Axis Bank Personal Loan EMI Calculator

Opting for a personal loan is one of the crucial financial decisions that can land you into sudden setbacks if not appropriately planned. This type of loan usually comes with higher interest rates, thus leading you to a debt trap. Therefore, designing the repayments to avoid unwanted financial setbacks is imperative if you wish to apply for a personal loan.

If you plan to opt for a personal loan from Axis Bank, this blog is for you. Read until the end to find out how to use the Axis Bank personal loan calculator to determine accurate and suitable repayment amounts.

What Is Axis Bank Personal Loan EMI Calculator?

Axis Bank Personal Loan EMI Calculator is an online, free-of-cost calculator that enables individuals to estimate their EMIs for the loan instantly using the principal amount, tenure, and interest rate. With a stable internet connection, users can use this calculator to ease financial planning and determine the loan's affordability. It also permits borrowers to investigate various loan plans with different tenures and loan amounts, making it the perfect instrument for anyone planning a personal loan, regardless of his budget.

How Does The Personal Loan EMI Calculator Help?

Axis Bank Personal Loan EMI Calculator is a potent tool that lets prospective borrowers determine their affordability and repayment capacity before taking a personal loan. Offering the correct EMI estimates allows users to plan their finances properly. This is how this calculator can assist:

• Correct EMI Calculation: Enables determination of exact monthly instalments so that there is a proper repayment plan.
• Eliminates Human Mistakes: Eliminates cumbersome manual calculations, minimising the chance of wrong results.
• Loan Comparison: Enables users to try various loan amounts, tenures, and interest rates to identify the optimal match for their budget.
• Free Unlimited Application: Access online free of cost, allowing several calculations to calibrate loan planning.
• Improved Financial Planning: Provides valuable information on loan amortisation, enabling borrowers to plan repayments confidently.

Formula For Axis Bank Personal Loan EMI calculator

The Axis Bank personal loan calculator uses a simple formula to determine the EMIs of your loan, which is essentially the compound interest formula, featuring the calculation of interest on the principal amount and the accumulated interest. Thus, to determine the applicable EMIs, you will need three integral variables, including the loan amount, tenure and interest rate.

Here is the formula that is used in the process of calculating the EMIs of your personal loan:

EMI = P x r x (1+r)^n/((1+r)^n-1)

Where,

• P stands for the principal loan amount granted by the bank
• N indicates the tenure of the loan
• R is the applicable rate of interest

Example of EMI Calculation On Personal Loan

Let us take an example to help you better understand the process of EMI calculation.

Suppose Sanjay applies for a personal loan of Rs. 7,00,000 from Axis Bank, where the interest rate is 11.25%, and the tenure he chooses is 5 years. So, his payable EMIs will be determined in the following way:

Principal (P) = Rs. 7 Lakh
Interest Rate (R) = 0.1125/12 = 0.00937 per month
No. of EMIs = 5 x 12 = 60

Applying the above formula, EMI amount = 7,00,000 x [{0.00937 x (1 + 0.00937) ^ 60} / {(1 + 0.00937) ^60 – 1}] = Rs. 15,307

For this example, you have to pay an EMI of Rs. 15,307 for 5 years or 60 months.

Axis Bank Personal Loan Amortisation Schedule

The amortisation or repayment schedule contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure.

The following table features the amortisation schedule of the first six and last six repayments for a personal loan of Rs. 7 lakh taken for 5 years at 11.2.5% p.a.

How To Use Axis Bank Personal EMI Calculator?

Using an Axis Bank personal loan calculator involves zero technological complications and requires no prior expertise. Carrying a user-friendly interface, you can utilise it by following the below-mentioned steps:

• Visit the Axis Bank personal loan EMI calculator portal.
• Enter the principal loan amount you wish to apply for.
• Provide the tenure throughout which you want to repay the loan.
• Now select the interest rate the bank charges for your chosen tenure and loan amount.

The calculator shall automatically calculate the EMIs and instantly show you accurate answers to EMIs you will have to pay per month throughout your chosen tenure. This way, you can try different combinations of the values until you are satisfied with the results based on your financial situation.

Benefits of Axis Bank Personal Loan EMI Calculator

Go through the following points to learn about some of the significant advantages of using the Axis Bank personal loan interest rate calculator:

• User-friendly: The Axis Bank Personal Loan EMI Calculator by Cleartax has a very user-friendly interface. You can use the calculator even without technological expertise or background. You will only require a stable internet connection and the input variables, and you will be ready to go.
• Instant and Right Solutions: The calculator saves you from manual computation, which consumes time and leads to wrong results. You can obtain correct results based on the variables you provide using the Axis Bank personal loan calculator within minutes, thus saving time and effort.
• Helps in Managing Finances: Before making any financial commitments, learning about your loan repayment ability is essential. This calculator enables you to do that by providing accurate answers every time you use it. It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.
• Enables Constructive Comparison: Axis Bank personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan, allowing you to compare several loan amounts. This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.
• Offers Flexibility and Convenience: These online calculators can be accessed from anywhere, anytime, with a stable internet connection. You are not required to pay additional charges for using them, adding to your convenience.

Fees & Charges related to Axis Bank Personal Loan EMI

Axis Bank comes with a few additional charges, increasing the cost of each instalment. The following table showcases the different types of applicable charges:

Axis Bank Personal Loan Eligibility

To apply for a personal loan from Axis Bank, you need to satisfy a few eligibility parameters, which include the following:

• Age Requirement: All individuals must be at least 21 years of age or above to apply for a personal loan from the bank, while their maximum age at the time of maturity should be 60 years.
• Nature of Employment: All salaried individuals can apply for a personal loan from the bank if they fit the income bracket.
• Minimum Educational Qualification: All potential borrowers must have a minimum graduate degree under their names to apply for a personal loan from Axis Bank.
• Work Experience: All personal loan applicants must prove their employment status and loan repayment capacity by showing a minimum of one year of experience.
• Minimum Monthly Income: The minimum monthly income to show varies based on the state you belong to. For instance, it is Rs. 25,000 minimum for individuals from cities like Mumbai or Delhi, while it can be Rs. 15,000 for other comparatively underdeveloped towns.

Axis Bank Personal Loan Interest Rate

Axis Bank offers an interest rate of 11.1% annually on its loans. However, it is essential to note that the bank may change its interest rate at any time. Apart from these, the bank's interest rate that applies to your loan amount depends on multiple factors, such as your income level, credit score, loan amount applied for, your chosen tenure, etc.

To sum it up, the Axis Bank personal loan calculator is one of the most essential online tools for assessing your budget before applying for a personal loan. Considering the easy access to such an important tool, there can be no substitute for these calculators online. So, if you plan to apply for a personal loan from Axis Bank, use this calculator and determine your loan repayment ability well in advance.

Other Banks Personal Loan EMI Calculator:
1. IDFC Personal Loan EMI Calculator
2. IDBI Personal Loan EMI Calculator
3. Bank of India Personal Loan EMI Calculator
4. Indusind Personal Loan EMI Calculator
5. Union Bank Personal Loan EMI Calculator
6. Canara Bank Personal Loan EMI Calculator
7. Indian Bank Personal Loan EMI Calculator
8. YES Bank Personal Loan EMI Calculator
9. Bandhan Bank Personal Loan EMI Calculator
10. Central Bank of India Personal Loan EMI Calculator
11. Ujjivan Small Finance Bank Personal Loan EMI Calculator