Axis Bank provides excellent banking services to the people of the country. The bank's products meets the needs and requirements of every individual who needs their service. You can count on the bank to provide a prompt and precise service in areas such as deposits, credit and debit cards, loans, gold, etc. If you are looking for a home loan or a car loan, you can now approach the bank to purchase any one of their reliable products. If you plan on purchasing a new car but you do not have the money needed for the purchase, Axis Bank has the right car loan product for you.
The bank also has a reliable EMI Calculator that you can use to help determine the amount that you need to set aside every month to repay a car loan. Planning your monthly expenses will ensure that you do not default on any payments that need to be made. You will also get to know your loan affordability for a specific amount.
How to use BankBazaar’s Axis Bank Car Loan EMI Calculator to understand your car loan repayment
BankBazaar has an excellent user-friendly tool that can be used to determine a person’s EMI which they have to pay to repay a car loan taken from Axis Bank. If you plan on applying for a loan with Axis Bank, you can use the Car Loan EMI Calculator to determine the amount that needs to be repaid towards a car loan. You will have to provide a couple of details about your car loan such as loan amount, interest rate, processing fees, etc. The EMI Calculator is so advanced that you can even calculate the EMIs that you need to repay by considering any prepayments that you wish to make. Moreover, it gives an amortisation table with a well-designed graph that explains each element of your repayment schedule extensively.
The Axis Bank Car Loan EMI Calculator is available on the official website of BankBazaar and it makes the life of a borrower very simple and easy. The EMI Calculator gives a clear image of how a borrower’s repayment procedure and cycle will run. The steps for using this online tool are self-explanatory.
Example: We will now compute the EMIs for multiple loan periods on car loans by utilising the BankBazaar Axis Bank Car Loan EMI Calculator. The interest rate for car loans offered by Axis Bank varies between 11% and 12%. In the following table, we can assume that the interest rate provided by Axis Bank is 11% with a processing fee of 2% which cannot be refunded.
|Loan amount (Rs.)||Processing Fee (Rs.)||Interest rate (Mean)||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
There are a number of benefits that comes with the Axis Bank Car Loan EMI Calculator. You have to only enter your loan details and the rest will be handled by the EMI calculator.
You can provide the tenure in either years or months. But if you do provide the exact tenure in both years and months, the calculator will be able to provide a more accurate result.
Yes, it is an online calculator and is up and running 24/7. You can utilise it at any point of time.
No, you do not need any financial consultant for support. You can use this calculator on your own. You only to keep your loan details such as tenure, interest rate and processing fee before you sit down to use the calculator.
You will have to go the main menu of BankBazaar and then click on the ‘Finance Tools’ segment. Here, you will need to choose EMI Calculator and then enter your car loan values.
It will explain each element of your car loan and hence, you can view your loan principal amount, outstanding amount for each month, interest rate for your loan, amount paid till a certain date, outstanding total loan amount, etc.
No, it is free of cost. You only need to open the site and start the computation process.
Yes, you can utilise the EMI calculator on the BankBazaar app which is available on Android as well as iOS.