Axis Bank Credit Card EMI Calculator

Seeking an easy way to pay for your credit card purchases? Axis Bank's EMI facility allows you to convert your purchases into easy monthly payments with flexible tenures ranging from 12 to 48 months. Although this provides financial convenience, it is important to consider interest charges and processing fees. The Axis Bank Credit Card EMI Calculator assists you in calculating your monthly instalments, making repayment planning easy and effective.

How Does Axis Bank Credit Card EMI Calculator Work?

The Axis Bank Credit Card EMI calculator makes financial planning easy by employing three parameters- principal, interest rate, and tenure to determine EMIs. It uses the reducing balance formula to deliver precise calculations where interest is paid on only the outstanding principal. 

This simple method assists you in analysing varying repayment schedules and choosing the most appropriate terms for your money objectives. It is often a great tool to pay credit card charges with ease and minimal tension.

How To Use Axis Credit Card EMI Calculator?

Axis Bank Credit Card EMI Calculator helps to determine the monthly instalment amount without expert knowledge. With minimal information, the calculator determines the EMI amount within a second, allowing you to make timely payments accordingly.

• Enter the principal amount. 
• Choose the desired loan tenure.
• Select the relevant interest rate.
• The calculator will automatically display the total interest rate, monthly EMI and the total amount payable.

Formula For Calculating Axis Bank Credit Card EMI

The Axis Bank Credit Card uses the following formula to calculate the monthly instalment amount: 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

• P = Principal amount
• R = Interest rate per month (divide the annual interest rate by 12)
• N = Number of monthly instalments or loan tenure in months

Example:

Suppose Mr Arjun borrows Rs. 5,00,000 using his Axis Bank Credit Card with an annual interest rate of 42% (or 3.5% per month) for a tenure of 2 years (24 months).

• Principal (P): Rs. 5,00,000
• Monthly Interest Rate (r): 21% ÷ 12 = 0.0175
• Tenure (n): 24 months

Calculation

Substituting the values into the formula:

EMI = 5,00,000 x  0.0175 x (1+0.0175)^24 /{(1+0.0175)^24 – 1}

EMI≈ Rs. 25,693

Total Amount Payable:

EMI payments = Rs. 25,692 × 24 = Rs. 6,16,628  

Total Interest = Total EMI payments - Principal = Rs.  6,16,628 - Rs. 5,00,000 = Rs. 1,16,628

Mr Arjun will pay an EMI of approximately Rs. 25,692 for 24 months. The total repayment amount will be Rs. 6,16,628, which includes Rs. 1,16,628 as interest.

Advantages Of Axis Bank Credit Card EMI Calculator

Here are the key benefits of using the Axis Bank Credit Card EMI interest rate calculator:

• Flexible Calculations:  Easily estimate EMIs based on loan amount, interest rate, and repayment tenure to make informed financial decisions.
• Smart Financial Planning provides multiple EMI options, helping you choose the most suitable repayment plan for your needs.
• Quick & Accurate Results: Performs complex calculations instantly, making it a convenient tool even for non-financial experts.
• User-Friendly & Accessible: Available online anytime, you can calculate EMIs effortlessly from anywhere.
• Amortisation Schedule:  Generates a detailed breakdown of outstanding balance and interest paid, offering complete repayment transparency.

Factors Affecting Axis Bank Credit Card EMI

The following three primary factors influence the Axis Bank Credit Card:

• The outstanding amount, where higher dues, leads to larger EMIs.
• The rate of interest or APR, which differs depending on your credit history and lender's policies, directly affects the repayment.
• Loan tenure, as more extended repayment periods, reduces the monthly EMI but increases the total.

Axis Bank Credit Card Interest Rates and Tenure

Axis Bank offers several options for credit card interest rates and repayment tenure to customers, depending on the type of credit card. The interest rate for Axis Bank credit cards ranges from 2.95% to 3.6% per month (41.75% to 52.86% per annum), depending on the credit card Varian, the tenure for which ranges between 6 and 36 months.

Mistakes To Avoid While Using Axis Bank Credit Card EMI Calculator

To receive accurate results from the Axis Bank Credit Card intelligent EMI calculator, follow these precautions:

• Provide Correct Information: To receive correct calculations, provide the loan amount, interest rate, and repayment period accurately.
• Consider Additional Charges: Keep in mind that the extra fees or charges other than those computed can affect your total repayment amount.
• Interest Rate: If you have opted for a floating interest rate, make use of the calculator periodically to know of any changes and to compute the EMI accurately.

The Axis Bank Credit Card EMI Calculator helps you manage payments by converting dues into affordable EMIs through net banking, mobile banking, SMS, or customer care. Understanding its key features and benefits ensures informed financial decisions. Always review the terms to choose an EMI plan that fits your budget and goals.