1. What is EMI?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. For Axis Bank credit cards, EMI options allow you to convert large purchases into manageable monthly payments.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (₹)
• \( R \) — Monthly interest rate (APR/12)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment (₹)

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over the specified period, including both principal and interest components.

3. Axis Bank Credit Card EMI Details

Details: Axis Bank offers EMI conversion on credit card purchases with interest rates typically ranging from 2.95% to 3.6% per month (APR 35.4% to 43.2%). Tenure options usually range from 3 to 60 months.

4. Using the Calculator

Tips: Enter the purchase amount in ₹, the annual percentage rate (APR) as provided by Axis Bank, and select your preferred repayment tenure in months.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Axis Bank credit card EMI?
A: Interest rates vary but typically range from 2.95% to 3.6% per month (35.4% to 43.2% APR).

Q2: Are there any processing fees for EMI conversion?
A: Axis Bank may charge a processing fee of 1-2% of the principal amount for EMI conversion.

Q3: Can I prepay my EMI loan?
A: Yes, but prepayment charges may apply (usually 2-3% of the outstanding principal).

Q4: How does EMI affect my credit limit?
A: The EMI amount blocks your credit limit proportionally each month as you make payments.

Q5: Can I convert any purchase to EMI?
A: Most purchases above ₹2,500 can be converted to EMI, either at the time of purchase or later.