AXIS Car Loan EMI Calculator
Compare with other banks - Car Loan
| Bank | Interest Rate (%) | Source |
|---|---|---|
| Axis Bank (Your selected bank) | 9.45 - 14.05 | View Details |
| State Bank of India | 9.15 - 10.15 | View Details |
| Bank of Baroda | 8.80 - 9.65 | View Details |
| HDFC Bank | 8.75 - 9.50 | View Details |
| ICICI Bank | 8.85 - 9.60 | View Details |
| Bank of India | 8.75 - 9.05 | View Details |
| Canara Bank | 8.25 - 11.45 | View Details |
| Punjab National Bank | 8.35 - 10.15 | View Details |
| Kotak Mahindra Bank | 9.80 - 12.55 | View Details |
| Central Bank of India | 8.60 - 10.05 | View Details |
| Indian Bank | 8.65 - 9.85 | View Details |
| Indian Overseas Bank | 8.15 - 9.45 | View Details |
| Union Bank of India | 8.30 - 9.95 | View Details |
| IndusInd Bank | 8.00 - 18.75 | View Details |
| Yes Bank | 9.15 - 10.85 | View Details |
| IDFC First Bank | 9.99 - 11.70 | View Details |
| Federal Bank | 10.50 - 11.50 | View Details |
| RBL Bank | 10.50 - 13.85 | View Details |
Car Loan EMI Calculator
A Car Loan EMI Calculator helps you estimate your monthly car loan payments and plan your vehicle purchase effectively. It calculates your equated monthly installment (EMI) based on the loan amount, interest rate, and loan tenure you enter.
How Car Loan EMI Calculator Works
- Enter the amount you wish to borrow for your car purchase
- Input the interest rate offered by the bank
- Select the loan tenure in years
- Get an instant calculation of your monthly EMI
Factors Affecting Car Loan EMI
- Credit Score: Higher score can help you secure better interest rates
- Income: Determines your loan eligibility and EMI capacity
- Car Value: The price of the vehicle affects your loan amount and EMI
- Loan Term: Longer term means lower EMI but more total interest
- Interest Rate: Fixed or floating rates affect your EMI amount
- Down Payment: Higher down payment reduces loan amount and EMI
Car Loan EMI Examples
Example 1: ₹7 Lakh Car Loan
For a ₹7 lakh car loan at 9.5% interest for 7 years, your monthly EMI would be approximately ₹11,920. The total interest paid would be ₹3,01,293.
Example 2: ₹5 Lakh Car Loan
For a ₹5 lakh car loan at 9% interest for 5 years, your monthly EMI would be approximately ₹10,379. The total interest paid would be ₹1,22,750.
Types of Car Loans
New Car Loan
Lower interest rates (typically 7-9%), higher loan-to-value ratio (up to 90% of car value), and longer tenure options (up to 7-8 years).
Used Car Loan
Higher interest rates (typically 11-15%), lower loan-to-value ratio (up to 70-80% of car value), and shorter tenure options (up to 5 years).
Car Refinance Loan
Allows you to transfer your existing car loan to another lender for better interest rates or EMI terms.
Car Lease
Not technically a loan, but an alternative where you pay for using the car for a fixed period without ownership.
Frequently Asked Questions
How much down payment is required for a car loan?
Most banks and NBFCs require a down payment of at least 10-20% of the car's value. The remaining amount can be financed through a car loan. A higher down payment leads to lower EMIs and interest costs.
Can I prepay my car loan?
Yes, most lenders allow you to prepay your car loan. However, some may charge a prepayment penalty, typically 2-5% of the outstanding loan amount. Check your loan agreement for specific terms.
What documents are required for a car loan?
Common documents include identity proof, address proof, income proof (salary slips or ITR), bank statements, employment details, and car quotation/proforma invoice from the dealer.
How does interest rate affect my car loan EMI?
Higher interest rates increase your EMI and total interest amount. A 1% increase in interest rate can significantly impact your monthly payments. For example, on a ₹7 lakh loan for 7 years, a 1% increase can raise your EMI by approximately ₹400-500 per month.
What is the difference between fixed and floating interest rates for car loans?
Fixed interest rates remain constant throughout the loan tenure, providing consistent EMIs. Floating rates can change based on market conditions, potentially offering lower initial rates but with the risk of future increases.
What is a loan-to-value (LTV) ratio in car loans?
LTV ratio is the percentage of the car's value that a lender is willing to finance. For new cars, it's typically up to 90%, while for used cars, it's around 70-80%. The remaining amount must be paid as a down payment.
Tips for Car Loan Planning
- Compare interest rates from multiple lenders before finalizing your car loan
- Consider your total budget including insurance, maintenance, and fuel costs
- Maintain a good credit score to secure better interest rates
- Opt for a shorter loan tenure if you can afford higher EMIs to save on total interest
- Make a larger down payment to reduce your loan amount and EMI
- Read the loan agreement carefully for hidden charges and prepayment penalties