Axis Bank Personal Loan EMI Calculator- A Tool to Calculate Your EMI

The moment you think of taking a personal loan, the calculation of the installments start in your mind. But, this manual calculation might not give you the clear picture of the payments you will have to make. Having said that, in order to tell you the exact EMI payments, EMI calculator is the tool that is used. This calculator is customized as in you can calculate EMI for each type of loan from a home loan to a personal loan.

Talking about Axis Bank personal loan, this is one of the most beneficial loans you can take. Since the interest rates are one of the lowest Personal loan interest rates along with the facility of a higher loan amount. The bank gives personal loans to salaried as well as self-employed individuals who match the eligibility criterion. In addition to this, you have to make sure that you have the documentation needed to apply for this loan.  

Axis Bank Personal Loan Eligibility-

Axis Bank Personal loan is available to salaried as well as self-employed individuals. So, let us have a look at the eligibility criteria:

Salaried

• Maximum age of the applicant must be 58 years
• Minimum Net Monthly Income should be ₹15,000
• Maximum loan amount is ₹15 lakhs
• Minimum service period with current employer should be 1 year
• Good CIBIL score

Self-employed

• Minimum age of the applicant should be 24 years
• Maximum age of the applicant must be 65 years
• Minimum Net Annual Income should be ₹2 lakhs
• Maximum loan amount is ₹15 lakhs
• Minimum work experience in current Business or Profession should be 3 years
• Good CIBIL score

Axis Bank Personal Loan EMI Calculator

EMI or equated monthly installment calculated with the help of the tool called loan calculator. This calculator is used to pay off both the interest and principal each month for a particular period of time that is the loan tenure. This tool works on the basis of the following details:

• Loan Amount
• Tenure
• Rate of Interest

Once these details are filled in the calculator, a table just like the example given below appears. Let us suppose that you have applied for a personal loan at Axis Bank and want to check your future so as to be prepared for the payment and manage your finances accordingly. Your loan amount is ₹15 lakhs, the tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Axis Bank that is:

• Loan Amount- ₹15,00,000
• Tenure-5 years
• Interest Rate- 15.50% p.a.

The payments from your end will be as follows:

EMI: ₹36,080

Total Interest Outgo- ₹6,64,787

Total Amount (Interest + Principal) - ₹21,64,787

Benefits of Using EMI Calculator

Accurate results- One of the main advantages of using an EMI calculator is that it gives you accurate results, unlike manual calculation where the possibility to make mistakes is more. So, whenever you want to know the information about your loan, use an EMI calculator and get the idea of the exact payment you will have to pay to the corresponding bank.

  

Time-Saving- Since everyone is getting busier each day, a tool like this makes it convenient for people to save time. As soon as you mention, the amount, the interest rate and the tenure you have been offered, you get the details of all the payments within few seconds.

More than EMI- The calculator gives the information more than the monthly installments like the total interest outgo and the total amount (principal+interest). Other than these, you get the amortization schedule.

Suits your Budget- When you check the installments in advance, you can see if you will be able to manage that particular amount without affecting your other financial liabilities.

Accounted Processing Fee- A normal EMI calculator would tell you the payments only on the basis of the interest rates. But, as you know there are some processing fees charged on your loan which is not included in the interest rate. Since the interest rates do not count processing fees.

Thus, with all these benefits, you get the opportunity to be free from any further tensions and hence keep the loan journey smooth.