# Axis Bank Car Loan EMI Calculator

₹ 50k ₹ 50L
6.0% 30.0%
6 months 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Month)

Total Amount

## 2024

Month Principal Paid Interest Charged Total Payment Balance
Aug ₹3,942.44 ₹500.00 ₹4,442.44 ₹46,057.56
Sept ₹3,981.86 ₹460.58 ₹4,442.44 ₹42,075.70
Oct ₹4,021.68 ₹420.76 ₹4,442.44 ₹38,054.01
Nov ₹4,061.90 ₹380.54 ₹4,442.44 ₹33,992.11
Dec ₹4,102.52 ₹339.92 ₹4,442.44 ₹29,889.60

## 2025

Axis Bank is a leading digital bank that provides a wide range of products and services, including car loans. You can get these loans at competitive interest rates, and repayments are made through monthly installments called EMIs. Each EMI includes part of the principal amount and the interest charged.

If you want to find out what your monthly payment would be for a car loan from Axis Bank, you can easily use the car loan EMI calculator available on Wishfin.

## How to Use Wishfin Axis Bank Car Loan EMI Calculator?

Using the Axis Bank car loan calculator on Wishfin is straightforward. First, enter the principal amount. This is the amount you borrow, excluding any additional charges or down payments. Next, input the interest rate. This is the rate at which Axis Bank will charge interest on your loan. Then, specify the loan tenure. This is the duration over which you will repay the loan. Once you enter these details, you will immediately see the total interest. You will also see your monthly EMI for the specific car loan.

### Formula to Calculate Axis Bank Car Loan EMI

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. Shravan wants to borrow a car loan from Axis Bank in August 2024. 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) = 9.5% p.a. (which is 9.5/12/100 = 0.0079

EMI = [10,00,000 x 0.0079 x(1+0.0079)^36] / [(1+0.0079)^36-1]

= Rs. 32,033

## Axis Bank Car Loan Amortisation Schedule

Let’s understand how the Axis Bank car loan calculator works with the help of an example. Suppose, you require a loan amount of ₹2,00,000 for 5 years at an interest rate of 9%. Below, you'll find a table displaying all the calculations for this scenario.

Year

Principal Paid (A)

Interest Paid (B)

Total Payment (A+B)

Outstanding Loan Balance

2024

₹ 16,213

₹8,699

₹24,912

₹1,83,787

2025

₹34,691

₹15,133

₹49,824

₹1,49,096

2026

₹37,947

₹11,877

₹49,824

₹1,11,150

2027

₹41,506

₹8,318

₹ 49,824

₹69,645

2028

₹45,399

₹4,425

₹49,824

₹24,247

2029

₹24,247

₹640

₹24,887

₹0

## The Lowest EMI Offered by Axis Bank on Car Loans

Axis Bank offers car loans with interest rates that begin at 9.30% and can reach as high as 14%, varying based on the borrower's income and credit history.
Below, you can see the minimum and maximum monthly EMIs for various loan amounts, calculated at annual interest rates of 9.30% and 14% over 5 years:

Interest Rate of 9.30%

Interest Rate of 14%

5 lakh loan amount - ₹10,452 p.m.

5 lakh loan amount - ₹11,634 p.m.

10 lakh loan amount - ₹20,904 p.m.

10 lakh loan amount -  ₹23,268 p.m.

12 lakh loan amount - ₹25,085 p.m.

12 lakh loan amount -  ₹27,922 p.m.

14 lakh loan amount - ₹29,266 p.m.

14 lakh loan amount -  ₹32,576 p.m.

16 lakh loan amount - ₹33,447 p.m.

16 lakh loan amount - ₹37,229 p.m.

## Advantages of Using Axis Bank Car Loan Calculator

The Axis Bank car loan calculator offers several advantages, including:

• It provides a convenient way to estimate your monthly EMI and interest payments for a car loan from the bank.
• It helps you make informed financial decisions by allowing you to plan according to your monthly budget and down payment options.
• It saves you time by eliminating the need for manual calculations of EMI amounts and interest.

## Eligibility to Apply for Axis Bank Car Loan

Here are the eligibility criteria you need to fulfill when applying for a car loan with Axis Bank:

For Salaried Individuals:

• Age requirement: Minimum of 21 years and maximum of 60 years at loan maturity (specific conditions may apply).
• Minimum annual net salary: Rs. 2,40,000 for all approved car models.
• Proof of income: Most recent salary slip and Form 16 required.
• Employment stability: At least 1 year of continuous employment.

For Self-Employed Individuals:

• Age requirement: Minimum of 18 years and maximum of 65 years at loan maturity.
• Minimum annual net business income: Rs. 1,80,000 for selected models and Rs. 2,00,000 for other models.
• Proof of income: Most recent Income Tax Returns.
• Business stability: At least 3 years in the same line of business.

For Self-Employed Non-Individuals:

• Minimum annual net business income: Rs. 1,80,000 for selected models and Rs. 2,00,000 for other models.
• Proof of income: Latest 2 years of Income Tax Returns and audited financials for the last 2 years with income computation.
• Business stability: Minimum of 3 years in the same line of business.

## Factors Affecting Axis Bank Car Loan EMI

Here are some key factors that can affect your Axis Bank car loan EMI:

Loan Amount: The total amount borrowed significantly impacts your monthly EMI. Higher loan amounts lead to higher EMIs.

Interest Rate: The interest rate on your car loan is crucial. Lower rates result in lower EMIs, while higher rates increase them.

Loan Tenure : The repayment period also affects the EMI. Longer loan terms spread out payments, reducing the EMI. Shorter terms increase it.

Credit Score: Your credit score influences the loan's interest rate. A higher credit score may secure a lower interest rate, reducing the EMI.

Down Payment: A larger down payment reduces the principal borrowed, which significantly lowers your EMIs.

Existing Financial Commitments: Any existing loans or financial obligations can impact your car loan terms and EMI, affecting your overall credit profile and repayment capacity.

## Fees and Charges Related to Axis Bank Car Loans

Given below are the fees and charges applicable to your Axis Bank car loan:

 Charges New Car Loan Pre-owned Car Loan Processing fee Rs.3,500 to Rs. 12,000 1% of the loan amount or Rs.6,000, whichever is lower Issuance of Duplicate Repayment Schedule Charges Rs.250 per instance Rs.250 per instance Issuance of Duplicate Statement Charges Rs.250 per instance Rs.250 per instance Penal Interest 2% per month 2% per month Part Payment charges 5% of the principal outstanding 5% of the principal outstanding Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding Documentation Charge Rs.500 per instance Rs.500 per instance Issuance of Credit Report Rs.50 per instance Rs.50 per instance Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance Cheque Bounce/Instrument Return Charges Rs.339 per instance Rs.339 per instance Loan Cancellation/Re-booking Charges Rs.550 per instance Rs.550 per instance Stamp Duty At actuals At actuals