1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

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

Explanation: The formula calculates the fixed payment amount that includes both principal and interest components.

3. About Axis Bank Personal Loans

Details: Axis Bank offers personal loans starting from 10.49% interest rate (2024-25) with flexible tenures up to 60 months. Loan amounts can range from ₹50,000 to ₹40 lakhs depending on eligibility.

4. Using the Calculator

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

5. Frequently Asked Questions (FAQ)

Q1: What is the current interest rate for Axis Bank personal loans?
A: As of 2024-25, rates start at 10.49% p.a., but may vary based on applicant profile and market conditions.

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

Q3: Are there any processing fees?
A: Yes, Axis Bank typically charges up to 2% of the loan amount as processing fee plus applicable taxes.

Q4: Can I prepay my personal loan?
A: Yes, but prepayment charges may apply depending on when you prepay (usually 0-5% of principal outstanding).

Q5: How does EMI change with tenure?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.