1. What is the Personal Loan EMI Calculation?

The EMI (Equated Monthly Installment) calculation determines your fixed monthly payment for a personal loan, which includes both principal and interest components. Axis Bank offers personal loans with interest rates starting at 10.49% p.a.

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 term in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed payment amount required each month to pay off the loan over the specified term, including interest.

3. About Axis Bank Personal Loans

Details: Axis Bank offers personal loans with amounts ranging from ₹50,000 to ₹40 lakh, with repayment tenures from 12 to 60 months. Interest rates start at 10.49% p.a. and vary based on credit profile.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (default is 10.49%), and loan term in months (12-60). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from Axis Bank?
A: The minimum personal loan amount is ₹50,000, subject to eligibility.

Q2: What factors affect my interest rate?
A: Rates depend on credit score, income, employment stability, and relationship with Axis Bank.

Q3: Are there any prepayment charges?
A: Axis Bank may charge 0-2% for prepayment, depending on loan tenure and timing.

Q4: What documents are required?
A: Typically need ID proof, address proof, income documents, and bank statements.

Q5: How long does approval take?
A: For existing customers, approval can be within minutes. New customers may take 1-3 working days.