1. What is the Axis Bank Credit Card Interest?

The Axis Bank credit card interest is calculated monthly on your outstanding balance if you don't pay the full amount by the due date. The interest is calculated using your Annual Percentage Rate (APR) divided by 12 to get the monthly rate.

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 a decimal)

Explanation: The equation calculates the interest you'll pay each month based on your current balance and the card's APR.

3. Importance of Interest Calculation

Details: Understanding how interest is calculated helps you make informed decisions about paying off credit card debt and avoiding unnecessary interest charges.

4. Using the Calculator

Tips: Enter your current credit card balance in INR and your card's APR percentage. The calculator will show your estimated monthly interest charge.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for Axis Bank credit cards?
A: APRs typically range from 36% to 48% annually (3% to 4% monthly) but check your cardholder agreement for exact rates.

Q2: How can I avoid paying interest?
A: Pay your full statement balance by the due date each month to avoid interest charges.

Q3: Does this include other fees?
A: No, this calculates only interest. Late fees, annual fees, or other charges are not included.

Q4: What if I make partial payments?
A: Interest is calculated on the remaining balance after your payment is applied.

Q5: How is daily interest calculated?
A: For daily calculation, divide APR by 365 and multiply by days in billing cycle, but this calculator uses monthly approximation.