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 credit cards, EMI helps convert large purchases into manageable monthly payments.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal amount (loan amount in MYR)
• \( R \) — Monthly interest rate (APR/12)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment

Explanation: The formula accounts for both principal and interest components of the loan, distributed equally over the repayment period.

3. Understanding Credit Card EMI

Details: Axis Bank credit card EMI options allow cardholders to convert purchases into installment plans. Interest rates vary based on tenure and promotional offers.

4. Using the Calculator

Tips: Enter the principal amount (purchase amount), annual percentage rate (APR), and desired tenure in months. The calculator will show your estimated monthly payment.

5. Frequently Asked Questions (FAQ)

Q1: How is Axis Bank credit card EMI different?
A: Axis Bank offers flexible EMI options with competitive rates in Malaysia, often with promotional low-interest periods.

Q2: What is a typical APR for Axis Bank credit cards in Malaysia?
A: APRs typically range from 15% to 18% per annum, but promotional rates may be lower for specific EMI plans.

Q3: Are there any processing fees for EMI conversion?
A: Some EMI plans may have processing fees (usually 1-3% of principal), which would be added to the loan amount.

Q4: Can I prepay my EMI?
A: Yes, but prepayment charges may apply. Check with Axis Bank for current prepayment policies.

Q5: How does this compare to personal loan EMI?
A: Credit card EMIs often have higher interest rates but are more convenient for smaller purchases with faster approval.