Axis Bank Personal Loan Calculator

Personal 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 Personal Loan Payment Formula?

The personal loan payment formula calculates the fixed monthly payment (PMT) required to repay a loan over a specified term. It accounts for the principal amount, interest rate, and loan duration.

2. How Does the Calculator Work?

The calculator uses the loan payment 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 divided by 12)
\( n \) — Total number of payments (loan term in months)
\( PMT \) — Monthly payment amount (INR)

Explanation: The formula calculates the fixed payment that covers both principal and interest each month, ensuring the loan is paid off by the end of the term.

3. Importance of Loan Calculation

Details: Understanding your monthly payment helps with budgeting and comparing loan offers. It also shows the total cost of borrowing (principal + interest).

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (without % sign), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What interest rates does Axis Bank offer?
A: Axis Bank personal loan rates typically range from 10.49% to 22% p.a., depending on credit profile and other factors.

Q2: What is the maximum loan amount?
A: Axis Bank offers personal loans up to ₹40 lakh for eligible customers.

Q3: What loan terms are available?
A: Loan terms typically range from 12 to 60 months (1 to 5 years).

Q4: Are there any processing fees?
A: Axis Bank charges up to 2% of the loan amount as processing fee plus applicable taxes.

Q5: How can I get the best interest rate?
A: Maintain a good credit score (750+), stable income, and consider existing relationships with Axis Bank.