Axis Bank Term Loan Calculator

EMI Calculation Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (EMI):

Total Payment:

Total Interest:

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1. What is EMI Calculation?

The Equated Monthly Installment (EMI) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. For Axis Bank term loans, rates start at 10.49% p.a. for personal loans.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Principal loan amount (INR)
\( r \) — Monthly interest rate (annual rate divided by 12)
\( n \) — Number of monthly installments
\( PMT \) — Monthly payment (EMI)

Explanation: The formula accounts for both principal repayment and interest payment components in each EMI.

3. About Axis Bank Term Loans

Details: Axis Bank offers term loans with competitive interest rates starting from 10.49% p.a. for personal loans, with flexible repayment tenures up to 7 years.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (default is 10.49%), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount for Axis Bank term loans?
A: Typically starts from ₹50,000, but may vary based on loan type and applicant profile.

Q2: How is the interest rate determined?
A: Rates depend on loan type, amount, tenure, and applicant's credit profile. Current rates start at 10.49% p.a.

Q3: Are there any prepayment charges?
A: Axis Bank may charge 0-2% of principal outstanding for prepayment, depending on loan type and tenure.

Q4: What documents are required for a term loan?
A: Typically includes identity proof, address proof, income documents, and bank statements.

Q5: How long does loan approval take?
A: For complete applications, approval can take 2-7 working days depending on verification requirements.