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Personal Loan EMI Calculator Axis Bank

EMI Formula:

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

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1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

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

Where:

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified tenure.

3. About Axis Bank Personal Loans

Details: Axis Bank offers personal loans with competitive interest rates, flexible tenures from 12 to 60 months, and loan amounts up to Rs 40 lakhs. Interest rates typically range from 10.49% to 22% p.a. depending on applicant profile.

4. Using the Calculator

Tips: Enter the loan amount in Rs, annual interest rate (without % sign), and loan tenure in months. The calculator will show your monthly EMI, total interest, and total repayment amount.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect my EMI amount?
A: EMI depends on three factors - loan amount, interest rate, and loan tenure. Higher amounts/rates increase EMI, while longer tenures reduce EMI but increase total interest.

Q2: How can I reduce my EMI?
A: You can reduce EMI by either negotiating a lower interest rate or opting for a longer tenure (though this increases total interest paid).

Q3: Does Axis Bank charge prepayment penalties?
A: Axis Bank may charge 0-2% prepayment penalty on floating rate loans, depending on when you prepay. No penalty for fixed rate loans.

Q4: What is the minimum salary required?
A: For salaried individuals, minimum net monthly income should be Rs 15,000 (Rs 25,000 in metro cities).

Q5: Are there any hidden charges?
A: Axis Bank charges processing fees (0.5-2% of loan amount + GST), late payment fees, and possible foreclosure charges.

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