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It’s a well-settled fact that now you can have anything if you can set your mind to it, courtesy, customized and readily available personal loans. But is there any way to assess how much loan you can afford to have?

Yes, you can now, without having to do those lengthy calculations yourself!  Thanks to the Axis bank personal loan EMI calculator, you can assess your financial position to perfection, with just a few tabs on your mobile or laptop. You can get to know how much to borrow, without causing any inconvenience to your regular budget.

What is an Axis bank personal loan EMI calculator?

Axis Bank offers easily available personal loan products to individuals in urgent need of funds to address immediate financial issues. Axis Bank personal loan products are offered to both the salaried & self-employed groups of people and with highly competitive interest rates.

An Axis Bank EMI calculator is an easy-to-use tool that helps you to ascertain your possible EMI amount before availing the personal loan product of your choice. The detailed and period-wise break-up provided by this tool will help you to plan the repayment over your chosen loan tenure.

The inputs required by the Axis Bank personal loan EMI Calculator

The Axis Bank personal loan EMI calculator needs the below-mentioned inputs before it can display the desired result.

  • Personal Loan amount

This is the amount you wish to borrow from Axis Bank. The interest payable is calculated by the Bank on this amount.

  1. Loan tenure

This is the time period before the expiry of which you need to repay the loan amount to the Bank. You can choose any loan tenure in the range of 12 to 60 months. The EMI is less for a shorter loan tenure and vice-versa.

  • Rate of Interest

It is the most critical component of the Axis Bank EMI calculator. As you are aware of, it is the rate offered by the Bank to the borrowers. Based on this, the total interest payable is calculated.

The formula used by the Axis Bank personal loan EMI calculator

A personal loan EMI calculator makes better financial planning possible for you. It provides break-up about the amount you need to repay to your lender at different stages of the loan tenure. The Axis Bank EMI Calculator makes use of the below-mentioned simple formula to calculate your EMI-

                 (1+r)n

E = P * r   ((1+r)n -1 )

  1. E is the Axis bank personal loan EMI.
  2. P is the personal loan amount borrowed from Axis Bank
  3. ‘r’ is the interest rate offered by the Axis Bank. The monthly interest rate is applied here, in lieu of the annual rate of interest. The same is calculated by the formula r = annual interest/12/100. If the interest rate is 10.5% per annum, then r= 10.5/12/100= 0.00875
  4. ‘n’ is the Axis Bank personal loan tenure in months. For example, instead of 4 years, 48 months is written.

Axis Bank personal loan interest rates and other fees/charges

Category Rate/Charge
Interest Rate Starts from 15.50%
Processing Fees In the range of 1.5 % to 2 %  of the loan amount +GST
Prepayment Charges NIL. Allowed only after payment of 1 EMI
Foreclosure Charges NIL. Allowed only after payment of 1 EMI
Additional interest on late payment 2 % per month
Repayment mode swap fee Rs 500 per transaction + GST
Duplicate amortisation schedule charge Rs 250 + GST
CIC Report charges Rs 50 +GST
Duplicate statement issuance charge Rs 250 + GST
Issuance of duplicate NOC Rs 500+ GST
Stamp Duty charges As per State Stamp Act
Issuance  of photocopy of loan agreements/other documents Rs 250 per instance +GST

*Rates are subject to periodic change. Personal loan interest rates in Axis   Bank and other fees/charges are subject to regular reviews and can vary from customer to customer depending upon a number of factors

Salient features of an Axis Bank personal loan

  • Highly competitive rate of interest
  • zero prepayment charges
  • Completely transparent loan disbursal procedure
  • Zero foreclosure charges, low processing fees & convenient repayment options (ECS, PDCs etc).
  • No guarantor/ collateral or security needed.
  • Flexible repayment tenures in the range of 12 to 60 months.
  • Applicants can avail the EDGE loyalty benefits offered by Axis Bank personal loans. With this, they can redeem points earned for discounts and cash surplus
  • You can easily transfer your existing Personal Loan from other lenders to Axis Bank. You can get lower interest rates than you are availing with your existing loans.
  • You get the complete flexibility of end-use on the Axis Bank personal loan amount.
  • Axis Bank personal loan requires minimal documentation. Submission of only a few basic documents is enough from your end.

Post Author: Gabriel Hervey