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. For Axis Bank credit cards, EMI options allow you to convert large purchases into manageable monthly payments.

2. How EMI is Calculated

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (₹)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over the specified period, including both principal and interest components.

3. About Axis Bank Credit Card EMI

Details: Axis Bank offers various EMI options on credit card purchases, including:

• No-cost EMI (for selected products)
• Flexi EMI with adjustable tenures
• Instant EMI conversion on eligible transactions

4. Using the Calculator

Tips:

• Enter the principal amount (purchase amount you want to convert to EMI)
• Input the annual interest rate offered by Axis Bank for EMI conversion
• Select your preferred repayment tenure in months (3-60 months typically)

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Axis Bank CC EMI?
A: Rates vary from 12% to 24% p.a. depending on tenure, merchant, and promotional offers.

Q2: Are there any processing fees for EMI conversion?
A: Axis Bank may charge 1-2% processing fee + GST for EMI conversion, except for no-cost EMI offers.

Q3: Can I prepay my EMI?
A: Yes, but prepayment charges of 2-3% may apply on the outstanding principal.

Q4: How does no-cost EMI work?
A: The interest cost is borne by the merchant/bank, so you pay only the principal amount divided equally over the tenure.

Q5: Will EMI transactions affect my credit limit?
A: Yes, the principal amount will be blocked from your available credit limit and released gradually as you pay EMIs.