1. What is Axis Bank Personal Loan?

Axis Bank Personal Loans offer multi-purpose financing with interest rates starting at 10.49% p.a. These unsecured loans can be used for various needs like medical expenses, travel, home renovation, or debt consolidation.

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

Explanation: The formula calculates the fixed monthly payment needed to repay the loan over the specified term, including both principal and interest components.

3. Importance of EMI Calculation

Details: Calculating your EMI helps in financial planning, ensuring the loan fits your budget. It helps compare different loan offers and understand the total cost of borrowing.

4. Using the Calculator

Tips: Enter loan amount (minimum ₹10,000), interest rate (starting at 10.49%), and loan term (1-7 years). The calculator will show your EMI, total interest, and total repayment amount.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount?
A: Axis Bank typically offers personal loans starting from ₹50,000 up to ₹40 lakhs, depending on eligibility.

Q2: What is the processing fee?
A: Axis Bank charges up to 2% of the loan amount as processing fee, subject to a minimum of ₹1,999.

Q3: Are there prepayment charges?
A: Prepayment is allowed after 12 EMIs with a 2.5% prepayment charge on the outstanding principal.

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

Q5: How long does approval take?
A: Axis Bank offers instant in-principle approval for pre-approved customers, with disbursal within 24-72 hours of document verification.