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Gone are the days when buying a car was an absolute luxury. The cost of the car made it unaffordable for most buyers. But today, a car loan has bridged this gap. There are lot of lenders, both banking and non-banking who offer car loans. However, when it comes to EMI calculation, you face confusion. We recommend that you check your EMI before you opt for a car loan. Don’t worry, it is not as complicated as it sounds. Axis Bank has an automated car loan EMI calculator which helps you see your monthly outflow in just a click. Know more about the car loans in India and how an Axis Bank Car loan EMI calculator exactly work.
An EMI Calculator is an automated tool on the Axis Bank portal which calculates the amount of your Equated Monthly Instalment (EMI). All you need to do is to enter your loan amount, choose an interest rate and your preferred loan term, and your EMI is calculated in a jiffy. Car loan EMI calculator also allows you to change your inputs and compare EMI based on different interest rates or loan terms.
Not everyone has ready funds required to purchase a car. Many may not wish to invest a huge amount upfront even if they have the funds to do so. This is why car loan comes as a rescue for those who want to purchase a car.
A car loan means taking a certain amount from a lender and repaying it over a pre-determined tenure. This amount helps you pay the purchase price of the car to the dealer. As a common practise, Axis Bank enters into a mutual agreement with you wherein you have to repay a fixed amount every month. This amount is known as EMI or Equated Monthly Instalment. The EMI includes the principal amount as well as the interest component.
The EMI is a fixed payment, but the amount of principal and interest payment varies throughout the terms of the loan. In the initial stages, the interest amount forms the major part. As the loan keeps getting paid off, the interest component reduces and the principal amount forms the larger chunk. This continues throughout the duration of the loan.
Apart from the EMI, there are various other charges associated with the loan, such as processing fees, documentation charges, loan cancellation/re-booking charges, pre-payment charges etc. When deciding on a car loan, you need to check all these factors as well. You should approach a particular bank for loan only after thorough comparison across various loan providers.
To make decision-making easier for you, Axis Bank offers a car loan EMI calculator. This is the easiest way to know the exact amount of your monthly outgo in just a click.
Axis Bank Car Loan EMI calculator require inputs on certain parameters such as:
Once you provide these inputs, the Axis Bank Car loan EMI calculator gives you the exact EMI amount. Not just this, a car loan EMI calculator also allows you to know about the break-up of the EMI which includes interest payment, principal amount and other charges like the processing fees etc.
Loan amount: This is the core cost of the car that you have chosen to purchase. Axis Bank offers loan amount starting from Rs 1 lakh. Car prices in India start from Rs 3 lakhs and go up to Crores. Branded SUVs with high-end features start from Rs 8 lakhs, while prestigious brands like Land Rover, Audi, BMW and Volvo are priced at Crores. The quantum of EMI is directly proportional to the cost of the car.
Loan Term: This is the time period throughout which the loan is repaid. Axis Bank offers car loans across 5-8 years. If a shorter loan term is chosen, the EMI payment will be more, but the interest rate will be lower. If the loan term chosen is longer, the EMIs will be relatively lower, but the interest rate will be high.
Interest rate: This is a key factor that impacts the EMI calculation. Axis Bank offers the option of fixed or floating interest rate. In a fixed interest rate, you need to pay the same interest for the entire tenure. In a floating case, the interest rate varies according to the economic conditions. Interest rate payment a major part of the EMI, so choose wisely.
Processing Fee: Though a processing fee doesn’t exactly impact the Car Loan EMI, it is an important component of the car loan. This is an umbrella fee which encompasses various actions such as documentation, appraisal, employment & credit history obtaining etc.
While the price of the car or the interest rate of the car loan are definitely the important factors that determine which loan you must opt for, there are other factors at play as well. You must have a look at your income levels and ensure that your debt-to-income ratio doesn’t exceed 30%-50%. This ratio will enable you to repay your loan with ease.
Another very important factor is your credit score. This is a score given by the credit bureau based on three main parameters: (1) Pattern in which you have managed your previous loans (2) Other loans availed by you currently and (3) Your financial position. A good credit score can help you negotiate better car loan terms with a lender. If you have a credit score above 700, you can avail a loan with lower interest rate and save a lot of money every month.
Cars have always been a prized possession for Indians, but in today’s fast paced life, it has become quite a necessity. Whether it is metro cities or small towns, four-wheelers are an indispensable part of Indian families. A growing economy and increase in disposable income have fuelled the demand for passenger vehicles in the country. Not just small cars but larger ones like Sedans, Multi Utility Vehicles or Special Utility Vehicles are also in huge demand by most Indians. For some, car is a passion, for some it is a prestige factor, while for others it is an essential asset.
Thousands of people throng car expos in their cities, visit online car portals or keep constant tab on the latest launches from their favourite auto makers. Finalizing a dream car isn’t easier. “How much mileage does it offer?”, “What is the maintenance cost?”, “Where is the nearest authorized repair shop?” are some of the questions always playing on a potential car owner’s mind. In this digital age, a buyer can access unlimited reviews shared on various websites and apps. How can we forget social media as a decision maker? There are car experts and influencers on Facebook, Twitter and You Tube to help you make the right choice.
CreditMantri has a credible EMI calculator which can help you while availing all kinds of loans from leading lenders in India. This calculator is simple and can be used by just entering details like the loan amount, interest rate and tenure.
Once you know the EMI amount, you have a clear idea as to what would be your total monthly outflow will be. This makes it easier for you to plan your expenses accordingly. If you have a good credit score, you will be entitled to better loan terms and save a substantial amount every month.
If this car loan is your first loan, ensure your creditworthiness before approaching the lenders. It is quite possible that the loan though attractive, may not be suitable to your credit profile. So, start right away by creating your credit profile at CreditMantri.
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