Axis Bank Personal Loan Calculation

EMI Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

EMI Amount:

Total Payment:

Total Interest:

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1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. For Axis Bank personal loans, EMIs are calculated using reducing balance method.

2. How Does the EMI Calculation Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

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

Explanation: The formula accounts for both principal and interest components of the loan, with interest calculated on the reducing balance.

3. Axis Bank Personal Loan Features

Details: Axis Bank offers personal loans with competitive interest rates starting from 10.49% p.a., loan amounts up to ₹40 lakhs, and flexible tenures from 12 to 60 months.

4. Using the Calculator

Tips: Enter principal amount in ₹, 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 minimum salary required for Axis Bank personal loan?
A: Generally ₹15,000 per month for salaried individuals, though this may vary based on location and other factors.

Q2: Are there any prepayment charges?
A: Axis Bank may charge 0-2% of principal outstanding for prepayment, depending on loan terms.

Q3: What documents are required?
A: Typically includes identity proof, address proof, income documents, and bank statements.

Q4: How long does approval take?
A: For pre-approved customers, instant disbursal is possible. Others may take 2-5 working days.

Q5: Can I get a top-up loan?
A: Yes, existing Axis Bank personal loan customers may be eligible for top-up loans subject to eligibility.