1. What is the Axis Bank Personal Loan EMI Calculator?

The Axis Bank Personal Loan EMI Calculator helps you estimate your monthly payments (EMI) for personal loans from Axis Bank, with interest rates starting at 10.49% p.a. It calculates your EMI based on loan amount, interest rate, and loan term.

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

Explanation: The formula accounts for compound interest over the loan term, spreading payments equally over each month.

3. Importance of EMI Calculation

Details: Calculating your EMI helps you plan your finances, understand affordability, and compare loan options before applying.

4. Using the Calculator

Tips: Enter loan amount in INR (minimum ₹10,000), annual interest rate (minimum 10.49%), and loan term in years (1-7 years). All values must be valid.

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, with this calculator allowing calculations from ₹10,000.

Q2: What is the maximum loan term available?
A: Axis Bank offers personal loans with terms up to 7 years (84 months).

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

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

Q5: What factors affect my personal loan interest rate?
A: Your credit score, income, employment history, relationship with the bank, and loan amount/term affect your rate.