Axis Bank Personal Loan EMI Calculator
Repaying a personal loan can be a tedious task, especially when you do not plan the repayments and the loan amount thoroughly before applying for it! If you are thinking about applying for an Axis Bank personal loan, then using the Axis Bank personal loan EMI calculator might be a saviour for you! With this you can free yourself from the tedious task of manually calculating EMIs and let the EMI calculator take over the job!
Axis Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
What is the Axis Bank Personal Loan EMI Calculator?
The Axis bank personal loan EMI calculator is a user-friendly online tool specifically designed to assist you in your financial planning. It provides an accurate and a detailed breakdown of your monthly EMIs for you to decide on which loan amount will suit your budget best. The Axis Bank EMI calculator mainly works on three factors; the interest rate, loan amount, and loan tenure.
On the other hand, for a more precise and customised analysis,you can consider using LiveMint's personal loan EMI calculator. This tool helps you find the optimal loan tenure and monthly EMIs for an Axis Bank Personal Loan, specifically tailored to fit your repayment capacity.
Formula of Axis Bank Personal Loan EMI Calculation
The Axis Bank personal loan EMI calculator operates on a formula aimed towards giving accurate and precise details
of your EMIs so
that you can understand your financial capability and make a wise decision. The best part about this is that it is
just one tap away!
Let us have a look at the formula:
E=(1+R)N−1P×R×(1+R)N
Where:
-
E = EMI (Equated Monthly Instalment)
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P = Principal amount
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R = Rate of interest
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N = Loan repayment tenure
However, you must be clear with the fact that it is not a guarantee the bank will grant you your desired loan amount and interest rate. This depends on various factors, such as your monthly income, age, credit score, repayment capacity, and employment. Only if you meet these criteria will the bank consider granting you the requested amount for a personal loan.
Amortisation Table
| Month | Opening Balance | Interest Paid during the month | Principal repaid during the month | Closing Balance |
| 1 | 12,00,000 | 12,000 | 27,857 | 11,72,143 |
| 2 | 11,72,143 | 11,721 | 28,136 | 11,44,007 |
| 3 | 11,44,007 | 11,440 | 28,417 | 11,15,590 |
| 4 | 11,15,590 | 11,156 | 28,701 | 10,86,889 |
| 5 | 10,86,889 | 10,869 | 28,988 | 10,57,900 |
| 6 | 10,57,900 | 10,579 | 29,278 | 10,28,622 |
| 7 | 10,28,622 | 10,286 | 29,571 | 9,99,051 |
| 8 | 9,99,051 | 9,991 | 29,867 | 9,69,185 |
| 9 | 9,69,185 | 9,692 | 30,165 | 9,39,019 |
| 10 | 9,39,019 | 9,390 | 30,467 | 9,08,552 |
| 11 | 9,08,552 | 9,086 | 30,772 | 8,77,781 |
| …36 | 39,463 | 395 | 39,463 | 0 |
(Source: axisbank.com/retail/calculators/personal-loan-emi-calculator)
What is a Axis Bank Personal Loan EMI Calculator?
A Axis Bank Personal Loan EMI Calculator is a tool that helps the people interested in taking a loan, estimate their monthly loan repayments. It takes into account the loan amount, interest rate, and loan tenure to calculate the EMI. The calculator provides a fair picture of how much a borrower needs to pay each month.
Advantages of using Livemint Axis Personal Loan EMI Calculator
Mint's Axis Personal Loan EMI Calculator helps you make a financial plan. Whether you have already taken a loan or you are looking to take a loan, our calculator can help you what your financial liabilities will be and for how long. You can try different permutations and combinations of loan tenure, loan amount and rate of interest to arrive at a desirable EMI amount. Mint is the prime destination for all your personal finance needs.
How Does a Axis Bank Personal Loan EMI Calculator Work?
Input Parameters
To use a Axis Bank Personal Loan EMI Calculator, you need to enter the following details:
Output
Once you enter the necessary details, the calculator provides the monthly EMI amount, total interest payable, and total repayment amount. This information helps borrowers understand the financial commitment required to repay the loan.
What is the formula for an EMI calculator?
Calculation Method
The EMI is calculated using the following formula:
EMI=P×R×(1+R)N(1+R)N−1EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N-1}EMI=(1+R)N−1P×R×(1+R)N
How to Use a Axis Personal Loan EMI Calculator
Step-by-Step Guide
- Access the Calculator: Visit a financial institution's website or a trusted financial services portal to access the Axis Personal Loan EMI Calculator.
- Enter Loan Details: Input the loan amount, interest rate, and loan tenure into the calculator.
- Calculate EMI: Click on the 'Calculate' button to get the EMI amount, total interest payable, and total repayment amount.
- Adjust Parameters: If needed, adjust the loan amount, interest rate, or tenure to see how the EMI changes.
- Plan Repayments: Use the calculated EMI to plan your monthly budget and ensure timely repayments.
Factors Affecting Personal Loan EMI
- Loan Amount - The higher the loan amount, the higher the EMI. Borrowers should assess their financial needs and borrow an amount they can comfortably repay
- Interest Rate - Interest rates significantly impact the EMI. A lower interest rate reduces the EMI, making the loan more affordable. Borrowers should compare interest rates from different lenders to get the best deal.
- Loan Tenure - The loan tenure also affects the EMI. A longer tenure reduces the EMI but increases the total interest payable. Conversely, a shorter tenure increases the EMI but reduces the total interest payable. Borrowers should choose a tenure that balances their monthly budget and total interest costs.
What is an Amortization schedule?
Amortization schedule is necessarily a listing that gives all the details about a loan, including its payment details, rate of interest etc. It also gives the total amount of loan taken, principal amount and the interest amount.
Tips for Managing Your Amortization Schedule
- Make personal loan pre-payments: Any extra payment towards the principal reduces the loan's remaining balance and the total interest paid over the loan's life.
- Automate Payments: Set up automatic payments to ensure you never miss a payment, avoiding late fees and maintaining your credit score.
- Review Regularly: Periodically review your amortization schedule to stay on track and adjust your budget as needed.
Tools to Create Amortization Schedules Several online calculators and financial software tools can help you create a personalized amortization schedule. These tools require you to input your loan amount, interest rate, and term, and they will generate a detailed payment breakdown for you.
How does amortization table help in financial planning
Knowing your amortization schedule helps you plan your finances better. You would know how much you exactly need to pay each month and how much interest you'll save by making pre-payments.
Conclusion
A personal loan amortization schedule is a valuable tool for managing your loan effectively. By understanding how your payments are structured and planning accordingly, you can save money on interest and pay off your loan faster. Use the available tools to stay on top of your loan payments and make informed financial decisions. For more personalized advice, consider consulting with a financial advisor who can help you optimize your loan repayment strategy based on your unique financial situation.
Factors Affecting the Axis Bank Personal Loan EMI Calculator
The Axis Bank EMI calculator majorly works on three factors:
Loan tenure: The loan tenure refers to the total duration of the repayment period for the loan. If you have an existing personal loan, you can lower your EMIs by choosing longer repayment tenures. However, you must understand that this will increase your total interest cost. Therefore, by using the Axis Bank personal loan EMI calculator, you can decide the best loan tenure which aligns with your repayment capacity.
Interest rate: The interest rate, expressed as a percentage, represents the cost of borrowing and can fluctuate based on factors such as your credit score and current market conditions. A lower interest rate can result in a more manageable EMI.
Principal amount: Generally, high interest rates and EMIs are due to high loan amounts. Hence, it is very crucial that you realise that your repayment capacity and desired loan tenure affect your eligibility for personal loan.
Axis Bank Personal Loan Interest Rates for 2024
Axis Bank provides personal loans with interest rates ranging from 10.25% to 22% per annum (As of August 2024). This interest rate is based on many factors which include your credit history, income, and the duration of the loan. This range helps the bank to meet the needs of both low-risk and higher-risk borrowers effectively.
Axis Bank Personal loan Eligibility
The Axis Bank has set certain eligibility criteria in order to approve personal loans which are based on your capacity of repayment of loan as well as your current financial status. These are:
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Age: In order to apply for an Axis Bank personal loan you must be between 21 and 60 years of age.
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Employment: Regardless of your employment, you need to have a stable financial position and income.
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Credit score: Typically, 700 or above is preferred.
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Income level: A minimum income of ₹15,000 per month if you are already an Axis Bank customer or ₹25,000 per month.
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Work: Salaried doctor, employee of public and private limited companies, government sector employees including PSUs, central and local bodies
Advantages of using Axis Bank Personal Loan EMI Calculator
By using the Axis Bank personal loan EMI calculator, you get to unlock a great range of advantages:
Understanding healthy credit scores: With the Axis Bank personal loan EMI calculator, you are likely to be better equipped to manage your finances and make the repayment of your loans well within the tenure.
Provides quicker and accurate results: With the Axis Bank personal EMI calculator you get to easily determine their EMIs without the hassle of complicated calculations or formulas. It ensures an accurate monthly instalment amount, eliminating the possibility of human error that can occur with manual calculations.
Reduced time: Now you can say goodbye to the manual calculations and errors and save your precious time! The Axis Bank personal loan EMI calculator gives you the details in just one click and within no time. Hence, saving you a lot of time with precise calculations!
How to Use LiveMint EMI Calculator
Calculating your personal loan interest rate is easy with the LiveMint EMI calculator. Just follow these simple steps:
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Input loan amount: Enter the total amount you wish to borrow.
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Select rate of interest: Choose the applicable interest rate for your loan.
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Choose loan duration: Select a repayment period that suits your financial needs.
As soon as you fill in the required details, the calculator, then will provide a complete plan of your EMIs as per the loan amount to get you an understanding of how much amount you would be repaying.
Advantages of Using LiveMint EMI Calculator
The LiveMint personal loan EMI calculator is an online tool which can really improve your chances of getting your application for a personal loan approved. Here’s why:
Reduced scope of errors: By using the calculator, you can avoid common errors associated with manual calculations, ensuring more accurate estimates.
Accessible with just one click: You can calculate your EMI and interest from the comfort of your home, eliminating the need for trips to banks or financial institutions
Free and unlimited access: The calculator is available at no cost, allowing you to make estimates as many times as you need until you find the optimal option.
Axis Bank Personal Loan EMI Calculator FAQs
Can I compare different loan amounts and tenures?
Yes, The calculator enables you to try various principal amounts and tenures as per your need to find the EMI that best fits your budget.
Does the calculator provide a breakdown of interest?
The EMI calculator offers a detailed overview of the total interest which you would be paying on your personal loan along with the EMI amount.
Can I access the calculator from my mobile device?
Yes, the Axis Bank EMI Calculator is compatible with both desktop and mobile devices. You can use the calculator on any device as per your convenience.
How do I use the Axis Bank EMI calculator?
Simply enter the loan amount, interest rate, and tenure in months. The calculator will provide you with the estimated EMI and a breakdown of total interest payable.