1. What is EMI Calculation?

The EMI (Equated Monthly Installment) calculation determines your fixed monthly payment for a personal loan from Axis Bank. It includes both principal and interest components, calculated to ensure the loan is repaid in full over the specified tenure.

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)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for compound interest and spreads payments evenly over the loan term.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan finances, and choose the right loan amount and tenure that fits their budget.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (Axis Bank's current rates), and loan tenure in months (1-120). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What are Axis Bank's current personal loan interest rates?
A: For 2024-2025, rates typically range from 10.49% to 22% p.a. depending on credit profile and loan amount.

Q2: How does tenure affect EMI?
A: Longer tenure reduces EMI but increases total interest paid. Shorter tenure means higher EMI but less interest overall.

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

Q4: What's the maximum loan amount and tenure?
A: Typically up to ₹40 lakhs with tenure up to 10 years (120 months), subject to eligibility.

Q5: Does this include processing fees?
A: No, this calculator shows only principal + interest. Processing fees (0.5-2% of loan amount) would be additional.