Urban Money
  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Axis Bank is one of the leading banking organisations in India that provides financial services to meet the personal and business needs of customers. Axis Bank offers personal loan products starting at 10.25% per annum. The bank also levies a processing fee that depends on the loan amount and tenure. Further, Axis Bank also charges foreclosure fees that range between 2% and 5%. Using the Axis Bank Personal Loan Calculator, you can easily determine the EMI and loan amount you can afford. Furthermore, you can also view various other details that will help you make a smart loan borrowing decision.

Features and Benefits of Axis Bank Personal Loan Calculator

With the Axis Bank Personal Loan Calculator, you can get a fair idea about your loan planning and EMI payments. In addition to all these features, the user also gets some added benefits, some of which are mentioned below:

Provides Accurate Results

Normally, calculating the eligibility of a personal loan can get extremely complicated owing to the numbers and tricky procedures involved. Manually calculating the personal loan eligibility comes with the fair risk of miscalculations. But with the cleverly designed Urban Money Axis Bank Personal Loan Calculator, you can be assured of getting accurate results every time.

Compare Variables Easily

With the Urban Money Axis Bank Personal Loan Calculator, the user can compare the various factors of a loan to determine the best option for them. The user can see the EMI and the total interest payable throughout different loan tenures. The user can also compare the impacts of higher and lower loan amounts before deciding on a suitable option.

Efficient Loan Planning

The calculator will create an amortisation table displaying the year-by-year payback repayment structure for the whole tenure. This will allow you to plan your loan according to your budget while accounting for all the existing monetary liabilities. 

Helps in Determining the Loan Eligibility

If the EMI payments seem too high for the applicant, they have two options. Either reduce the loan amount or opt for an extended tenure. This way, you will know the exact loan amount that fits your budget. This will further assist you in locating other resources to account for further expenses if the loan amount is insufficient to meet current expenses. When you know the amount you can borrow, you’ll be able to better plan your repayment.

Axis Bank Personal Loan EMI Calculation Formula

The mathematical process of calculating the EMI is as given below:

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

In this formula:

  • P = Principal Loan Amount
  • R= Rate of Interest
  • N= Number of EMI payments

The above-mentioned formula, along with various other variables, is how Axis Bank decides the appropriate EMI payment for the loan amount.

Example: Suppose X borrows Rs. 51,00,000 at an interest rate of 10% per annum, and the tenure of the loan is 15 years. Then the EMI payment will be calculated as given below:

EMI = 5100000* 0.0083 * (1+ 0.0083)^180 = Rs 54,805 / [(1+ 0.0083)^180 ]-1

The interest rate of your loan is calculated monthly, i.e. (R = annual rate of interest/12/100). For example, if R = 10% per annum, then R = 10/12/100 = 0.0083.

Why Should You Use the Axis Bank Personal Loan EMI Calculator?

While considering applying for a loan, it is important to know what your repayment schedule will look like. The borrower is required to repay the loan amount in the form of EMI payments, which are composed of the principal amount, interest, and various other variables. However, manually calculating the EMI amount can be a very tiresome process. This is where the Axis Bank Personal Loan EMI Calculator comes in handy.

You can avoid all the complicated calculations by just using this powerful AI-backed calculator. All you have to do is enter the desired loan amount, tenure, and age. The best options suited to your needs will be displayed on the screen, enabling you to choose the best loan offer for you.

Benefits of Using Personal Loan EMI Calculator

If you’re finding the EMI calculation process a little too complicated, you can always use our Axis Bank Personal Loan calculator. This way, you can avoid all the time taken to complete the complex calculations. Below are some of the benefits of using this loan calculator:

  • This calculator is easy to access and can be used at any time, free of charge.
  • Saves the time and energy required to carry out complex calculations.
  • The calculator provides quick and accurate results regarding your personal loan.
  • Helps the user determine the appropriate loan amount by providing details which help to see if the EMI amount can be afforded.
  • Helps you to better financially plan the loan and repayment schedule.

Factors Affecting Axis Bank Personal Loan EMI 

The monthly repayments you would be required to make to Axis bank is dependent on your monthly income, interest rate, credit history, as well as any existing liability. If you have fewer liabilities, then you might get a higher loan amount at lower interest rates. Alternatively, you may get a higher interest rate if your existing obligations are high. Some of the factors that affect the personal loan EMI amount are as follows:

Monthly Income

The minimum salary amount for a personal loan from Axis Bank is Rs. 25,000 per month. Your monthly income is the main indicator of whether you will be able to repay the loan. After the EMI payments, the bank will receive mainly depend on your income, your loan application might get rejected if you have a low income.

Credit Profile

A CIBIL score of over 750 is required to obtain a loan from Axis Bank. Further, your existing obligations also determine your loan eligibility. So, if you have a lot of existing liabilities, you might get a lower loan amount with a higher interest rate. Further, if there is a history of delayed payments or defaults in your profile, it might also lead to a rejection of the loan application.

Interest Rates

The interest rate of your Axis Bank personal loan depends on your monthly income, existing liabilities, credit profile, etc. Applicants with a stable monthly income and a healthy credit profile are more likely to get favourable loan terms. Conversely, applicants with high existing liabilities, unstable monthly income, and poor credit reports will be granted higher interest rates.

Repayment Tenure

The tenure you choose for your personal loan has a major impact on your loan EMI amount. Generally, a lower loan tenure means high EMI amounts but low-interest burdens. A long loan tenure might lower the EMI amount but will incur more costs over the long run.

Comparison of Axis Bank Personal Loan EMI with Other Banks

Name of Bank Interest Rate Loan Tenure Loan Amount
Axis Bank 11% to 17.25% 12 months to 60 months Rs. 50,000 to Rs 15 lakhs
HDFC Bank 10.50% to 22% 12 months to 60 months Rs. 50,000 to Rs. 75 lakhs
SBI 11% to 14% Upto 6 years Rs. 20 lakhs
ICICI Bank 10.25% to 22% 12 months to 60 months Rs. 50,000 to Rs. 30 lakhs
Punjab National Bank 8.95% to 14.85% 12 months to 60 months Rs. 50,000 to Rs 15 lakhs
Bank of Baroda 8.65% to 16% 12 months to 60 months Rs. 50,000 to Rs. 5 lakhs

Frequently Asked Questions (FAQs)

What is the interest rate for salaried applicants for a loan from Axis Bank?

Axis Bank offers attractive loan options with interest rates starting at 10.25% for salaried applicants.

How long does it take for a personal loan to be approved by Axis Bank?

Usually, it takes 30 days from the date of receipt of the application for the bank to update the approval or rejection status of the application.

Can I close my Axis Bank personal loan after 1 year?

The availability of foreclosure of an Axis Bank personal loan is subject to the terms and conditions set by the bank. The basic requirement is that the loan holder should have completed all the past EMI payments before the date of foreclosure. Currently, Axis Bank does not charge any fees for foreclosure.

Can I negotiate with Axis Bank for a better interest rate?

Yes, you can negotiate with Axis Bank for a better personal loan interest rate based on your income, repayment ability, and credit history.

How to pay Axis Bank personal loan EMI online from another bank?

You can pay your Axis Bank EMI through another bank, however, you will be required to link the net banking account to your personal loan account.

How can one get their Axis Bank personal loan statement?

You can always get your personal loan statements by contacting customer service and requesting a detailed statement. You can also download the statement via your Axis Bank net banking app.

How can I check my Axis Bank personal loan balance?

Personal loan borrowers can request Axis Bank customer care for a detailed repayment schedule to know their loan balance details. The same can also be done by visiting the nearest Axis Bank branch.

Can I close my personal loan online?

You can foreclose the Axis Bank loan online, however you will have to inform the bank about the same. You can pre-close the loan account via the net banking account linked to the loan.