Axis Bank Personal Loan EMI Calculator

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)

• P = Principal amount

• R = Rate of interest

• 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.

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:

• Age: In order to apply for an Axis Bank personal loan you must be between 21 and 60 years of age.

• Employment: Regardless of your employment, you need to have a stable financial position and income.

• Credit score: Typically, 700 or above is preferred.

• Income level: A minimum income of ₹15,000 per month if you are already an Axis Bank customer or ₹25,000 per month.

• 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:

1. Input loan amount: Enter the total amount you wish to borrow.

2. Select rate of interest: Choose the applicable interest rate for your loan.

3. 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.