1. What is Axis Bank Credit Card Interest?

The interest on Axis Bank credit cards is calculated monthly based on your outstanding balance and the Annual Percentage Rate (APR). The interest compounds if not paid in full each month.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( I \) — Monthly interest (INR)
• \( P \) — Principal balance (INR)
• \( R \) — Monthly interest rate (APR / 12, as decimal)

Explanation: The APR is divided by 12 to get the monthly rate, then multiplied by the principal balance to calculate interest.

3. Importance of Interest Calculation

Details: Understanding how interest is calculated helps cardholders make informed decisions about payments and avoid accumulating excessive debt.

4. Using the Calculator

Tips: Enter your current credit card balance in INR and the APR (typically 36-48% for Axis Bank cards). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How often is interest charged on Axis Bank cards?
A: Interest is calculated daily but charged monthly on the outstanding balance.

Q2: Is there a grace period for interest?
A: Interest is waived if you pay the full statement balance by the due date each month.

Q3: What's the typical APR for Axis Bank cards?
A: Most Axis Bank cards have APRs between 36-48% per annum (3-4% monthly).

Q4: Does this include all fees?
A: No, this calculates only interest. Late fees and other charges may apply separately.

Q5: How can I reduce my interest payments?
A: Pay your balance in full each month, or make payments as early as possible in the billing cycle.