1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

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

Note: The calculator uses Axis Bank's current personal loan interest rate of 10.49% p.a. as default, but you can adjust this value.

3. About Axis Bank Personal Loans

Details: Axis Bank offers personal loans with competitive interest rates starting from 10.49% p.a. Loan amounts range from ₹50,000 to ₹40 lakh with flexible repayment tenures from 1 to 5 years.

4. Using the Calculator

Tips: Enter the loan amount you wish to borrow, the annual interest rate (default is 10.49%), and the repayment period in years. The calculator will show your monthly EMI, total interest, and total payment amount.

5. Frequently Asked Questions (FAQ)

Q1: What is the current interest rate for Axis Bank personal loans?
A: As of 2023, Axis Bank personal loan interest rates start from 10.49% p.a., but actual rates may vary based on credit profile.

Q2: Are there any prepayment charges?
A: Axis Bank may charge prepayment penalties depending on loan terms. Check with the bank for current policies.

Q3: What is the maximum loan tenure available?
A: Axis Bank typically offers personal loans with repayment periods up to 5 years (60 months).

Q4: Does this calculator include processing fees?
A: No, this calculator doesn't include processing fees or other charges. Actual loan cost may be higher.

Q5: How can I reduce my EMI amount?
A: You can reduce EMI by either opting for a longer tenure or negotiating a lower interest rate based on your creditworthiness.