Axis Bank Car Loan EMI Calculator

Congratulations on deciding to purchase your dream car! Should you be concerned about the financial aspects, the Axis Bank car loan EMI calculator on the Angel One platform is the perfect tool to guide you. This online calculator enables you to determine the EMI for your car loan, putting you in complete control of your finances.

By using the online Axis Bank car loan EMI calculator, you can quickly analyse how your interest rate and loan tenure affect the cost of the loan and the combinations you can explore to find the perfect fit for your budget.

The Axis Bank car loan EMI calculator allows you to envision your financial journey, giving you clarity and confidence as you take that exhilarating ride towards owning your dream car.

Understanding how the Axis Bank car loan EMI calculator works is crucial when using one to figure out your best options for a car loan. It's an invaluable tool that simplifies your financial planning. First, you input the loan amount you seek, then the interest rate the bank offers, and then select your tenure. The calculator crunches the numbers, giving you the EMI amount. This EMI includes principal and interest components, making budgeting and determining repayment capacity easier. Adjusting these inputs allows you to explore various scenarios and find the loan option that suits you the best.

• The Axis Bank car loan EMI calculator formula to calculate EMIs on your car loans is given below.

• EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

• where,
• P is the principal amount
• R is the interest rate
• N is the repayment term in months

Using the online Axis Bank car loan EMI calculator on Angel One is a breeze. Follow the steps given below:

• Visit Angel One and locate the Axis Bank car loan EMI calculator.
• Enter the loan amount you require to purchase your dream car.
• Input the yearly interest rate.
• Specify the loan tenure in years. Remember, longer tenures mean smaller monthly payments, but you'll pay more interest overall. Choose what suits you the best.
• The EMI calculator instantly generates your monthly EMIs.

You can experiment with different loan amounts, interest rates, and tenures to find the perfect balance between affordability and convenience.

Using the Axis Bank car loan EMI calculator simplifies your car financing decisions, ensuring you embark on your journey towards car ownership with financial confidence.

Here’s an example to help you better understand the calculation.

Suppose you are considering borrowing Rs. 10,00,000 for 7 years with an annual interest rate of 9.1%. You can use the online Axis Bank car loan EMI calculator to instantly determine your monthly instalment amounts. According to the calculator, your EMIs will amount to Rs. 16,140. The total amount you'll have paid to close the loan (at the end of tenure) would be Rs. 13,55,749, and you would’ve paid an interest of Rs. 3,55,749 until then.

Listed below are the primary benefits of using the Axis Bank car loan EMI calculator:

• Accurate loan calculation: The online Axis Bank car loan EMI calculator on Angel One provides precise calculations, allowing you to accurately determine your monthly EMI. You can input the loan amount, tenure, and interest rate to get instant results, helping you plan your finances effectively.
• Time and effort saving:Using the Axis Bank car loan EMI calculator saves time and effort that would be spent manually calculating complex loan EMI formulae. It eliminates the need for lengthy calculations, providing instant results.
• Enhanced financial planning: With the online Axis Bank car loan EMI calculator, you gain valuable insights into your car loan EMI, helping you plan your finances better. Adjusting the loan amount and tenure allows you to analyse various repayment scenarios and choose the option that suits your budget and financial goals.
• Easy comparison:The Axis Bank car loan EMI calculator allows you to compare different loan options by altering the loan amount, tenure, and interest rate. It helps you understand the impact of each factor on your monthly EMI and choose the most suitable car loan offer from Axis Bank.
• Facilitates decision-making: Using the online Axis Bank car loan EMI calculator promotes transparency in your decision-making process. It helps you understand the breakdown of principal and interest components in each EMI, enabling you to make informed decisions about your car loan and its affordability.
• Convenient access: The Axis Bank car loan EMI calculator is easily accessible on Angel One, providing a user-friendly interface to calculate your car loan EMI anytime, anywhere. It is compatible with various devices, including smartphones, tablets, and computers, ensuring convenience and accessibility.

Here are the factors that influence the car loan EMI amount:

• Loan amount: The principal amount borrowed for purchasing the car directly affects the EMI. Higher loan amounts result in larger EMI payments.
• Interest rate: The interest rate applied to the car loan determines the cost of borrowing. Higher interest rates lead to higher EMI amounts, while lower rates result in more affordable payments.
• Loan tenure:The duration you choose to repay the car loan influences the EMI amount. Longer tenures spread the repayment across more months, resulting in smaller EMIs, but total interest paid increases. With shorter tenures, EMIs increase, but the overall interest paid is controlled.
• Down payment: The initial amount you pay upfront for the car affects the loan amount and, consequently, the EMI. A larger down payment decreases the loan amount and that lowers the EMI.
• Credit score: Your credit score reflects your creditworthiness. A higher credit score may help secure a lower interest rate, resulting in more manageable EMIs. Conversely, a lower score may lead to higher interest rates and larger EMIs.
• Type of interest rates: Your EMI amount will vary, depending on whether the bank charges a fixed or floating interest rate on a car loan.

Axis Bank offers the following types of car loans:

• New Car Loan: It offers a minimum loan of Rs. 1 lakh and allows you to receive up to 100% funding for your on-road expenses. The eligibility criteria for this loan may vary depending on your employment status, whether you are a salaried individual or self-employed. If you decide to foreclose or make a partial payment, please know that the bank will levy a fee of 5% of the outstanding principal amount.
• Used Car Loan:You can secure loans starting from Rs. 1 lakh. The bank offers up to 95% of the valuation amount for sale-purchase or used car loans. However, you can avail up to 85% of the valuation amount for refinance loans. These loans are designed to offer competitive interest rates, with a maximum repayment tenure of 5 years.