1. What is the Personal Loan EMI Calculation?

The personal loan EMI (Equated Monthly Installment) calculation determines your fixed monthly payment to repay a loan over a specified term. Axis Bank uses standard EMI calculations based on the loan amount, interest rate, and repayment period.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( PMT \) — Monthly payment (EMI)
• \( PV \) — Loan principal amount
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (loan term in years × 12)

Explanation: The formula accounts for compound interest and spreads payments evenly over the loan term.

3. About Axis Bank Personal Loans

Details: Axis Bank offers personal loans with competitive interest rates, flexible repayment terms (up to 7 years), and loan amounts up to ₹40 lakhs. Interest rates typically range from 10.49% to 22% p.a. depending on credit profile.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (%), and loan term in years. For accurate results, use the exact interest rate offered by Axis Bank for your profile.

5. Frequently Asked Questions (FAQ)

Q1: What is Axis Bank's minimum loan amount?
A: Axis Bank typically offers personal loans starting from ₹50,000.

Q2: What are the processing fees?
A: Axis Bank charges up to 2% of the loan amount as processing fees, subject to a minimum of ₹1,999.

Q3: Are there prepayment charges?
A: Axis Bank may charge 0-2% for prepayment, depending on loan terms and timing.

Q4: What documents are required?
A: Typically requires identity proof, address proof, income documents, and bank statements.

Q5: How long does approval take?
A: Axis Bank often provides instant approval for pre-approved customers, with disbursal within 24-72 hours of document verification.