1. What is EMI?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off along with interest.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( R \) — Monthly interest rate (APR/12 as decimal)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated Monthly Installment (INR)

Explanation: The formula calculates the fixed payment amount that includes both principal and interest components.

3. About Airtel Axis Bank Credit Card EMI

Details: Airtel Axis Bank Credit Card offers EMI conversion options on purchases. The interest rates and tenures vary based on the merchant and promotional offers.

4. Using the Calculator

Tips: Enter the principal amount in INR, annual interest rate (APR) in percentage, and select the loan tenure in months. All values must be valid (amount > 0, APR > 0, tenure > 0).

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for Airtel Axis Bank Credit Card EMI?
A: The APR typically ranges from 14% to 24% depending on the tenure and promotional offers.

Q2: Are there any processing fees for EMI conversion?
A: Yes, there may be a processing fee of 1-2% of the principal amount or a fixed fee, whichever is higher.

Q3: Can I prepay my EMI?
A: Yes, but prepayment charges may apply. Check with the bank for current prepayment policies.

Q4: How is interest calculated for EMI?
A: Interest is calculated on a monthly reducing balance basis.

Q5: Can I convert any purchase to EMI?
A: Only eligible purchases above a minimum amount (usually ₹2,500-₹5,000) can be converted to EMI.