Axis Bank Personal Loan EMI Calculator

Suppose you borrow a personal loan for Rs. 15 lakh @ 9.99% p.a. for tenure of 5 years, below-mentioned is the amortization schedule for 1 year. For the remaining period, the principal component will continue to increase at the same pace, while the interest portion will gradually decrease.

Rate of Interest

Axis Bank Personal Loan Interest Rates start from 9.99% p.a. Personal loans availed at lower interest rates would result in lower EMIs and interest costs and vice versa. Thus, ensure to compare the personal loan interest rates offered by top lenders before applying for Axis Bank Personal Loan.

Loan Tenure

Personal Loans from Axis Bank come with loan tenures of up to 5 years. Existing personal loan borrowers can lower their EMIs by opting for longer repayment tenures. However, longer repayment tenures end up increasing the total interest cost of their personal loan. Thus, individuals planning to avail Axis Bank personal loan should use the Axis Bank Personal Loan EMI Calculator to find out the optimum loan tenure based on their repayment capacity.

Loan Amount

Personal loan applicants can avail Axis Bank Personal Loans for loan amounts of up to Rs 40 lakh. The bigger the loan amount, the higher would be the EMIs and total interest cost. Calculate the EMI beforehand using the personal loan EMI calculator to know your loan amount affordability. Your eligibility for personal loan amount would primarily depend on your repayment capacity and loan tenure.

The major benefits of using online Axis Bank Personal Loan EMI Calculator are as follows:

Easy to Use

Axis Bank Personal loan EMI Calculator allows the prospective borrowers to calculate the EMI and interest cost easily and without much hassle. All they need to do is to enter the principal loan amount, the interest rate and the desired loan tenure and get instant results.

Provides Quicker and Accurate Results

Axis Bank Personal EMI Calculator calculates the monthly instalments instantly without any tedious calculations using complex formulas. Since Axis Bank Personal Loan EMI Calculator is automated, there is no scope of errors that comes with manual calculations.

Budget Management

Personal loan EMI calculator allows the applicants to evaluate their loan affordability. Thus , they can plan their monthly budget according to their repayment capacity and save for repayments.

Improve Personal Loan Eligibility

Lenders generally approve personal loan applications of individuals whose total EMI obligations, including their proposed personal loan EMI, does not exceed 50% – 60% of their total monthly income. As using Axis Bank Personal Loan EMI Calculator would give the prospective loan applicants a fair idea of their EMIs, those exceeding the aforementioned limit can opt for longer repayment tenures on their personal loan and/or lower personal loan amounts to reduce the EMI while making personal loan application. This should help them in improving the chances of personal loan approval.

Healthy Credit Scores

Personal loan applicants who have already calculated their monthly instalments using the Axis Bank Personal Loan EMI Calculator would be better prepared to manage their finances for repaying their personal loans within the given tenure. Thus, such applicants would have lower chances of defaulting on their EMIs. This in turn would help in improving or maintaining their credit scores.

Considering the above-mentioned factors, you should use the Axis Bank Personal EMI Calculator to determine your optimum tenure and loan amount for your Axis Bank Personal Loan based on your repayment capacity. You can use Axis Bank Personal Loan EMI calculator or Paisabazaar’s Personal Loan EMI Calculator to calculate and compare the personal loan EMIs of other lenders as well.

The Axis Bank personal loan EMI calculator works in the following steps

Note that, you can adjust the loan parameters and check how different parameters affect your EMI and interest cost. Thus, you can opt for an interest rate, loan amount or loan tenure as per your affordability.

Consequences of Missed EMIs

Missed personal loan EMIs lead to late payment charges that eventually increase the total borrowing cost. This might adversely affect the credit score of the applicant making it difficult to secure personal loans in future.

Penal Charges: