1. What is EMI Calculation?

EMI (Equated Monthly Installment) calculation helps determine the fixed monthly payment amount for a personal loan from Axis Bank in India. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the EMI formula:

Where:

• \( P \) — Principal loan amount (₹)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment required to pay off the loan over the specified tenure, accounting for both principal and interest.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers plan their finances, understand their repayment obligations, and choose the right loan tenure and amount for their budget.

4. Using the Calculator

Tips: Enter principal amount in ₹, annual interest rate in percentage, and loan tenure in months. All values must be valid positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect EMI amount?
A: EMI is affected by principal amount, interest rate, and loan tenure. Higher principal or interest rate increases EMI, while longer tenure reduces EMI.

Q2: Are there any additional charges in Axis Bank personal loans?
A: Yes, Axis Bank may charge processing fees, prepayment charges, and other applicable fees which are not included in EMI calculation.

Q3: Can I prepay my Axis Bank personal loan?
A: Yes, but prepayment may attract additional charges as per Axis Bank's terms and conditions.

Q4: What is the typical interest rate for Axis Bank personal loans?
A: Interest rates vary based on credit profile, loan amount, and tenure. Typically ranges from 10.49% to 22% per annum.

Q5: How does credit score affect personal loan eligibility?
A: Higher credit scores (usually 750+) generally qualify for better interest rates and higher loan amounts from Axis Bank.