EMI Anxiety? Say Goodbye with Axis Bank Personal Loan EMI Calculator
- faiz afinoz
- Nov 22, 2019
- 3 min read
When people think of personal loan, they always think about EMI that they will have to pay. As EMI is a commitment, people often give away the thought to avail a personal loan. They think that bank is going to charge high EMI and they won’t be able to do anything. That usually happens and still, it is completely wrong. To clear the cloud of doubts of personal loan EMI from the customer’s head, Axis bank gives a facility to calculate the EMI for the desired loan amount on its website. Axis Bank Personal Loan EMI Calculator is easy to use and it helps you in planning a personal loan efficiently. Read more to know how to use it.
Axis Bank Personal Loan EMI Calculator
Axis Bank Personal Loan EMI Calculator is an online tool which calculates the EMI for you on the desired personal loan amount. All you have to do is to provide some basic information and in less than a second, it calculates the EMI for you. Axis Bank provides this feature on its website to provide transparent personal loan information. Use it to plan the loan tenure and the loan amount as per your convenience and requirement.
How Axis Bank Personal Loan EMI Calculator Works?
Axis Bank Personal Loan EMI Calculator works on a complex mathematical formula. What it does is it automatically calculates everything for you. All you have to provide is the loan amount you’re desiring for and for how long you are going to avail it. Below, we have mentioned a mathematical formula through which calculation of EMI is done.
E = P * r * (1+r)^n/((1+r)^n – 1),
Here, E is the EMI you will have to pay on a fixed date of every month. P is the personal loan amount you’re opting for, r is the monthly interest rate that Axis Bank charges on personal loan and n is the loan tenure you want to avail for the repayment of the loan.
In the table given below, we have mentioned some maths on the basis of calculation of EMI calculator for the loan amount of Rs. 5,00,000 at 13% interest rate for the loan tenure of 1,2,3, and 4 years.
Loan Amount
Interest Rate
Tenure
Monthly Instalments
Total Interest Amount
Total Amount
₹ 5,00,000
13%
1
₹ 44,658
₹ 35,903
₹ 5,35,903
₹ 5,00,000
13%
2
₹ 23,770
₹ 70,501
₹ 5,70,501
₹ 5,00,000
13%
3
₹ 16,846
₹ 1,06,491
₹ 6,06,491
₹ 5,00,000
13%
4
₹ 13,413
₹ 1,43,859
₹ 6,43,859
Axis Bank Personal Loan Interest Rate and Other Fees
Axis Bank Personal Loan Interest Rate starts at 11.25% and goes up to 24%.
Axis Bank Personal Loan Interest Rates
11.25%-24%
Axis Bank Personal Loan Tenure
1 year to 5 years
Axis Bank Personal Loan Processing Fee
Up to 2% of the total loan amount + applicable tax
Axis Bank Personal Loan Repayment Period
Minimum- 1 year Maximum- 5 Years
Minimum Income
IINR- 15,000 P.M.
Axis Bank Personal Loan Amount
Minimum- INR 50,000 Maximum- INR 15 Lakh
Prepayment charges
Nil
Foreclosure charges
Nil
Axis Bank Personal Loan Interest Rate varies from customer to customer. It is calculated on the basis of customers profile and their credit report. Those who are having an account relationship with the bank may get personal loan at a low-interest rate.
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