# Axis Bank Personal Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

With Zero Brokerage on Equity Delivery

## What is the Axis Bank Personal Loan EMI Calculator?

The Axis Bank personal loan EMI calculator is a valuable tool that helps you plan your finances when considering a personal loan. With this personal loan EMI calculator, you can determine the Equated Monthly Instalment (EMI) by inputting essential loan details, such as principal amount, interest rate, and loan tenure.

Angel One offers a user-friendly Axis Bank personal loan EMI calculator that simplifies the complex process of EMI calculation and provides quick results. By understanding the influence of interest rates and tenure on your loan EMI, you can make informed decisions and plan your finances accordingly.

Using tools like the online Axis Bank personal loan EMI calculator, you can confidently manage your loan.

## How Does the Axis Bank Personal Loan EMI Calculator Work?

The personal loan EMI calculator uses a formula that considers three variables: the loan amount, tenure, and interest rate to generate the monthly payment amount. It takes your inputs and applies the EMI calculation formula that is preprogrammed in the tool. It then generates the cost of EMI, total interest payable and total loan cost.

Axis Bank personal loan EMI calculator simplifies the calculation process, providing quick and accurate results. It helps you understand the impact of different loan parameters on your monthly payments, such as interest rates, loan amounts, and tenures.

## What is the Axis Bank Personal Loan EMI Calculator Formula?

The Axis Bank Personal Loan EMI calculator formula is given below:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where,

P = Principal loan amount

R = Monthly interest rate

N = Number of monthly instalments or tenure in months

Performing manual calculations using the formula above can be both complex and time-consuming. However, the Axis Bank personal loan EMI calculator that Angel One offers is a simpler alternative. It eliminates manual calculations, allowing you to quickly and effortlessly determine your loan's EMI.

## How to Use the Axis Bank Personal Loan EMI Calculator Online?

Using the online Axis Bank personal loan EMI calculator is a simple process. Follow the steps given below to use the calculator:

1. Visit Angel One and locate the Axis Bank personal loan EMI calculator

2. Enter the principal loan amount

3. Use the slider to adjust the annual interest rate

4. Specify the tenure or duration of the loan (in years)

The Axis Bank personal loan EMI calculator will instantly calculate your personal loan EMIs.

Let's look at an example for a better understanding.

Let's say you want to take a personal loan of Rs. 5,00,000. The bank charges 10% interest on personal loans, and you plan on repaying the loan in four years.

Once you enter this information into the Axis Bank personal loan EMI calculator, it will display your EMIs as Rs. 12,681. It will also display the total payable amount as Rs. 6,08,702, with an interest of Rs. 1,08,702.

## Benefits of Using the Axis Bank Personal Loan EMI Calculator

Here are the primary benefits of using the Axis Bank personal loan EMI calculator:

• Financial planning made easy: Planning your finances is crucial; the online Axis Bank personal loan EMI calculator helps you do that. By clearly understanding your monthly loan obligations, you can assess whether the loan fits your budget and make informed borrowing decisions. It eliminates any guesswork and provides a clear picture of your financial commitments.

• Accuracy and convenience at your fingertips: The Axis Bank personal loan EMI calculator provides accurate information that helps you assess whether the loan is affordable and fits your budget. It eliminates the need for manual calculations, ensuring that everything is correct. You can access this personal loan EMI calculator on Angel One anytime, anywhere, making it incredibly convenient for your financial planning.

• Save time and minimise errors: Time is valuable, and the online Axis Bank personal loan EMI calculator saves you precious time by eliminating the need for manual calculations. Additionally, it reduces the chances of errors, ensuring that you receive precise results. With this calculator, you can quickly determine your monthly EMIs and plan accordingly without hassle.

• Find the most favourable loan: The Axis Bank personal loan EMI calculator empowers you to experiment with different loan amounts, tenures, and interest rates. Adjusting these variables allows you to find the most favourable loan option that suits your needs. It allows you to compare different scenarios and find the loan with competitive interest rates, ensuring you make the best borrowing decision.

• Free and accessible: One of the best parts about the online Axis Bank personal loan EMI calculator is that it's free to use on Angel One. You can access it without any charges and use its benefits for your financial planning.

## Factors Influencing the Axis Bank Personal Loan EMI Amount

Listed below are the primary factors that influence the personal loan EMI amount:

• Loan amount: The loan amount is the first factor significantly affecting your personal loan EMI. Higher loan amounts result in larger EMIs, as you'll repay a larger principal sum over the loan tenure. It's crucial to assess your financial needs accurately and borrow what you require to avoid unnecessary burdens.

• Interest rate: Different lenders offer varying interest rates, so comparing rates and choosing the most favourable option is essential. Higher interest rates lead to higher EMIs, increasing the overall cost of the loan.

• Loan tenure: Longer tenures result in lower EMIs but higher overall amounts repaid, as you'll pay interest for a more extended period. On the other hand, shorter tenures lead to higher EMIs but lower overall interest payments.

## Types of Personal Loans Offered By Axis Bank

Axis Bank offers a unique financing option to help you quickly access funds for different purposes like for holiday, wedding, renovation, etc. It offers competitive interest rates and no collateral or security is needed.

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## FAQs

What is the Axis Bank personal loan EMI calculator?

The Axis Bank personal loan EMI calculator simplifies the calculation of EMIs for personal loans. It helps you determine the fixed monthly repayment amount based on the principal amount, interest rate, and loan tenure.

How to use the Axis Bank personal loan EMI calculator online?

To use the online Axis Bank personal loan EMI calculator, visit Angel One. Locate the Personal Loan EMI Calculator and enter the principal amount, interest rate, and loan tenure. The personal loan EMI calculator will provide the EMI, total payable amount, and interest.

Is the Axis Bank personal loan EMI calculator free to use?

Yes, the Axis Bank personal loan EMI calculator on Angel One is free. You can use it multiple times without any charges.

What is the minimum amount you can take on the Axis Bank personal loan?

The minimum amount of personal loan you can get keeps changing as per the bank’s terms.

Is there a penalty on the prepayment of the Axis Bank personal loan?

Yes. Axis Bank charges a penalty on prepayment of the personal loan. The charges are usually a percentage of the outstanding amount and can be found in the loan details.

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