What can give you more happiness than buying a car of your dreams? I will simply jump on the bed if I am able to buy my own car. I have always dreamed about owning a stylish car and I believe the feeling will be mutual. A car loan has become the perfect option when it comes financing for a car. The market is full of lenders who are more than happy to offer you financial support. Axis Bank car loan is one of the highly sought after products in the market because of its affordable rates of interest and exciting features. The product can be availed by any eligible salaried employee or a self-employed individual or a self-employed non-individual for a tenure up to seven years. The main motive of this article is to inform you about Axis Bank car loan EMI calculator.
Now you must be thinking, why out of all the topics I have decided to throw emphasis on Axis Bank car loan EMI calculator? The reason is very clear, the calculator holds an importance of its own. As a car loan borrower you must be well aware about the tool because the very same tool will assist you in taking a balanced decision. How is this possible? This is the questioning that in striking your mind, right? People often overlook one of the most important aspects of a loan. What comes to your mind when you think of availing a car loan? Interest rate, processing fee and tenure, right? However you have missed a very important point here. That aspect is EMI.
EMI stands for equated monthly installments and you are required to pay it every month to the bank for repaying your car loan. It is a combination of your principal amount and the rate of interest. People who simply take a car loan and don’t look at the EMI amount end up suffering a lot. What if the EMI is too higher and causes a hole in your pocket? It is very important for the loan borrower to know about his EMI amount so that he/she can devise a budget accordingly for that. In case, the EMI is too high, one can opt for a lower EMI amount by extending the tenure of the loan.
This brings us to the main part of the article. With the help of an Axis Bank car loan EMI calculator, you can easily calculate your EMI amount and total interest payable without any hassle. The calculation is done instantly within few seconds. Why take tension and calculate manually with a pen and paper why the magical tool is there to provide you with the information? One has to do nothing but simply feed in certain details and wait for the magic to happen. Just enter the loan amount you wish to take, the applicable rate of interest and the tenure period. The relevant information will be displayed on the screen and you can use the same to take a balanced decision. You can also use the calculator for comparing the total interest payable and EMI amount on various tenures and rates of interest. Just in case, you feel the total interest payable is too higher, you can decrease the term period for the loan. Let’s make things easier for you with the help of an example.
Suppose, Nikita Kashyap a school teacher living in New Delhi wants to buy a Swift Dzire for herself. She has kept aside some savings and requires Rs. 3 Lakhs more to buy her dream car. She decides to approach Axis Bank for the same. After she comes in contact with the bank, she is asked to furnish certain documents. The bank checks her capacity to repay the loan on time and decides to offer a car loan of Rs. 3 Lakhs for at an interest rate of 11% for a period of three years. By using Axis Bank car loan calculator, Nikita can find out about her EMI amount. She will have to pay a monthly EMI of Rs. 9,822 and the total interest of Rs. 53,578. This means she will be paying the bank a sum total of Rs. 3,53,578 in three years.
Nikita can take a smart decision by using Car Loan EMI Calculator and enjoy a hassle free loan journey.