1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender each month until the loan is fully repaid. It consists of both principal and interest components.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 and converted to decimal)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Example: For a ₹1,00,000 loan at 10.49% annual interest for 36 months, the monthly EMI would be approximately ₹3,250.

3. About Axis Bank Personal Loans

Details: Axis Bank offers personal loans starting from 10.49% p.a. interest rate with loan amounts up to ₹40 lakh and tenures up to 5 years (60 months). Interest rates may vary based on credit profile.

4. Using the Calculator

Tips: Enter principal 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 minimum loan amount from Axis Bank?
A: Axis Bank typically offers personal loans starting from ₹50,000.

Q2: How does prepayment affect EMI?
A: Prepayment reduces principal, which can either reduce EMI or loan tenure. Axis Bank may charge prepayment fees.

Q3: What factors affect personal loan interest rates?
A: Credit score, income, employment history, loan amount, and tenure influence the interest rate offered.

Q4: Are there processing fees for Axis Bank personal loans?
A: Yes, typically up to 2% of the loan amount plus GST.

Q5: How can I get the best interest rate?
A: Maintain a high credit score (750+), show stable income, and compare offers from multiple lenders.