1. What is the EMI Calculation?

The EMI (Equated Monthly Installment) calculation determines your fixed monthly payment for a loan or credit card purchase. For Axis Bank credit cards, this calculator also considers rewards points that can reduce your principal amount.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal amount (Rs)
• \( R \) — Monthly interest rate (annual rate / 12, as a decimal)
• \( N \) — Loan tenure in months

Rewards Points Adjustment: If you enter a rewards points value, the calculator deducts this from your principal before calculating an adjusted EMI.

3. Importance of EMI Calculation

Details: Understanding your EMI helps with budgeting and financial planning. The adjusted calculation shows how rewards points can reduce your monthly payments.

4. Using the Calculator

Tips: Enter loan amount, annual interest rate, and tenure in months. Optionally include your rewards points value (in Rs) to see adjusted payments.

5. Frequently Asked Questions (FAQ)

Q1: How are Axis Bank credit card interest rates applied?
A: Interest is calculated monthly on the reducing balance. The annual rate is divided by 12 for monthly calculations.

Q2: Can I use this for other bank credit cards?
A: The formula is standard, but interest rates may differ. Check your card's terms for accurate calculations.

Q3: How do rewards points affect my EMI?
A: Points are treated as a reduction in principal, lowering both your monthly payment and total interest.

Q4: What's the minimum tenure for Axis Bank EMI?
A: Typically 3 months, but this may vary by offer. Check current terms with Axis Bank.

Q5: Are there prepayment charges?
A: Axis Bank may charge 2-3% for early closure. Confirm current charges before prepaying.