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What is the Axis Bank EMI Calculator?
Imagine purchasing your dream home or driving off in a shiny new car. Exciting, right? But when you finance these aspirations with a loan, it's important to understand the financial commitment involved. That's where Equated Monthly Installments (EMIs) come in as your reliable companions.
EMIs are fixed monthly payments that you make towards repaying your loans. They include the principal loan amount and the interest the bank or financial institution charges. EMIs are designed to make loan repayment more manageable by spreading it over a set period.
You might wonder, "How can I know my EMI amount?" That's where the online Axis Bank EMI calculator can help you. It makes your financial planning journey a breeze. The Axis Bank EMI calculator is a useful online tool that empowers you to calculate the EMIs on your Axis Bank loan easily. It helps you make informed decisions about your borrowing capacity.
How Does a Axis Bank EMI Calculator Work?
The Axis Bank EMI calculator works on a simple formula. It considers three crucial factors: your loan amount, the applicable interest rate, and tenure. Once you have entered these details, the EMI calculator calculates your monthly instalment amount, total payable amount and interest.
What Is the Axis Bank EMI Calculator Formula?
The Axis Bank EMI calculator formula is given below:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
P = Principal amount of the loan
R = Monthly interest rate
N = Number of monthly installments
You can easily perform all the calculations with the Axis Bank EMI calculator on Angel One.
How To Use the Axis Bank EMI Calculator Online?
The Axis Bank EMI calculator is simple to use. Here’s how:
- Visit Angel One and navigate to the Axis Bank EMI calculator page
- Enter the loan amount
- Input the applicable interest rate
- Finally, specify the duration of the loan in years
The Axis Bank EMI calculator will immediately calculate and show you the estimated monthly payments you must make to repay your loans.
Here’s an example to help you better understand the concept.
Suppose you want to take a loan of Rs. 10,00,000. You’ll repay the loan in 7 years and get an interest rate of 8.5% per annum. Once you input these details into the EMI calculator, it will display your monthly installments as Rs. 15,836. The total amount you will repay over the loan term will be Rs. 13,30,265, with Rs. 3,30,265 being the interest amount.
Benefits Of Using a Axis Bank Loan EMI Calculator
Here are some advantages of using the Axis Bank EMI calculator:
- Accurate financial planning: The online Axis Bank EMI calculator on Angel One allows you to obtain precise details regarding your monthly repayment amount and refine your financial plans.
- Time saver: You can bid farewell to tedious number crunching and hours spent on intricate calculations. The user-friendly Axis Bank EMI calculator on Angel One provides instantaneous results, saving precious time and effort.
- Benchmark against other bank loans: It helps you compare loan options from different lenders. You can explore various loan amounts, tenures, and interest rates to identify the most advantageous loan with competitive interest rates. Eventually, it enables you to make well-informed decisions and select the optimal loan option for your needs.
- Free to use: You can access the online Axis Bank EMI calculator on Angel One without any charges or hidden fees. It offers unrestricted usage, allowing you to enjoy the benefits of this useful tool without any financial burden.
Types of EMI Loans Offered by Axis Bank
Axis Bank has a range of loans designed specifically to cater to your diverse needs. You can benefit from the following loan options:
- Personal loans: You can fulfil your financial requirements with Axis Bank's loans. Whether you need funds for medical expenses, home renovations, wedding costs, debt consolidation, or any other personal need, Axis Bank has covered you.
- Home loans: You can make your dream of owning a home a reality with Axis Bank's home loans. Whether purchasing a new property, building a house from scratch, or renovating your current home, Axis Bank offers attractive home loan options with competitive interest rates.
- Car loans: Owning your dream car is easier with Axis Bank's car loans. Take advantage of affordable interest rates, quick processing, and flexible repayment options when you choose Axis Bank.
- Educational loans: These loans empower you to pursue higher education in India or abroad. These loans will cover your tuition fees, hostel expenses, examination fees, and other related costs, ensuring you have the necessary financial support throughout your academic journey.
- Business loans: If you're an entrepreneur or a business owner, Axis Bank offers business loans to fulfil your financial needs. Whether you require funds for expansion, working capital, or achieving your business goals, Axis Bank is here to provide the necessary support.
The Axis Bank EMI calculator helps you calculate the EMIs for your loan. It helps you determine the amount you must pay monthly for your loan repayment. It considers the principal amount, interest rate, and loan tenure to calculate EMIs. It can help you plan your finances better and assess the affordability of a loan.
Visit Angel One and navigate to the online Axis Bank EMI calculator. Enter the loan amount, the interest rate, and the loan tenure. The EMI calculator will instantly generate the EMI amount you must pay towards your loan repayment.
Yes, the Axis Bank EMI calculator is free, and you can use it multiple times. Angel One offers the EMI calculator to help you assess your loan repayments.
The total interest of a loan is calculated by subtracting the principal amount from the total repayment amount. This difference represents the cumulative interest you will pay over the loan tenure.
The minimum amount for a loan varies depending on the bank and the type of loan you want to avail.