Axis Bank Personal Loan EMI Calculator

Curious to know the exact calculations of your monthly installments? If yes, use the Axis Bank Personal Loan EMI Calculator online which will give you the accurate values of your EMIs and Interest Outgo. Get more insights on the page below.

How to Use Wishfin Axis Bank Personal Loan Calculator?

With the help of Wishfin Axis Bank EMI Calculator, knowing your EMIs, Interest Outgo, and Total Amount Payable is easy and quick. This magical device, with its highly advanced algorithm, allows you to know the exact calculation of your monthly installments in a hassle-free manner. All you need to do is just feed:

• Loan Amount
• Tenure
• Interest Rate

The moment you feed these credentials into the device, it will instantly churn out the results for you within few seconds. And, with the help of a graphical representation, it helps you to understand things in a better way. You can also drag the sliders to enter your desired loan amount, tenure, and interest rate, and get the results instantly.

Example to Understand the Working of Axis Bank Personal Loan EMI Calculator

Suppose Yashika Malhotra, a 30-year-old Content Writer by profession, wants to take out a personal loan of ₹2 Lakh to pay her credit card debt. The bank has agreed to offer her the loan at an interest rate of 15.75% per annum for a tenure of 1 to 5 years.

Yashika wanted to understand her financial commitments toward a loan, so she used an online personal loan EMI Calculator to determine her monthly payments, total interest outgo, and the overall amount payable. Here’s a table that breaks down these details to give a clear picture of her loan repayment plan.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Axis Bank Personal Loan EMI Calculation Formula

In order to calculate an EMI, the calculator uses the below formula:

EMI=[P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments

If you take out a loan of Rs. 1 lakh at an interest rate of 12% for a period of 5 years, your EMI would be calculated as follows:

• Principal Amount (P): ₹1,00,000
• Interest Rate (R): 12% per annum (which is 12/12/100 = 0.01 per month)
• Loan Tenure (n): 5 years, or 60 months

Here's how you can figure it out.

[1,00,000 x 0.01 x (1 + 0.01) ^ 60]/[(1+0.01) ^60 -1] = 2,224

Hence, the monthly EMI you would need to pay is Rs. 2,224.

Axis Bank Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

What is the EMI of a 1 Lakh Personal Loan in Axis Bank?

Below, we have calculated the EMI for a 1 lakh Axis Bank personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Axis Bank on their personal loans.

What is the EMI of a 3 Lakh Personal Loan in Axis Bank?

Below, we have calculated the EMI for a 3 lakh Axis Bank personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Axis Bank on their personal loans.

What is the Lowest EMI Axis Bank Personal Loan EMI Calculator Details?

Axis Bank Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 12% per annum

Axis Bank Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 24% per annum

What is the EMI of a 7 Lakh Personal Loan in Axis?

You can see the monthly EMI on a loan of INR 4 Lacs, INR 5 Lacs, INR 6 Lacs, and INR 7 lacs in the table below:-

What is the monthly EMI for a 10 lakhs Axis Bank personal loan?

You can see the monthly EMI on a loan of INR 8 Lacs, INR 9 Lacs, and INR 10 lacs in the table below:-

Axis Bank Personal Loan Interest Rate

Before availing a loan, it is important that you should know personal loan interest rates . Currently, the bank is offering the credit at an interest rate of 11.25%  - 22.00% per annum. With the help of knowing the same, it would be easier for you to compare the rates in order to grab the best deal. Make sure that the rates being offered by the lender should be attractive so that you can easily repay your loan with pocket-friendly EMIs, which in turn would reduce your overall loan burden.

Axis Bank Personal Loan Apply

When it comes to applying for Axis Bank Personal Loan , there are two ways to do the same. You can either apply online by following a quick and easy process, wherein you just need to visit a reliable site like Wishfin that helps in comparing and grabbing the best deal. While on the other hand, you can also opt to apply by visiting the bank itself. You just need to go the branch nearest to your location and submitting the required documents so as to apply for a personal loan.

Axis Bank Personal Loan Login

You can anytime check the real-time status of your Axis Bank personal loan by simply log in through Net Banking. With the help of this online facility, it is absolutely easy and a hassle-free process to check the credentials of your loan. In fact, you can also apply for a new personal loan from your Axis Bank account online. The best thing about this facility is that you can anytime login to your account and know the insights on the go.

Advantages of Using Axis Bank Loan Calculator

Using the Axis Bank Personal Loan EMI Calculator offers several advantages that can significantly benefit potential borrowers. Here are the key benefits:

• Ease of Use: The Axis Bank Personal Loan EMI Calculator is user-friendly and does not require any technical expertise. Users need to input the principal loan amount, interest rate, and loan tenure to instantly get the EMI amount.
  
• Accurate and Quick Results: The calculator provides quick and accurate results that eliminate the need for tedious manual calculations. This ensures that there are no errors, which are common in manual computations.
  
• Informed Budgeting: The calculator helps users plan their finances better by providing a clear estimate of the monthly EMI. It allows them to assess how comfortably the estimated EMI fits into their overall financial plan and existing commitments.
  
• Comparison of Loan Options: The calculator allows users to compare different loan scenarios by adjusting the loan amount, interest rate, and tenure. This helps in selecting the most suitable loan option based on individual financial situations.
  
• Improved Loan Eligibility: Using the EMI calculator gives prospective loan applicants a fair idea of their EMIs. Those exceeding the recommended EMI-to-income ratio can opt for longer repayment tenures or lower loan amounts to reduce the EMI, thereby improving their chances of loan approval.

Axis Bank Personal Loan Eligibility

Axis Bank sets its personal loan eligibility based on factors like job type, age, and monthly income. Here are the key requirements:

• Eligible Borrowers: Government employees (this includes workers from local and central bodies), employees of private and public limited companies, and Public Sector Undertakings. Axis Bank also provides personal loans to doctors.
  
• Age Limits: Applicants must be at least 21 years old when applying for the loan, and no more than 60 years old when the loan is due to be paid off.
  
• Income Requirement: To qualify for a personal loan from Axis Bank, you need a minimum monthly income of Rs 15,000.

Factors Affecting Axis Bank Personal Loan EMI

Several factors can affect the EMI of an Axis Bank personal loan. Understanding these can help you better plan your finances when considering a loan. Here are the key factors:

• Loan Amount: If you apply for a larger loan amount, the EMI will be higher and vice versa. Additionally, the amount you can borrow largely depends on your repayment capacity and the duration of the loan term.
  
• Interest Rate: The rate of interest charged by Axis Bank on your personal loan significantly influences the EMI. A higher interest rate increases the EMI and vice versa.
  
• Loan Tenure: The duration you choose to repay the loan also affects the EMI. A longer loan tenure results in lower monthly payments but increases the total interest paid over the life of the loan.
  
• Credit Score: Your credit score may influence the interest rate you receive. A higher credit score could qualify you for a lower rate, thus reducing your EMI.
  
• Fees and Charges: Additional fees like processing fees, prepayment penalties, and other charges by Axis Bank can also impact the overall cost of your loan, thus indirectly affecting your EMI.

Fees and Charges Levied on Axis Bank Personal Loans

Here are the fees and charges applicable to Axis Bank personal loans:

Limitations of Using Axis Bank Personal EMI Calculator

• Accuracy of Inputs: The accuracy of the EMI calculated depends entirely on the inputs provided by the user. Any inaccuracies in the loan amount, interest rate, or tenure can lead to incorrect EMI calculations.
  
• Exclusion of Additional Costs: The calculator typically only considers the principal amount, interest rate, and tenure. It does not account for additional costs such as processing fees, insurance premiums, or any other administrative charges, which can affect the total cost of the loan.
  
• Interest Rate Assumptions: The EMI calculator often calculates a static interest rate. However, actual interest rates may vary based on the borrower’s credit profile, loan amount, and market conditions, which are not considered in the calculator.
  
• Lack of Personalization: The Axis Bank loan calculator provides a general estimate that doesn’t take into account the borrower’s complete financial situation, such as other debts, monthly expenses, or financial stability.
  
• Simplification of Financial Decisions: While the Axis Bank loan calculator is useful for getting quick estimates, it simplifies complex financial decisions that should ideally involve a more comprehensive analysis of various financial factors and future uncertainties.