| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
Axis Bank is known to be one of the most digitally forward banks that also offers its customers various products and services. Among its various products and services, the bank is also known for offering its customers car loans.
These car loans can be borrowed at a certain interest rate. However, the car loan from Axis Bank needs to be paid through an EMI, which is an equated monthly installment. This EMI will consist of the original borrowed amount combined with the interest charged.
If you are looking for ways to know how much your EMI will be for car loans from Axis Bank, you can use the car loan EMI calculator Axis Bank from Groww.
The Axis Bank car loan EMI calculator, which can also be known as the Axis Bank car loan interest rate calculator, is an online tool that will allow you to know the EMI or the interest that will be accrued on an amount of car loan from the bank.
This tool works on a formula box that will make this calculation instantly without having to wait. It will not need any personal data or information, all that you will have to provide is some basic information about the loan you want from Axis Bank, and the calculator will instantly show you the amount of EMI that you have to pay for the loan.
Also, this calculator will be available to anyone who can access the internet, and there are no extra charges for using them. It can be used to determine in a futuristic manner how much interest will be charged and what the EMI would be.
The Axis Bank car loan EMI calculator can be used free of cost by anyone who wants to choose Axis Bank to take out a car loan. You can use the tool as a tool of comparison to compare different types of amounts, tenures, and combinations of both. You would not have to worry about any errors in the calculation of the EMI since it will remove the chances of manual calculations.
The users of this calculator can be sure of the loan that they are opting for from the bank. They can also be assured that they are making the right choice with the loan. It can be a great instrument to enable monthly planning and efficient finances.
The process to use this Axis Bank car loan calculator is simple, and the user needs to only provide the information that has been mentioned below:
1) The Principal Amount
It is the original value you want from the bank (excluding all of the other charges or the down payment amount.)
2) The Interest
It is the amount of interest or the rate of interest that Axis Bank is charging on the car loan.
3) The Tenure
This is the period for which the loan repayment will continue.
After all of these details have been provided, you can instantly see the amount of interest and the EMI amount that you will be paying on that particular car loan.
You can also have the option of calculating the EMI amount through a standard EMI calculation formula, and that is:
[PxRx(1+R)^N]/[(1+R)^N-1]
Here the formula stands for the following -
P = Principal
R = Rate of Interest
N = Tenure
This can also be explained with an example -
Mr Ramesh wants to borrow a car loan from Axis Bank in June 2022. The data sets of his loan are as follows:
The Principal Amount (P) = Rs. 10 lakhs
The Tenure (N) = 3 Years (36 Months)
The Rate (R) = 6%
EMI = [10,00,000x12/100/12 x(1+6/100/12)^36] / [(1+6/100/12)^36-1]
EMI = Rs. 30,422
This amortization table is based on the example that has been explained above:
|
Year |
Total Payment |
Loan Outstanding |
||||
|
2022 |
Rs. 1,82,532
|
Rs. 8,45,549 |
||||
|
2023 |
Rs. 3,65,064
|
Rs. 5,22,428 |
||||
|
2024 |
Rs. 3,65,064
|
Rs. 1,79,377 |
||||
|
2025 |
Rs. 1,82,530
|
Rs. 0 |
There are a wide number of reasons why the Axis Bank car loan calculator can be beneficial to you, and they are: