What is Personal Loan EMI?
Personal Loan EMI is the amount that is payable every month until the end of the loan tenure. Personal loan borrowers will have to pay the EMI amount, which will include both the principal and the interest component of the personal loan, on a monthly basis till the entire loan amount is repaid in full. The EMI for personal loans availed at fixed interest rates will remain the same throughout the loan tenure.
What is Axis Bank Personal Loan EMI Calculator?
Axis Bank Personal Loan EMI Calculator is an online tool offered by Axis Bank to help its prospective personal loan borrowers calculate the loan instalment amount to be paid every month. The EMI amount would vary on the basis of the Axis Bank Personal Loan Interest Rate, loan amount and repayment tenure selected by the individual. Alternatively, one can also use PaisaBazaar’s Personal Loan EMI Calculator to select the optimum tenure and EMIs for Axis Bank Personal Loan based on their repayment capacity.
How do I select the ROI for the Axis Bank Personal Loan EMI Calculator?
Axis Bank Personal Loan EMI Calculator provides loan applicants’ with the option of selecting ROI from a wide range of interest rates. The prospective borrowers can select different combinations of interest rates, loan amounts and tenures to find the respective EMIs for each combination. However, note that the final ROI offered for your personal loan will be determined based on your Axis Bank Personal Loan Eligibility, which is dependent on multiple factors including your monthly income, credit score, age, occupation profile, repayment capacity etc.
Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs
|Axis Bank||10.49% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.49% onwards||Apply Now|
|HDFC Bank||10.50% onwards||Apply Now|
|ICICI Bank||10.65% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
|Bajaj Finserv||11.00% onwards||Apply Now|
|Federal Bank||11.49% onwards||Apply Now|
|DMI Finance||12.00% - 40.00%||Apply Now|
|L&T Finance||12.00% onwards||Apply Now|
|Kreditbee||12.25% - 30.00%||Apply Now|
|MoneyTap||13.00% onwards||Apply Now|
|Piramal Finance||12.99% onwards||Apply Now|
|Aditya Birla||13.00% onwards||Apply Now|
|Moneyview||15.96% onwards||Apply Now|
|Cashe||27.00% onwards||Apply Now|
Note: Interest rates as on 28th November 2023
Factors affecting Axis Bank Personal Loan EMI
Rate of Interest
Axis Bank Personal Loan Interest Rates start from 10.75% 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.
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 ends 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.
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. Your eligibility for personal loan amount would primarily depend on your repayment capacity and loan tenure.
Benefits of Using Axis Bank Personal Loan EMI Calculator
The main benefits of using online Axis Bank Personal Loan EMI Calculator are as follows:
Easy to Use
Axis Bank Personal loan EMI Calculator would allow loan applicants to calculate the EMI amount without much hassle. All they need to do is to enter the principal loan amount, the interest rate and then select the desired loan tenure to know the value of their monthly instalments.
Provides Quicker and Accurate Results
Axis Bank Personal EMI Calculator would allow the prospective personal loan applicants to find out their EMIs without going through tedious calculations using complex formulas. Additionally, Axis Bank Personal Loan EMI Calculator would also provide the accurate monthly instalment amount as there is no scope of human errors that comes with manual calculations.
As the EMI amount for personal loans availed at fixed interest rates remain constant during the entire loan tenure and the loan applicants know the amount payable every month while undertaking the loan, they can adjust their monthly expenses accordingly to fit in the EMI amount.
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 should 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 EMI 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.