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Car Loan Calculator - Calculate Car Loan EMI online
Axis Bank Car Loan EMI Calculator is a free online tool designed to help you with your monthly car loan repayments. You enter the loan details, such as principal amount, tenure, and rate of interest and the calculator will provide you with the monthly EMI amount that you are expected to pay.
This car finance EMI estimator also provides you with the amortisation schedule, which provides an even more transparent breakdown of your EMI amount. This way, you know how much of the money will go to repay your principal and how much is being used to pay your interest. This clarity and transparency allow you to make a more informed decision after considering all financial aspects.
What is an EMI?
The EMI includes both the principal amount and the interest. Therefore, EMI = Principal Amount + Interest on the car loan. Typically, the EMI remains constant throughout the loan tenure and is repaid monthly.
Mathematically, EMI is calculated as under:
Where:
E = P*R(1+R)^n/[(1+R)^n-1]
P is the principal loan amount
R is the interest rate.
n is the total number of monthly instalments.
Axis Bank's Car Loan EMI Calculator is an efficient online tool that instantly calculates your expected monthly EMI. Simply adjust the slider to set your loan amount and get immediate results, helping you gauge your potential EMI outflow. car loan interest rate, and the tenure of your loan (in months).
Here are the five benefits of using the EMI calculator:
• Easy to access
• Provides quick results
• Saves time and energy spent on doing manual calculations
• Helps you ascertain how much will be your car loan EMI outgo
• Make loan planning easier for you
Keep in mind, the interest rate and loan tenure are crucial factors in determining your loan EMI. A higher interest rate means a higher EMI, and conversely, a lower rate results in a lower EMI. Additionally, choosing a longer loan tenure can decrease your monthly EMI, while a shorter tenure will increase it. Similarly, opting for a longer tenure reduces your EMI and vice versa. So, consider opting for longer loan tenure when you avail a car loan so that repayments can become comfortable.
In the early stages of your car loan, a larger portion of your EMI goes towards interest payments, while the principal repayment portion increases over time. This happens because EMIs are calculated using the reducing balance method, benefiting borrowers over the loan term.
Key components of Car Loan EMI calculation
It is important to familiarise yourself with the key components of an auto EMI calculator:
- Principal Amount (P): The total loan amount that you intend to borrow to purchase your vehicle of choice.
- Rate of Interest (R): The annual interest rate charged by the lender on the loan amount.
- Loan Tenure (N) The duration for which you want to borrow the loan amount. It is expressed in months or years.
- Equated Monthly Installments (EMI) These fixed monthly payments comprise both principal and interest, ensuring that the loan amount is repaid within the pre-decided tenure in accordance with the terms agreed upon.
Benefits of using a Car Loan EMI calculator
Using a car loan EMI calculator offers several advantages:
Financial planning
Helps in budgeting by providing you with a detailed glimpse into your monthly fiscal commitments.
Comparison tool
This tool enables you to compare various loan options by adjusting the loan amount, interest rate, and tenure.
Transparency
Its amortisation schedule clearly shows the repayment structure and how your EMI amount is dispersed every month.
Accessibility
The auto loan EMI calculator is easily available and easy to understand and use. You don’t need to have extensive technical or mathematical skills to use the Axis Bank Car Finance Calculator.
How to calculate monthly installment for Car Loan?
If you want to calculate your EMI amount, you proceed using the below-mentioned formula: EMI = P × Rr × (1 + R)^N/ [(1 + R)^N - 1]
Where:
- P is the principal loan amount
- R is the monthly interest rate (annual interest rate divided by 12 and then by 100)
- N is the loan tenure in months
Steps to Calculate
To calculate the EMI, you need to:
- Convert the Annual Rate of Interest to a monthly rate by dividing it by 12 and then 100
- Determine the total number of monthly payments by multiplying the number of years by 12.
- Apply the EMI formula to carry out the calculations.
For example,
a loan amount of ₹10,00,000 at an annual interest rate of 9% over a tenure of 5 years (60 months):
- P = ₹10,00,000
- R = (9 / 12) / 100 = 0.0075
- N = 60
Applying the formula will yield the monthly EMI.
How to use Axis Bank Car Loan EMI Calculator
Input loan details
On the page that appears, enter the loan amount, the rate of interest and the period of repayment
in months or years.
View results
Once you have filled in the details, the calculator will instantly display the estimated EMI
based on the given inputs.
Analyse the amortisation or the loan repayment schedule
Review the in-depth breakdown of each EMI, showing the principal and interest components over the
loan tenure.
Adjust parameters
You can adjust and readjust the variable with different loan amounts, interest rates, and car
loan tenure options to find a monthly EMI amount that suits your financial situation.
Frequently Asked Questions
You can use the car loan EMI calculator by entering the loan amount, interest rate, and tenure to get an estimate of your monthly EMI
Additionally, refer to the amortisation schedule for a detailed breakdown of interest and principal repayment each year.
For more information or to apply, click the “Get a call back” button and provide your details.
Use Axis Bank’s Car Loan EMI calculator to know the indicative EMI for the chosen interest rate and tenure.
To streamline your EMI payments, consider the following options:
- Standing Instructions (SI): If you have an Axis Bank account, your EMI can be automatically debited.
- National Automated Clearing House (NACH)/ECS Mandate: Suitable for non-Axis Bank account holders, ensuring automatic EMI debits at the end of each month.
- Post-Dated Cheques (PDCs): An option for those without an Axis Bank account or in non-ECS locations. However, SI and NACH/ECS methods are preferred for their speed and accuracy.
Opting for SI or NACH/ECS mode is preferable as it is faster and less prone to errors than PDCs.
In case if you skip your EMI…
Consistently missing EMI payments increases the risk of default, potentially leading to the seizure of your car, which serves as collateral. Therefore, always ensure timely repayment of your car loan EMIs.
Yet, in case of insufficient balance or any other reason you skip your EMI, the bank will caution you and may charge a late payment penalty. As a result of skipping the EMI, the tenure of the loan would increase (assuming EMIs remaining the same).
Note that persistent skipping inflicts the risk of default, and in such a case, your car hypothecated to the bank as collateral for the car loan, may get seized. Hence, always make it a point to repay the car loan EMI on time.
And in case if you partially prepay the car loan…
Part-prepayments of car loan is possible but subject to part payment charges.
Partial prepayment of the car loan is possible but may incur charges. Similarly, you can foreclose the loan by paying the remaining balance in full, subject to foreclosure fees.
Apply for an Axis Bank New Car Loan to turn your dream of owning a car into reality.
You can apply in three ways:
- Visit an Axis Bank Loan Centre in person.
- Call the Axis Bank call center.
- Applying online, which is the most convenient option as it can be done from anywhere and at any time.
All you got to do is enter your name, e-mail id, mobile number, state, city, captcha code, and accept the disclaimer policy before you click on the ‘Submit’ button. Soon you will receive a call from one of the Axis Bank representatives, who will explain the details about your car loan.
Live your dream drive in your dream car today!
The benefits of availing of a car loan from Axis Bank are:
- Flexibility of amount and tenure: You can get an Axis bank Car loan for amounts starting from Rs. 1 lakh for a period up to 7 years.
- Axis Bank customers with pre-approved loans, don’t need to deposit income documents and bank statements.
- Special Benefits for priority banking, Privy Banking and Wealth Banking customers.
The primary factors to consider when using the Axis Bank car finance calculator are the principal loan amount, the car loan interest rate and the repayment tenure. Additional elements affecting your vehicle loan EMI calculation include processing fees, credit score, down payment for the car loan amount and the nature of the interest rate (fixed or floating).
Yes, the Axis Bank auto loan calculator provides a deeper insight into your EMI calculations. The car loan pre-payment calculator uses the standard method to determine your monthly EMI. The final EMI may vary slightly depending on factors such as processing fees, insurance premiums, pre-existing loans, your credit score and more.
Yes, you can adjust the variables in the car loan calculator as many times as you want. You can modify the tenure options, loan amount, interest rate and even down payment amounts as long as you do not find a combination that generates an EMI amount that aligns with your financial situation.
No, you don't need to provide your credit score to use the car EMI calculator. The calculator provides estimates based on standard interest rates.
The basic auto loan interest calculator typically only includes principal and interest calculations. For a comprehensive cost analysis, you should consider additional charges, such as processing fees (up to 1%), documentation charges, insurance premiums, and pre-payment penalties.
Yes, the Car Loan repayment calculator accurately calculates both floating and fixed interest rates for car loans. For a fixed-rate loan, the calculation remains constant throughout the tenure. For floating rates, the calculator provides an estimation based on the current rates of interest.
For a ₹10 lakhs car loan at an interest rate of 7.70% for a 5-year tenure, your EMI would be approximately ₹20,075 per month. This translates to a total interest outgo of approximately ₹2.04 lakhs over the entire loan period. For personalised results, use our vehicle loan EMI calculation tool with your specific parameters.
The car finance calculator formula remains identical for both new and used cars. However, used car loans typically carry higher interest rates and shorter maximum tenure options.
Using the Axis Bank auto loan monthly payment calculator takes less than a minute. Simply input your desired loan amount, select your preferred tenure, enter the applicable interest rate, and click "Calculate" to receive instant results.
Disclaimer
Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Neither Axis Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
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