Axis Bank Car Loan EMI Calculator May 2017
Axis Bank Car Loan Calculator
Lowest EMI on Axis Bank Car Loan - Rs. 1,712 per lakh
|Loan Amount||2 Years||3 Years||5 Years||7 Years|
|Rs. 100,000||Rs. 4,661||Rs. 3,274||Rs. 2,174||Rs. 1,712|
|Rs. 300,000||Rs. 13,982||Rs. 9,822||Rs. 6,523||Rs. 5,137|
|Rs. 500,000||Rs. 23,304||Rs. 16,369||Rs. 10,871||Rs. 8,561|
|Rs. 1,000,000||Rs. 46,608||Rs. 32,739||Rs. 21,742||Rs. 17,122|
Factors affecting Axis Bank Car Loan EMI
- Borrower age should be between 21 years to maximum 70 years
- Maximum car loan amount offered by Axis Bank is up to 95.00% of ex-showroom price
- Interest rates starts @ 11.00% depending upon down payment, net income and other factors
- Processing fee in Axis Bank may be 0.00% of loan amount Min Rs. 3,500 Max Rs. 5,500
Axis Bank Car Loan EMI
- Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Axis Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
- With Axis Bank offering car Loans with loan tenure upto 84 years, the loan EMI can be as low as Rs. 1 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by Axis Bank are as low as 11.00%.
- This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
Axis Bank Car Loan Calculator Formula
Here is an illustration of how Axis Bank Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 95.00% of ex-showroom price
n = tenure in month. For Axis Bank, this can be 84 months
Car Loan EMI Calculator Axis Bank - How it works?
Axis Bank Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Axis Bank Car loan calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Car Loan EMI – EMI changes in case of prepayment
In case you prepay your car loan, the outstanding balance on your car loan reduces. Axis Bank gives you two options:
- Reduce your loan tenure and keep your car EMI same
- Reduce the amount of EMI and keep your loan tenure same
It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Axis Bank in this option.
Frequently Asked Questions on Axis Bank EMI Calculator
Axis Bank offers car loan at 11.00% interest rate and hence lowest EMI on per lakh loan amount is Rs. 1,712.Can I prepay my Axis Bank car loan?
Axis Bank offers you an option of prepayment at 5% charges.Is there any processing charge on Car loan from Axis Bank?
Car Loan from Axis Bank charges a processing fee of 0.00% of loan amount Min Rs. 3,500 Max Rs. 5,500.
Axis Bank Car Loan Customer Care Number, Email, Application Status, Branches
Axis Bank Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||0172-2620489|