1. What is Car Loan EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. For Axis Bank credit card car loans, EMIs are deducted from your credit limit and repaid over the chosen tenure.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( PMT \) — Monthly EMI payment
• \( P \) — Principal loan amount
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that will completely pay off the loan (principal + interest) over the specified tenure.

3. Benefits of Axis Bank Credit Card Car Loan

Details: Axis Bank offers competitive interest rates, flexible tenures (up to 60 months), quick approval, and the convenience of using your existing credit limit for car purchases.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (without the % sign), and loan tenure in months. The calculator will show your monthly EMI, total repayment amount, and total interest payable.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Axis Bank car loans?
A: Interest rates typically range from 8.5% to 15% p.a., depending on credit score, loan amount, and tenure.

Q2: Are there any processing fees?
A: Yes, Axis Bank charges a processing fee of up to 2% of the loan amount plus GST.

Q3: Can I prepay my car loan?
A: Yes, but prepayment charges may apply depending on the loan terms and timing of prepayment.

Q4: What documents are required?
A: Typically includes ID proof, address proof, income documents, and car quotation/invoice.

Q5: How does credit card car loan differ from regular car loan?
A: Credit card car loans use your credit limit, may have faster approval, but might have higher interest rates compared to regular car loans.