applicant's creditworthiness. The CIBIL score acts as an initial screening tool for all car loan applications, with a higher score enhancing the probability of loan approval.
Utilising the online Axis EMI calculator for vehicle loan Axis is effortless. Just follow these steps:
• Visit the official site and locate the calculator auto loan Axis calculator.
• Enter the desired loan amount for your dream car.
• Input the annual interest rate.
• Specify the loan tenure in years. Keep in mind that longer tenures result in smaller monthly payments, but the overall interest paid is higher. Choose the option that best suits your preferences.
• The Axis car loan installment calculator promptly generates your monthly instalment amounts.
Feel free to experiment with different loan amounts, interest rates, and tenures to find the optimal balance between affordability and convenience.
Using the calculator auto loan Axis calculator streamlines your car financing decisions, ensuring that you embark on the journey to car ownership with financial confidence.
Axis Bank offers an exceptionally user-friendly tool designed to calculate the EMI (Equated Monthly Installment) a person needs to pay to repay a car loan obtained from the bank. If you are considering applying for a loan with the calculator auto loan Axis calculator, it can assist in determining the repayment amount for the car loan.
You'll be required to input specific details about your car loan, including the loan amount, interest rate, processing fees, etc. The calculator is advanced enough to accommodate calculations for EMIs, even factoring in any prepayments you may want to make. Additionally, it provides an amortization table along with a well-designed graph that comprehensively illustrates each element of your repayment schedule.
Frequently Asked Questions
Axis Bank provides fixed interest rates, which are among the most favourable car loan rates in India today.
Private sector banks often offer automobile loans with fixed interest rates, while public sector banks typically offer them with adjustable interest rates. However, some banks provide loans with both fixed and adjustable rates.
You can extend the loan up to seven years.
Axis Bank levies fees for car loan prepayment or foreclosure that equal 5% of the remaining balance.
For a car loan with a ₹1 lakh loan amount, the lowest or minimal interest rate is ₹1267 per month for ten years. However, the loan amount, loan term, and interest rate can all affect how much the EMI is.
Your EMI will increase in direct proportion to the loan's interest rate and vice versa. Similarly, choosing for a longer duration decreases your EMI and vice versa. Therefore, when you apply for a car loan, think about choosing a longer loan term so that the repayments would be manageable.
Yes, you must pay a specific processing charge on car loans by ICICI that ranges between Rs 3500 to Rs 12000.
Although certain banks and financial institutions may permit unrelated individuals or distant family members to act as co-signers for a car loan, others have stringent terms and conditions. Some lenders specifically require co-signers to have the same residential address as the borrower.
Disclaimer: The calculator available on the 5paisa website is intended for informational purposes only and is designed to assist you in estimating potential investments. However, it is important to understand that this calculator should not be the sole basis for creating or implementing any investment strategy. View More..