Personal Loan Payment Formula:
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The personal loan EMI (Equated Monthly Installment) calculation determines your fixed monthly payment amount that includes both principal and interest components. Axis Bank India offers personal loans with interest rates starting at 10.49% p.a.
The calculator uses the standard EMI formula:
Where:
Explanation: The formula accounts for compound interest over the loan term, calculating a fixed payment that pays off both principal and interest over time.
Details: Axis Bank offers personal loans from ₹50,000 to ₹40 lakhs with flexible repayment terms from 1 to 7 years. Interest rates are competitive starting at 10.49% p.a. for eligible customers.
Tips: Enter loan amount in INR, annual interest rate (10.49% to 24%), and loan term in years (1-7). The calculator will show your EMI, total payment, and total interest.
Q1: What is the minimum loan amount from Axis Bank?
A: The minimum personal loan amount is ₹50,000 for most customers.
Q2: What is the maximum repayment period?
A: Axis Bank offers repayment periods up to 7 years (84 months) for personal loans.
Q3: Are there any prepayment charges?
A: Axis Bank may charge 0-2% prepayment penalty depending on loan terms and prepayment timing.
Q4: What documents are required?
A: Typically need identity proof, address proof, income documents, and bank statements.
Q5: How can I get the lowest interest rate?
A: Maintain good credit score (750+), stable income, and existing relationship with Axis Bank.