1. What is the EMI Calculator?

The Flipkart Axis Bank Credit Card EMI Calculator helps you estimate your monthly installment payments for purchases made using your Axis Bank credit card on Flipkart, with rates comparable to ICICI Bank cards.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

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

Explanation: The formula calculates the fixed monthly payment (EMI) required to pay off the loan over the specified tenure, including both principal and interest components.

3. Importance of EMI Calculation

Details: Calculating EMI helps in financial planning by letting you know exactly how much you need to pay each month for your Flipkart purchases, helping you budget accordingly.

4. Using the Calculator

Tips: Enter the 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: How does Axis Bank's EMI compare to ICICI?
A: Axis Bank's Flipkart credit card EMI rates are competitive and comparable to ICICI Bank's offerings for similar products.

Q2: What is a typical interest rate for EMI?
A: Interest rates typically range from 12% to 24% annually depending on the product, tenure, and bank policies.

Q3: Are there any hidden charges in EMI?
A: Some banks may charge processing fees (usually 0-2% of loan amount) or GST on interest. Always check the final terms before proceeding.

Q4: Can I prepay my EMI loan?
A: Most banks allow prepayment, sometimes with a prepayment penalty (usually 2-5% of outstanding amount).

Q5: How is EMI different from credit card payment?
A: EMI converts your one-time purchase into fixed monthly payments with interest, while regular credit card payment requires paying the full amount by due date to avoid interest.