1. What is the Amortization Schedule?

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and interest that comprises each payment until the loan is paid off at the end of its term.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Number of monthly payments (years × 12)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula calculates the fixed monthly payment required to fully amortize a loan over its term.

3. Importance of Amortization Schedule

Details: Understanding your amortization schedule helps you see how much of each payment goes toward principal vs. interest, plan for prepayments, and understand the total cost of your loan.

4. Using the Calculator

Tips: Enter the principal amount in INR, annual interest rate (as offered by Axis Bank), and loan term in years. The calculator will show your monthly payment and detailed payment breakdown.

5. Frequently Asked Questions (FAQ)

Q1: What is Axis Bank's current home loan interest rate?
A: Axis Bank's home loan rates vary (typically 8.5-10.5% p.a.) based on loan amount, tenure, and applicant profile. Check their website for current rates.

Q2: Can I make prepayments on my Axis home loan?
A: Yes, Axis Bank allows prepayments, usually with some conditions. Prepayments reduce your principal and thus total interest.

Q3: How does EMI change with floating vs fixed rates?
A: With floating rates, your EMI may change when rates change. Fixed rates keep the same EMI throughout the term.

Q4: What charges are not included in this calculation?
A: Processing fees, insurance, and other one-time charges aren't included. Only principal and interest are calculated.

Q5: How accurate is this calculator?
A: This provides a close estimate, but actual payments may vary slightly due to rounding or specific bank policies.