Axis Bank offers personal loans to both salaried and self-employed at varied interest rates. Using this product you can meet your financial needs. The bank offers loans to customers based on their income and repayment capacity. And you can plan your repayment with the Axis Bank Personal Loan Calculator. The tool allows you to check the EMI before getting the loan. With such information, you can plan a good repayment. When to repay the loan? The repayments will begin sometime after the loan disbursement. Say you get Axis Bank Personal Loan on 30th April 2022, the payments will begin a few days after. Read this article and know how an Axis Bank Personal Loan Calculator helps you in the repayment.
What is an EMI Payment?
Axis Bank reduces the burden of loan repayment by allowing payments in equated monthly instalments. In this, the borrower can pay off the loan in easy instalments. This way, you can manage daily expenses. An EMI is calculated using the below formula –
P x R x (1+R)^N / [(1+R)^N-1]
And in the formula, the letters symbolize the following –
- P – Principal Loan Amount
- R – Rate of Interest
- N – Tenure
If you’re not a mathematician, there is an Axis Bank Personal Loan Calculator by which you can find out the EMI in a few seconds.
How to Use an Axis Bank Personal Loan Calculator?
To use this calculator, follow these steps –
- Visit the official website of Axis Bank
- Go to the ‘Personal Loan’ page
- Click on the ‘EMI Calculator’ button
- Now, you’ll be redirected to the calculator
- Enter the loan details and check out the EMI result
What are the Benefits of Axis Bank Personal Loan Calculator?
When you use an Axis Bank Personal Loan Calculator, you’ll get the following benefits –
Low EMI Payments
The calculator lets you know the possible repayment. So, when you already know the same, you can alter the values and get the lowest EMI amount. This way, your daily repayments won’t be affected even after the EMI payment. To get the affordable EMI, you just need to slide up or down the tenure to see at which period, the EMI is the lowest.
Management of Interest Payout
You can reduce your interest payments by changing the tenure. With the help of Axis Bank Personal Loan Calculator, one can see the total interest payable in a tenure. So, by changing the same, you can see how much your interest payment will reduce.
Illustration of the Axis Bank Personal Loan Calculator
Let’s check out the example below and see how an Axis Bank Personal Loan Calculator helps –
Sneha is looking to borrow a loan of INR 6 Lakh. But she is confused between the multiple loan offers. So, to decide better, she uses Axis Bank Personal Loan Calculator. After inserting the loan details of different lenders, she got the following results.
Lender 1
Here, she gets an offer of INR 7 Lakh and an interest rate of 15.00% per annum. The available repayment options are –
- 12 months
- 24 months
- 36 months
- 48 months
- 60 months
For a 48-month tenure, her EMI will be INR 19,482.
Lender 2
This lender offers Sneha a loan of INR 6 Lakh at an interest rate of 14.00% per annum. But the tenure options are limited to 36 months only. So, she uses the Axis Bank Loan Calculator and sees the possible EMI amount. It will be INR 20,507.
You can see despite the loan amount being 1 lakh less, the EMI comes high from Lender 2. So, she borrowed a personal loan from Lender 1 (Axis Bank) to meet her financial needs. And the EMI is manageable.
Also Read: State Bank of Indian Personal loan EMI Calculator benefits.