Check the EMI for your Axis Personal Loan by providing the Loan Amount, Interest rate (per annum), and loan tenure (in months) details.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
When considering an Axis Bank personal loan of up to ₹15 Lakhs for a 5-year tenure, it's essential to plan your expenses wisely to make an informed decision. Hence, use the Axis Personal Loan EMI Calculator to plan your loan with a personalized amount, enabling accurate budgeting and effective financial planning.
You can swiftly get precise EMI results for your Axis Bank Personal loan using the Buddy Loan EMI calculator, making it easy for you to make sound decisions. Enter your loan amount, interest rate, and chosen tenure to get your EMI!
The personal loan EMI calculator uses a specific formula, ensuring consistent monthly payments throughout the loan term. You can manually compute the EMI using this formula by following the outlined steps.
Here’s the formula that is used to calculate your EMI:
E =[P x R x (1+R)^N]/[(1+R)^N-1]
Here in the equation, E stands for EMI , P Principal amount, R Interest rate and N stands for tenure period.
Now, let's substitute these values using the personal loan EMI calculator formula:
EMI = [500000 × 0.008741× (1 + 0.008741)^60] / [(1 +0.008741)^60) - 1]
EMI = ₹10,744
So, the EMI for your Axis Bank personal loan of ₹5Lakhs at an interest rate of 10.49% per annum for a tenure of 5 years would be approximately ₹10,744
Personal Loan EMI Calculator by Axis Bank provides a precise calculation of your loan's Equated Monthly Installments for efficient financial planning. To use the Axis Bank personal loan calculator, you can follow these 3 quick steps:
Step 1: As you scroll down to the Personal Loan EMI Calculator section, you have to enter the following details information:
Step 2:Click on the Calculate button.
Step 3:The calculator will display the EMI amount, total interest payable, and total payment amount.
However, you can also use the calculator to compare different loan options. For example, you can change the loan amount, interest rate, or loan tenure and see how the EMI changes. This can help you arrive at the loan plan that is best for you.
Below is a table illustrating Axis Bank EMI calculations for different loan amounts at an interest rate of 10.49% p.a. and, considering tenures of 12 and 24 months:
|Loan Amounts||Interest Rate||EMI for 12 Months||EMI for 24 Months|
|1 Lakh Personal Loan EMI||10.49%||₹8,814||₹4,637|
|1.5 Lakh Personal Loan EMI||10.49%||₹13,222||₹6,956|
|2 Lakh Personal Loan EMI||10.49%||₹17,629||₹9,274|
|3 Lakh Personal Loan EMI||10.49%||₹26,443||₹13,911|
|4 Lakh Personal Loan EMI||10.49%||₹35,258||₹18,549|
|5 Lakh Personal Loan EMI||10.49%||₹44,072||₹23,186|
Buddy Loan EMI Calculator, as a tool, helps you calculate EMIs for various loan amounts and tenures. Here are some advantages of using this EMI Calculator:
Accurate EMI Calculation:The EMI calculator provides precise calculations based on the loan amount, interest rate, and tenure, ensuring accuracy in planning and budgeting.
Saves times: You can quickly get the EMI amount and repayment schedule, providing them with immediate financial insight instantly.
Quick to access: Only with a few inputs, such as loan amount, interest rate, and tenure. It simplifies calculating EMIs.
Helps you in planning:By using the EMI calculator, individuals can plan finances effectively, knowing loan amount/month makes repayment easier than ever.
Loan Eligibility:Users can use the calculator to assess their loan eligibility based on their income and other financial parameters.
Comparison of Loan Offers: Users can compare the EMIs with different loan amounts and tenures, aiding in making informed decisions about loan options available to them.
Before planning to avail an Axis Bank personal loan, understanding the key factors influencing your EMI is crucial for making informed decisions on such loan commitments.
Here, we outline these essential elements to help you navigate your borrowing process effectively and easily:
Loan amount: The principal loan amount you borrow from Axis Bank directly affects the EMI. A higher loan amount will cause a higher EMI and vice versa.
Interest rate:The interest rate charged by Axis Bank on the personal loan significantly affects the EMI. A higher interest rate will increase the EMI, leading to a higher repayment amount.
Loan Tenure: The duration for which you borrow the funds, known as the loan tenure, affects the EMI. A longer tenure reduces the EMI amount but increases the overall interest paid, and vice versa.
Frequency of EMI Payments:The frequency of EMI payments (e.g., monthly, or quarterly) also affects the EMI amount. Most personal loans typically have monthly EMI payments.
Interest Calculation Method:The method used by Axis Bank to calculate interest (e.g., reducing balance method) affects the EMI. Different methods can cause varying EMI amounts.
Planning your loan with an EMI calculator will aid you in managing your finances and making informed decisions. Here are some tips to optimize your use of the Axis Bank EMI calculator:
Accurate Results: Ensure that you input the correct loan amount, interest rate, and tenure into the calculator to get the most accurate EMI calculation.
Consider Different Scenarios: Use the calculator to explore various loan amounts and tenure combinations to find a monthly payment that fits your budget.
Account for Interest Rates:Be mindful of the fluctuating interest rates and use the calculator to estimate EMIs at different competitive interest rates to expect potential changes in payments.
Loan Tenure Impact:Using the calculator will help you see how a shorter or longer tenure affects your EMI and the total interest you'll pay over the loan duration
Plan for Fees and Charges:Consider any processing fees or additional charges while calculating the overall cost of the loan and your Axis personal loan EMI.
Hence, by aptly using the Axis Bank EMI Calculator effectively and considering these tips, you can plan your loan and take charge of your financial commitments.
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Ready to take next step ?
Now Calculate the Axis bank personal loan EMI using this EMI =[P x R x (1+R)^N] / [(1+R)^N - 1] formula. However, you can revisit the webpage above to have a clear understanding.
The calculator aids in accurate monthly EMI estimation, facilitating better financial planning and comparison of loan options.
Factors like loan amount, interest rate, and tenure can significantly influence your Axis Bank personal loan EMI.
You can use the EMI calculator multiple times to assess various loan scenarios and repayment plans.
You can pay your Axis personal loan EMI conveniently through options like auto-debit, online payments, or at Axis Bank branches.
The Buddy Loan EMI Calculator is accessible anytime, anywhere, providing convenience to borrowers in their loan planning process.
You can use a personal loan EMI calculator by just providing details on your loan amount, tenure, and interest rate.
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