1. What is the Monthly Payment Formula?

The monthly payment formula calculates your fixed payment amount for a personal loan based on the principal amount, interest rate, and loan term. Axis Bank personal loans currently start at 10.49% p.a. interest rate.

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
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for both principal repayment and interest charges spread evenly across all payments.

3. About Axis Bank Personal Loans

Details: Axis Bank offers personal loans with competitive interest rates starting from 10.49% p.a., flexible repayment tenures up to 5 years, and loan amounts up to ₹40 lakhs.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (start with 10.49% for Axis Bank), and loan term in months (12-60 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for Axis Bank personal loans?
A: The current starting rate is 10.49% p.a. for eligible customers, with actual rates depending on credit profile.

Q2: Are there any processing fees?
A: Axis Bank charges up to 2% of the loan amount as processing fee plus applicable taxes.

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

Q4: Does this include insurance or other charges?
A: No, this calculates only principal and interest. Additional charges may apply.

Q5: How can I get the best interest rate?
A: Maintain a high credit score (750+), stable income, and good banking relationship with Axis Bank.