1. What is EMI Calculation?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender each month until the loan is paid off. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

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

Explanation: The formula calculates the fixed monthly payment that will completely pay off the loan over its term, including interest.

3. About Axis Bank Personal Loans

Details: Axis Bank offers personal loans with interest rates starting at 10.49% p.a. for eligible customers. Loan amounts range from ₹50,000 to ₹40 lakh with tenures from 12 to 84 months.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (starting at 10.49% for Axis Bank), and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from Axis Bank?
A: Axis Bank offers personal loans starting from ₹50,000.

Q2: What is the maximum tenure available?
A: The maximum tenure for Axis Bank personal loans is 84 months (7 years).

Q3: How is interest calculated on personal loans?
A: Interest is calculated on a reducing balance basis, meaning you only pay interest on the outstanding principal.

Q4: Are there any prepayment charges?
A: Axis Bank may charge prepayment penalties depending on the loan terms and timing of prepayment.

Q5: What factors affect personal loan eligibility?
A: Income, credit score, employment status, existing obligations, and relationship with the bank all affect eligibility.