1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender each month until the loan is paid off. It includes both principal and interest components.

2. How EMI is Calculated

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (Rs)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified period.

3. About Axis Bank Credit Card Loans

Details: Axis Bank offers personal loans through credit cards with competitive interest rates comparable to ICICI Bank. These loans provide quick access to funds with flexible repayment options.

4. Using the Calculator

Tips: Enter the principal amount in Rs, annual interest rate in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How does Axis Bank credit card loan compare to ICICI?
A: Both offer similar products, but interest rates and terms may vary. Always compare current offers before applying.

Q2: What is the typical interest rate range?
A: Rates typically range from 12% to 24% per annum, depending on credit score and other factors.

Q3: Are there any prepayment charges?
A: Some banks charge for prepayment or foreclosure. Check Axis Bank's current policy before taking the loan.

Q4: How does the EMI change with tenure?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures have higher EMI but lower total cost.

Q5: Can I get a loan without a credit card?
A: This calculator is for credit card-based loans. Axis Bank also offers regular personal loans through different channels.