1. What is EMI Calculation?

The EMI (Equated Monthly Installment) calculation helps you determine the monthly repayment amount for your Axis Bank credit card to personal loan conversion. It includes both principal and interest components.

2. How Does the Calculator Work?

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 payment amount that includes both principal and interest, ensuring the loan is paid off in full over the specified tenure.

3. Importance of EMI Calculation

Details: Understanding your EMI helps in financial planning, budgeting, and comparing different loan options before converting your credit card balance to a personal loan.

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: What is the benefit of converting credit card debt to personal loan?
A: Personal loans typically have lower interest rates than credit cards, making it a cost-effective way to manage debt.

Q2: How is the interest rate determined?
A: Axis Bank determines the rate based on your credit score, income, and other factors when you apply for conversion.

Q3: Can I prepay the loan?
A: Most personal loans allow prepayment, sometimes with a small charge. Check with Axis Bank for specific terms.

Q4: Does a longer tenure mean lower EMI?
A: Yes, but you'll pay more interest overall. Choose the shortest tenure you can comfortably afford.

Q5: Are there any hidden charges?
A: There may be processing fees or other charges. Always read the loan agreement carefully before proceeding.