1. What is Axis Bank Personal Loan?

Axis Bank offers personal loans with interest rates starting at 10.49% p.a. for eligible customers. These unsecured loans can be used for various purposes like medical emergencies, weddings, travel, or debt consolidation.

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 divided by 12)
• \( n \) — Number of monthly payments (loan term in years × 12)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula calculates the fixed monthly payment required to fully repay the loan over the specified term, including interest.

3. Importance of Loan Calculation

Details: Calculating your EMI (Equated Monthly Installment) helps in financial planning, budgeting, and comparing different loan options before borrowing.

4. Using the Calculator

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

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, though amounts may vary based on eligibility.

Q2: What is the maximum tenure for Axis Bank personal loans?
A: The maximum tenure is usually 7 years (84 months) for most customers.

Q3: Are there any prepayment charges?
A: Axis Bank may charge 0-2% prepayment penalty depending on the loan terms and when you prepay.

Q4: What factors affect my eligibility?
A: Income, credit score, employment history, existing debts, and relationship with Axis Bank affect eligibility.

Q5: How can I get the lowest interest rate?
A: Maintain a high credit score (750+), have stable income, and consider existing relationships with Axis Bank.