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 Calculation Works

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

Example: For ₹50,000 at 3.6% APR for 12 months:
R = 3.6%/12 = 0.3% = 0.003
EMI = [50000 × 0.003 × (1+0.003)^12] / [(1+0.003)^12 - 1] = ₹4,260.33

3. Axis Bank Credit Card EMI Features

Details: Axis Bank offers EMI conversion on purchases with interest rates typically ranging from 2.95% to 3.6% per month, with tenures from 6 to 36 months. Special EMI schemes may have lower rates.

4. Using the Calculator

Tips: Enter the purchase amount, select interest rate (default 3.6%), and choose tenure. The calculator will show your monthly payment, total repayment amount, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum purchase amount for EMI conversion?
A: Typically ₹2,500 or ₹5,000 depending on the merchant and offer.

Q2: Can I prepay my EMI?
A: Yes, but prepayment charges may apply. Check with Axis Bank for current policies.

Q3: Are there processing fees for EMI conversion?
A: Usually 1-2% of the principal amount plus GST, but sometimes waived during promotions.

Q4: How does EMI affect credit limit?
A: Your available credit reduces by the principal amount immediately, then increases as you pay EMIs.

Q5: Can I convert existing purchases to EMI?
A: Yes, within 30 days of purchase through Axis Bank's EMI conversion facility.