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Axis Bank Car Loan EMI Calculator

Enter the price of the car, how much you will pay up front, the interest rate and the term. The calculator subtracts the down payment and shows your EMI and what the loan costs in interest.

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Good to know

Independent calculator, not made or approved by Axis Bank. Use the rate on your own offer. Results are estimates and exclude fees, insurance and prepayment charges.

What it does

  • Loan amount after down payment
  • Monthly EMI in rupees
  • Total interest and total repayment
  • Works for new and used car loans from any bank

How to use it

  1. Enter the on-road price of the car and your down payment.
  2. Enter the interest rate from the bank's offer and the term in years.
  3. Read the loan amount, the EMI and the interest.

How is a car loan EMI worked out?

The bank lends you the car price minus your down payment. You repay it in equal monthly instalments. Each EMI covers that month's interest first, and the rest reduces the loan. The EMI comes from the loan amount, the monthly rate (yearly rate ÷ 12 ÷ 100) and the number of months.

A bigger down payment means a smaller loan and less interest. A longer term lowers the EMI but raises the total interest. Use the on-road price, which includes registration and insurance, if the bank will finance those. Processing fees and any prepayment charges are not included.

Example

A ₹10,00,000 car with ₹2,00,000 down needs a loan of ₹8,00,000. At 9.5% for 5 years the EMI is about ₹16,801. You repay about ₹10,08,089 in total, so the interest is about ₹2,08,089.

Questions people ask

Is this calculator from Axis Bank?
No. It is an independent tool using the standard EMI formula. Your sanction letter has the final figures.
Should I use ex-showroom or on-road price?
Use the price you will actually pay, usually on-road, minus any amount you pay in cash.
Can the bank finance 100% of the car?
Some do for certain customers, but most ask for a down payment. Type 0 as the down payment to see that case.

Disclaimer

This tool is for general information only. It is not financial, tax, investment or legal advice, and results are estimates that may differ from your bank, lender or tax authority. Rates, limits and tax rules change. Bank and brand names are used only to describe what the tool does; they belong to their owners and we are not affiliated with them. Check the figures with a qualified professional or your provider before you decide. You use this tool at your own risk, and TheFreeTool is not liable for any loss that follows. Read the full disclaimer

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