Advice

Calculate you Car Loan EMIs before sealing the deal

Parichay Malvankar
Written by Parichay Malvankar

Buying a car has become a tough choice in recent times. With all the options from multiple car brands being available, the customer is spoilt for choice. One important aspect while buying a car which accounts for a lot of research is Car Loan. Once you have decided which car to buy, you always look for a way to arrange the funds to buy the same.

Axis bank now allows customers to apply for a car loan online, and also helps calculate EMIs for the funds they wish to receive as a loan. The Car Loan EMI Calculator is pretty simple for one to work around.

Enter the loan amount which you need, punch in the promised interest rate by the bank, select the tenure in which you wish to repay the entire loan amount, and also, do not forget to enter the processing fee being charged. Once you punch in all the details, you get a break up of the total amount payable to the bank.

Always carefully check the eligibility criteria while applying for a car loan (Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models). Also, do account the variables (like accessories) as a full amount of purchasing a car.

Axis bank offers you up to 85% loan on the on-road cost of the vehicle. You also get a competitive interest rate and benefit from a high LTV ratio. Axis also has special schemes on car loans which a customer can opt for and also earn EDGE points rewards during its disbursal.

Standard set of documents you require for getting a car loan approved includes age proof, ID proof with residential proof, photographs, IT returns, bank statements and a duly filled application form.
Did you know that Axis bank also offers loan against your existing car? One can get up to 150% loan on the original value of the car without the need of valuation of the car. The customer can then utilize the money for any personal reason. No questions asked.

Moving on with changing times, the best way forward now is to apply for your car loan online. Just visit the Axis bank’s website via the link above, and you can fill up the form and the bank will take care of the rest. Loan amount starts from INR 1 lakh onwards and can be repayed between 12 – 60 months. One can also foreclose the loan term and obtain a NOC (No Objection Certificate) if they are planning to sell the vehicle.

There is also an option of making part payments if you have a sudden flow of cash. With this, you can reduce the loan term, of reduce the EMI amount. Either way, you save a lot with the total interest going down.

When the loan term is over, that is after the successful loan repayment, Axis bank will allow you hypothecation from the registration certificate of your vehicle. Once this is done, the car will officially be registered under your name. And not to worry, you are still the 1st and only owner of the vehicle.

So if you are looking to apply for a car loan, or planning a vehicle purchase. Do visit the Axis bank website and calculate the EMI. This will give you a very basic idea of your future car ownership and how you can manage your funds effectively along with bringing home your dream car.

About the author

Parichay Malvankar

Parichay Malvankar

Founder, owner and editor-in-chief of www.Shifting-Gears.com; a born gearhead, nothing apart from a set of wheels gets his pulse racing.