Axis Bank Car Loan EMI Calculator

In today's dynamic financial landscape, securing a car loan that aligns seamlessly with your budget is predominant. Simplicity becomes a guiding light. Meet the Axis Bank Car Loan EMI Calculator – a friendlier way to understand and navigate car financing decisions. With an uncomplicated interface, it gives you the confidence to explore loan options effortlessly, factoring in considerations like loan amounts, interest rates, and flexible tenures. As financial landscapes shift, this tool becomes a trusted companion for every next door, offering clarity and helping you make decisions tailored to your unique circumstances. Uncover the Axis Bank Car Loan EMI Calculator – your partner in making sense of new turns in financial decision-making. At Credtify, we understand the evolving needs of individuals seeking financial solutions, especially against recent changes in personal assets and employment scenarios.

How to use an AXIS bank car loan EMI calculator?

Explore the power of financial control with Credtify's Axis Bank Car Loan EMI Calculator.

To empower our users in making informed decisions, Introducing the Axis Bank Car Loan EMI Calculator on Credtify platform. With Axis Bank offering loan amounts ranging from ₹1 Lakh to ₹1 Crore, interest rates between 5% and 25% per annum, and flexible tenures spanning 1 to 7 years, Credtify’s tool equips users with the precision to navigate their car financing journey. Whether you are assessing the viability of a new vehicle acquisition or optimizing your financial strategy in the face of changing circumstances, our EMI calculator is designed to provide clarity and confidence in your car loan decisions with whatever amount you need for your wheels.

Calculations for taking up a car loan are carried online using a specific car loan EMI calculator formula, is:

E = [P x R x (1+R) ^N] / [(1+R) ^N-1]

where
E - stands for EMI (Equated Monthly Installment) amount.
P - stands for Principal amount.
R - stands for Rate of interest.
N - stands for Loan Tenure

For example:

If Nitin wants to take a car Loan Amount (P): ₹10,00,000 is the principal amount borrowed.

Interest Rate (r): 8% annual interest rate, converted to a monthly rate.

Loan Tenure (n): 5 years, converted to months (60 months).

Loan Amount (P)	Interest Rate (r)	Loan Tenure (n)	Monthly EMI
₹10,00,000	8%	5 years	₹20,433.88

Using the EMI formula, the Monthly EMI comes out to be approximately ₹20,433.88. This is the fixed amount that Nitin would need to pay every month for the car loan over the chosen tenure.

What are the eligibility criteria for the AXIS car loan?

Salaried Individuals Eligibility:

• Age:
  ➔ Minimum 21 years,
  ➔ Maximum 60 years at loan maturity.
• Minimum Net Annual Salary: Rs. 2,40,000 p.a.
• Income Evaluation: Latest salary slip and Form 16.
• Employment: Minimum 1 year of continuous employment.

Self-Employed Individuals Eligibility:

• Age:
  ➔ Minimum 18 years,
  ➔ Maximum 65 years at loan maturity.
• Minimum Net Annual Business Income:
  ➔ Rs. 1,80,000 p.a. for selected models,
  ➔ Rs. 2,00,000 p.a. for others.
• Income Evaluation:
  ➔ Latest Income Tax Returns.
• Employment:
  ➔ Minimum 3 years in the same line of business.

Self-Employed Non-Individuals Eligibility:

• Minimum Net Annual Business Income:
  ➔ Rs. 1,80,000 p.a. for selected models, Rs. 2,00,000 p.a. for others.
• Income Evaluation:
  ➔ Latest 2 years IT Returns and audited financials.
• Employment:
  ➔ Minimum 3 years in the same line of business.

Salary Customers Eligibility:

• Axis Bank Salary A/c:
  ➔ Held for the past 3 months.
• Eligible Organizations:
  ➔ Public Limited and Private Limited Companies,
  ➔ MNCs,
  ➔ Government employees,
  ➔ PSU employees,
  ➔ employees of reputed schools/colleges.
• Other Factors:
  ➔ Minimum 21 years of age,
  ➔ Maximum 65 years at loan maturity,
  ➔ Minimum Net Annual Salary of Rs. 2,40,000 p.a., and
  ➔ Minimum 1 year of continuous employment.

Car Financing Options Simplified: Choose What Fits You Best

New Car Loan:

• Loan Amount: Starting from Rs. 1 Lakh.
• Funding: Up to 100% of on-road costs.
• Tenure: Up to 7 years.

Used Car Loan:

• Loan Amount: Commencing from Rs. 1 Lakh.
• Funding: Up to 95% of the valuation amount for sale-purchase, up to 85% for refinancing.
• Tenure: Up to 5 years.

Parallel Car Loan (Loan against Car):

• Loan Amount: Starting from Rs. 1 Lakh.
• Special Offer: Pre-approved parallel loan options for existing Axis Bank customers.
• Tenure: Up to 4 years.

Balance Transfer:

• Loan Amount: Minimum Rs. 1,00,000.
• Additional Benefit: Up to 150%* of the original loan amount as a top-up.
• Tenure: Up to 5 years.

Top-Up Car Loan:

• Loan Amount: Minimum Rs. 1,00,000.
• Added Advantage: Up to 150%* of the original loan amount available as a top-up.
• Tenure: Up to 5 years.

What are the Features and Benefits of AXIS bank Car Loan?

1. Flexible Funding:

   Access funds from Rs. 1,00,000 up to 100% on-road financing for a duration of up to 7 years.

2. Electric Vehicle Incentives:

   Enjoy an enticing scheme with 50 basis points lower interest rates on car loans for electric vehicles.

3. Easy Loan Value Calculation:

   Determine the loan amount effortlessly based on the e-showroom/on-road price of your chosen vehicle. Utilize the Axis Car Loan EMI calculator to assess your monthly expenses.

4. Instant Approval:

   Pre-qualified customers experience swift sanctioning of their car loans, ensuring a seamless process.

5. High Loan-to-Value (LTV) Ratio Benefits:

   Unlock the potential for funding up to 100% of the on-road price for specific models, providing substantial financial support.