#AUTO LOAN INTEREST CALCULATOR MANUAL#

Post-Dated Cheques for your Car Loan EMI is also an option if you do not hold an account with Axis Bank and for non-ECS locations.National Automated Clearing House (NACH)/ECS mandate can be used if you do not have an account with Axis Bank and would like your EMIs to be debited automatically at the end of the monthly cycle.Your EMI will be automatically debited from the account you specify. Standing Instructions (SI) can be used if you have a savings account, salary account, or current account with Axis Bank.

This is because EMIs are computed on a reducingīalance method, which works in your favour as a borrower. So, consider opting for longer loan tenure when you avail a Car Loan so that repayments can become comfortable.ĭo note that during the initial months of the Car Loan tenure, you pay more towards interest, and gradually, as you repay the loan, a higher portion is adjusted towards the principal component. Similarly, opting for a longer tenure reduces your EMI and Higher the interest rate on the loan, higher will be your EMI and vice-versa. Remember, the interest rate and your loan tenure are the vital deciding factors for your loan EMI. Helps you ascertain how much will be your Car Loan EMI outgo.

#AUTO LOAN INTEREST CALCULATOR MANUAL#

Saves time and energy spent on doing manual calculations.

Here are the five benefits of using the EMI calculator: All you got to do is use the slider to enter the loan amount,Ĭar loan interest rate, and the tenure of your loan (in months). Mathematically, EMI is calculated as under:Īxis Bank’s Car Loan EMI calculator is a great online tool that provides you with the answer in a split second and enables you to understand how much will be your EMI outgo. Your loan, and it is to be repaid over the tenure of the loan on a monthly basis. The EMI, usually, remains fixed for the entire tenure of Therefore, EMI = principal amount + interest paid on the Car Loan. The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. So, before you apply for a Car Loan, as a prudent loan planning exercise, make it point to assess how much would be the EMI on your Car Loan. To make the loan repayment comfortable, you have the EMI (Equated Monthly Instalment) facility. The Car Loan is offered even to proprietorship firms, partnership firms, companies, trusts and societies. Unlike in the past, when substantial savings or wealth were prerequisites for purchasing your first car, today, you can easily obtain a New Car Loan and quickly fulfil your dream of car ownership.Įligibility for a pre-approved Car Loan is based on your income and credit rating, though it is subject to the maximum duration of the loan and the amount borrowed.Īxis Bank offers Car Loans at an attractive rate of interest, low processing fee, a repayment tenure of upto 7 years, and higher loan-to-value ratio (100% on-road price funding on certain Nowadays, acquiring your ideal car is more accessible than ever, regardless of whether you're employed or running your own business.

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