1. What is Personal Loan Eligibility?

The Axis Bank Personal Loan Eligibility calculator helps you determine how much you can borrow based on your affordable monthly payment, interest rate, and loan term. Axis Bank offers personal loans with rates starting at 10.49% p.a.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Eligible principal amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Loan term in months

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay each month, considering the interest rate and repayment period.

3. Importance of Loan Eligibility

Details: Knowing your eligible loan amount helps in financial planning and ensures you don't overburden yourself with debt. It also helps you negotiate better terms with the bank.

4. Using the Calculator

Tips: Enter your comfortable monthly payment in INR, the annual interest rate (default is 10.49%), and loan term in months (1-60). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for Axis Bank personal loans?
A: Rates start at 10.49% p.a. for eligible customers, but your actual rate may vary based on credit profile.

Q2: What is the maximum loan term available?
A: Axis Bank offers personal loans with terms up to 60 months (5 years).

Q3: What factors affect my eligibility besides payment capacity?
A: Credit score, income, employment history, and existing debts also impact your final eligibility.

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

Q5: Can I prepay the loan?
A: Yes, but prepayment charges may apply depending on when you prepay.