1. What is the EMI Calculator?

The EMI (Equated Monthly Installment) Calculator helps you estimate your monthly home loan payments when linked to an Axis Bank savings account. It calculates the fixed payment amount you'll need to pay each month to repay your loan over the chosen tenure.

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 accounts for both principal and interest components of your loan payment, with more interest paid initially and more principal paid later in the loan term.

3. Importance of EMI Calculation

Details: Calculating EMI helps you plan your finances, understand the total cost of your loan, and determine how much you can afford to borrow based on your monthly budget.

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 are the benefits of linking home loan to Axis Bank savings account?
A: Axis Bank may offer preferential interest rates, easier EMI payments through auto-debit, and other benefits for existing customers.

Q2: How does EMI change with different tenures?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q3: What factors affect home loan interest rates?
A: Rates depend on RBI policies, your credit score, loan amount, tenure, and relationship with the bank.

Q4: Are there prepayment charges on Axis Bank home loans?
A: Axis Bank typically allows partial prepayments without charges, but terms may vary. Check current policies.

Q5: What is the maximum home loan tenure available?
A: Most banks offer up to 30 years tenure, subject to age limits (usually loan must end before age 70-75).