Everyone finds difficulty in understanding their loan EMIs, because so many times they are unaware of the complicated calculations which is taken into account while deciding your personal loan EMIs. Axis Bank one of the reputed private sector banks in India known for its wide range of products, like personal loans, at an attractive rate of interest. You can be eligible for a personal loan from axis bank only if your credit score is good. You can use the EMI calculator to know your monthly installments of your principal amount, know more about the calculator in the further article.
Factors affecting your Axis Bank personal loan EMIs
When Axis Bank offers you a personal loan it not only provides your desired principal amount but also has many other benefits like suitable EMI option, you can check loan EMIs using Axis Bank personal loan EMI calculator. Several factors which play a crucial role in estimating your loan EMIs are as mentioned below.
- Principal Amount: Axis Bank personal loan offers you loan amount ranging from INR 50,000 to 15 lakh, depending on your credit score and repayment history.
- Rate Of Interest: You can take a personal loan from Axis Bank at a fixed rate of interest that is 8.45% for 1 year MCLR. The effective rate of interest (ROI) ranges from 12% to 24% on your Axis Bank personal loans.
- Loan Repayment Duration: The bank offers you flexible loan tenure options, so that you can set your repayment schedule according to your requirement. Axis Bank Personal loan duration ranges from 12 to 60 months, which implies that you can pay your loan EMIs easily without any
What is an Axis bank personal loan EMI calculator?
After knowing about the factors by which your EMI is decided, now see what role does axis bank personal loan EMI calculator plays in determining your monthly loan installments. It works on the formula [P x R x (1+R)^N]/[(1+R)^N-1] where P is your desired loan amount, R is the applicable Axis Bank personal loan interest rate and N is your loan duration.
You just need to put these details inside the axis bank personal loan EMI calculator and it will generate your loan monthly EMIs.
Benefits of using Personal Loan EMI Calculator
When you use the EMI calculator it gives you an approx calculation of your loan monthly installments. So, use axis bank personal loan EMI calculator that helps in estimating your loan monthly installments. Now you can easily pay your monthly EMIs of your loan amount without any hassle, also you don’t have to pay any foreclosure or part payment charges to Axis Bank.
Complete your urgent requirement of money whether for a medical emergency, education, foreign vacation, wedding expenses, or any other personal usage. With the help of Axis Bank personal loans you can make those things possible, at affordable fixed interest rate that comes with flexible tenure and payments methods of ECS & PDCS