Axis Bank Car Loan EMI Calculator

Axis Bank, a leading financial institution in India, offers a range of financial products, including personal and car loans, with competitive interest rates and flexible repayment options. To help you plan better, the Personal Loan Eligibility Calculator estimates the loan amount you may qualify for, while the Car Loan EMI Calculator calculates your monthly repayments. These instant, automated tools make financial planning more manageable, ensuring informed loan decisions.

What Is The Axis Bank Car Loan EMI Calculator?

Also known as the Axis Bank Car Loan Interest Rate Calculator, this digital tool instantly calculates your EMI and applicable interest rate. Using a predefined formula, it provides quick results without requiring sign-ups or personal details. Enter key loan details, and the calculator will display your monthly EMI. Free and easily accessible online, it helps you estimate interest charges and easily plan your loan affordability.

How Does Axis Bank Car Loan EMI Calculator Work?

The Axis Bank Car Loan EMI Calculator provides an easy-to-use interface with a clear view of your car loan repayment cycle.

• Select Loan Amount: Use the slider to choose the desired car loan amount.
• Choose Loan Tenure: Pick the repayment period for the loan.
• Enter Interest Rate: Input the interest rate applicable to your car loan.
• Calculate EMI: The calculator will then automatically calculate your final EMI amount.

Axis Bank Car Loan EMI Calculator Formula

An Axis Bank Car Loan EMI Calculator utilises the following formula 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] 

Where, 

• P represents the principal amount
• R stands for the rate of interest
• N denotes the loan tenure

Axis Bank Car Loan EMI Calculator Example

Suppose you plan to take a car loan from Axis Bank in August 2023. Here are the details of your loan:

• Principal Amount: Rs. 9 lakhs
• Tenure: 4 Years (48 Months)
• Rate of Interest: 8% per annum

By inputting this value in the Axis Bank car loan EMI calculator, your monthly EMI will be approximately Rs. 21,972. Your total interest amount will be Rs. 1,54,638, and the total amount payable will be Rs. 10,54 638. 

How To Apply For Axis Bank Car Loan?

You can apply for an Axis Bank car loan by following the three simple ways as shown:

• Visit an Axis Bank Loan Centre: Head to the nearest Axis Bank branch and apply for a car loan in person.
• Call the Axis Bank Customer Care: Contact their call center for assistance with your loan application.
• Apply Online: The most convenient option, thus allowing you to apply anytime, anywhere.

For the online application, go to the Axis Bank website and fill in basic details like your name, email ID, mobile number, state, city, and captcha code. Accept the disclaimer policy and click on the 'Submit' button. Once submitted, an Axis Bank representative will contact you to provide all the details about your car loan.

Types Of Axis Bank Car Loan EMI Options

Axis Bank provides two primary car loan options to meet your needs:

• New Car Loan: This loan starts at Rs. 1 lakh and offers up to 100% funding for on-road expenses. Eligibility varies based on employment status, whether salaried or self-employed. If you choose to foreclose or make a part payment, a fee of 5% of the outstanding principal will be charged.
• Used Car Loan: Starting from Rs. 1 lakh, this loan provides up to 95% funding based on the valuation of a used car for sale or purchase. For refinance loans, the bank offers up to 85% of the car's valuation. With competitive interest rates, the maximum repayment tenure is 5 years.

Factors Affecting Axis Bank Car Loan EMI

Several factors influence the monthly EMI of your Axis Bank Car Loan:

• Loan Amount: The loan amount determines your EMI—higher loans result in higher EMIs.
• Interest rate: The interest rate on the principal loan amount determines your borrowing costs
• Loan Tenure: The duration of your loan affects the EMI. Longer tenures spread repayments over more months, resulting in smaller EMIs and increasing total interest paid. Shorter tenures lead to higher EMIs but lower overall interest.
• Down Payment: The upfront payment reduces the loan amount, lowering your EMI—a more significant down payment results in a smaller loan and more manageable EMIs.
• Credit Score: An excellent credit score may help you get a relatively low interest rate, thus reducing the EMI. However, a low credit score will result in high interest rates and higher EMIs.
• Type of Interest Rate: The EMI amount depends on the nature of your interest rate. It may be fixed or floating. If it is fixed, you get the same EMI, but in floating ones, it keeps changing over time.

Axis Bank Car Loan EMI With Prepayment

Prepayment allows you to fully or partially repay your Axis Bank Car Loan before its due date, helping reduce future interest costs. However, lenders may charge a prepayment fee to compensate for lost interest, usually a percentage of the remaining loan amount.

• Examine Your Loan Contract – Look over conditions and early repayment fees.
• Evaluate Your Finances – Confirm that prepayment is manageable without causing financial pressure.
• Notify the Bank – Inform Axis Bank of your plans to make a prepayment.
• Verify Prepayment Sum – Determine the precise amount due, encompassing all associated fees.
• Select a Payment Date – Organize according to cash flow availability.
• Process the Payment – Utilize a safe and easy method.
• Request a Closure Statement – Acquire official confirmation of loan completion.
• Paying in advance may reduce your interest expenses, but it's crucial to assess the costs and advantages prior to moving forward.

Advantages Of Using Axis Bank Car Loan EMI Calculator

Here are the main benefits of using the Axis Bank car loan EMI calculator:

• Accurate EMI Calculation: The Axis Bank car loan EMI calculator ensures accurate results. You can instantly calculate your monthly EMI by entering details such as the loan amount, tenure, and interest rate, making financial planning simple and precise.
• Convenient Access: The calculator is easy to use and accessible from various devices, including smartphones, tablets, and computers. You can calculate your EMI anytime, anywhere, ensuring convenience and flexibility.
• Saves Time and Effort: This calculator eliminates the need to solve complex EMI formulas manually. It provides quick results, saving you the time and effort required for lengthy calculations.
• Better Financial Planning: The EMI calculator can help you plan your finances more effectively. It lets you adjust the loan amount and tenure to explore different repayment options and choose one that fits your budget and financial goals.

The Axis Bank car loan EMI calculator is an easy-to-use tool that streamlines your loan management process. Delivering immediate and precise EMI computations enables you to investigate different loan alternatives, evaluate repayment situations, and manage your finances effectively. Utilize this calculator to make well-informed choices and select a car loan that seamlessly fits your budget and financial objectives.

Other Banks Car Loan EMI Calculator:
1. HDFC Car Loan EMI Calculator
2. ICICI Car Loan EMI Calculator
3. SBI Car Loan EMI Calculator
4. Bank of Baroda Car Loan EMI Calculator
5. PNB Car Loan EMI Calculator