Axis Bank Loan Calculator Personal Loan In Nepal

Loan Payment Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (PMT):

Total Payment:

Total Interest:

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1. What is the Axis Bank Loan Calculator?

The Axis Bank Loan Calculator helps estimate monthly payments for personal loans in Nepal using the standard PMT formula. It calculates based on principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the PMT formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Principal loan amount (INR)
\( r \) — Monthly interest rate (annual rate ÷ 12)
\( n \) — Number of monthly payments (term in years × 12)
\( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the loan term, spreading payments equally over each month.

3. Importance of Loan Calculation

Details: Accurate loan payment estimation helps borrowers plan their finances, compare loan offers, and understand total borrowing costs before committing.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage, and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Is this calculator specific to Nepal?
A: While using Axis Bank's calculation method, it's not Nepal-specific. Check with local branches for exact terms.

Q2: What's included in the monthly payment?
A: This calculates principal and interest only. Additional fees or insurance may apply to actual loans.

Q3: How does interest rate affect payments?
A: Higher rates increase both monthly payments and total interest paid over the loan term.

Q4: Are results exact loan offers?
A: No, these are estimates. Actual loan terms depend on creditworthiness and bank policies.

Q5: Can I calculate for partial years?
A: For partial years, convert to months (e.g., 3.5 years = 42 months) and use months as input.