- Receive monthly installment at a nominal rate of Rs.1,478 per lakh.
- The lowest car loan interest rate currently offered by Axis Bank is 9.25% p.a.
- For a loan tenure of 6 years, get an optimum EMI of Rs.1,815 per lakh.
- For a loan tenure of 5 years, get an optimum EMI of Rs.2,088 per lakh.
- The factors determining a car loan EMI are interest rate, loan tenure, and quantum of the loan.
- The EMI for multiple loan tenures can be checked using the Bankbazaar EMI Calculator.
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.
Axis Bank Car Loan EMI Calculator – How does it work?
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.
- First, you will have to select the amount that you wish to procure as a car loan by dragging the cursor on your screen.
- Next, you will have to select the loan tenure which is available against the ‘Tenure’ tab. You will need to repay your full loan within this time period.
- Enter the interest rate that is levied on a car loan offered by Axis Bank.
- After you have provided these details, you will have to key in the processing fee details. The processing fee that is levied on a car loan is different for various banks. You will have to visit the official website of Axis Bank or visit the BankBazaar portal to find out the interest rates.
- Prepayments can be made towards a car loan. If you want to make a prepayment, you will have to select 'Yes’ among the options. You will then have to enter your prepayment details such as frequency of repayment, prepayment fee, and your prepayment amount.
- You can select the ‘No’ option if you do not chose to make a prepayment. Click ‘Calculate’ once this is done. This will give you your final car loan EMI amount. You will get a clear picture of the EMI amounts that you will have to pay every month along with an amortization table and a graph. You can then organize your payments that you will have to make to ensure your daily life is not affected.
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.)|
Axis Bank Car Loan EMI Calculator – Features and Benefits
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 do not have to manually calculate your EMI. You can rely on this calculator to do the most complex calculations without any error. It reduces the time spent on calculating your EMI and also minimises errors.
- A trustworthy customer care centre team is available to address any doubts or queries that a customer might have when using the BankBazaar Car Loan EMI Calculator.
- This tool can be used a number of times without paying any subscription fees.
- It also provides a colourful graph in a bar diagram format to help you understand your repayment schedule for each month accurately.
- The calculator can be used a number of times online and at your own convenience.
- The calculator gives us accurate results in a well-defined way.
Axis Bank Car Loan EMI Calculator FAQs
- Do I have to enter the loan tenure in months or years in 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.
- Can I use the BankBazaar EMI calculator at any point of time?
Yes, it is an online calculator and is up and running 24/7. You can utilise it at any point of time.
- Do I need to hire any financial consultant to use the BankBazaar EMI calculator?
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.
- Where can I use the car loan EMI calculator on the website of BankBazaar?
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.
- How is the amortisation table provided in the BankBazaar EMI calculator helpful?
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.
- Do I have to pay any fee to use the BankBazaar EMI calculator?
No, it is free of cost. You only need to open the site and start the computation process.
- Can I use the EMI calculator on the BankBazaar app?
Yes, you can utilise the EMI calculator on the BankBazaar app which is available on Android as well as iOS.