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AXIS Bank Personal Loan EMI Calculator: Manage Your Finances with Precision
Use the AXIS Bank Personal Loan EMI Calculator to quickly estimate your monthly repayment amount. Whether you're looking to cover unexpected expenses, fund a personal project, or consolidate existing debts, understanding your monthly EMI can help you plan your finances better. With AXIS Bank’s EMI calculator, you can calculate your EMI accurately and make well-informed decisions.
Calculate Your AXIS Bank Personal Loan EMI
Enter the following details into the EMI Calculator:
- Loan Amount: The total loan amount you want to borrow.
- Interest Rate: AXIS Bank’s interest rate for personal loans, which varies based on eligibility.
- Loan Tenure: Choose the loan tenure that works best for you (from 12 months to 60 months).
Upon entering these details, the calculator will instantly display your monthly EMI and the total amount you’ll repay over the course of the loan.
Your loan estimate
Monthly payment
Total Principal
Total interest payments
Total loan payments
Payoff date
Processing Fee
Cost Of Loan
APR
%
The calculations provided are for illustrative purposes only. Actual loan terms may vary based on the lender’s policies and your credit profile.
Updated Oct 14, 2024 · 3 min read
Written By: Shanti Singh
Lead Writer 
Edited by Priya K.
Fact Checked
Key Features of AXIS Bank Personal Loan EMI Calculator
| Loan Type | Interest Rate | Loan Tenure | Processing Fees |
|---|---|---|---|
| Personal Loan | 10.25% to 24% p.a. | 12 months to 60 months | 1% to 2% of loan amount (Max ₹25,000) |
Factors Affecting Your EMI and Total Repayment
- Loan Amount: The higher the loan amount, the higher the EMI, unless the tenure is extended. It's essential to calculate the exact amount you need to borrow to avoid financial strain.
- Interest Rate: AXIS Bank offers competitive interest rates based on factors like your credit score, income, and loan amount. Lower interest rates reduce both the EMI and the overall repayment.
- Loan Tenure: The tenure plays a major role in the EMI amount. A longer tenure lowers the EMI but results in more interest paid, whereas a shorter tenure reduces the total interest but increases the EMI.
- Processing Fees: AXIS Bank charges processing fees of 1% to 2% of the loan amount (subject to a maximum of ₹25,000), which should be considered when calculating the overall cost of the loan.
How Loan Tenure Impacts Your EMI and Total Repayment
The loan tenure can significantly impact both your monthly EMI and total repayment. Below is a table illustrating how different tenures affect the EMI and total repayment:
| Loan Tenure | Monthly EMI | Total Interest | Total Repayment |
|---|---|---|---|
| 1 year | Higher EMI | Low Interest | Lower Total Repayment |
| 2 years | Moderate EMI | Moderate Interest | Moderate Total Repayment |
| 3 years | Lower EMI | Higher Interest | Higher Total Repayment |
| 5 years | Very Low EMI | Much Higher Interest | Much Higher Total Repayment |
Note: A longer tenure leads to smaller EMIs but increases the overall interest paid. On the other hand, a shorter tenure reduces the total interest but increases the monthly EMI.
Why Choose APR Over Just Interest Rate?
When comparing loan offers, it’s essential to consider the Annual Percentage Rate (APR), which includes both the interest rate and additional charges like processing fees. The APR gives a clearer picture of the loan's total cost and allows you to compare loans from different banks effectively.
MinEmi Tip:
A loan with a slightly higher interest rate but lower processing fees may be more affordable in the long run if the APR is lower.
AXIS Bank Personal Loan EMI Breakdown
Personal Loan EMIs are typically split into two components:
- Principal Repayment: The amount of the loan principal paid off with each EMI.
- Interest Payment: The cost of borrowing, which is applied on the remaining loan balance.
In the initial months of your loan tenure, the larger portion of the EMI goes toward paying off the interest, while in later months, the focus shifts to repaying the principal.
Understanding Your AXIS Bank Personal Loan EMI
Understanding how your EMI is calculated will help you manage your finances better. Knowing your EMI in advance ensures you’re prepared for the repayment and can budget accordingly.
MinEmi Tips for AXIS Bank Personal Loan Borrowing
- Evaluate Your Credit Score: A higher credit score (750+) helps secure a loan at a lower interest rate, which will lower your EMI. If your credit score is lower, consider improving it before applying.
- Understand Your Loan Amount: Borrow the amount you need. Avoid borrowing more than necessary to ensure lower EMIs and total repayment.
- Opt for the Right Tenure: While a longer tenure reduces EMI, it also increases the total interest paid. Choose a tenure that balances your monthly affordability and total repayment cost.
- Prepayment Options: AXIS Bank allows for part prepayments, which can reduce the outstanding principal and save on interest. Consider making partial repayments if your financial situation improves.
FAQs for AXIS Bank Personal Loan EMI Calculator
How is the EMI for AXIS Bank Personal Loan calculated?
What is the processing fee for AXIS Bank Personal Loan?
How does my credit score affect my personal loan EMI at AXIS Bank?
Can I change my loan tenure after approval?
Can I pay off my AXIS Bank personal loan early?
Is it better to take a loan with a longer tenure for a lower EMI?
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