Axis Bank Personal Loan EMI Calculator generates the EMI amount as its name suggests. But it also shows the total interest and total repayment amount. Using this data, you can know your loan repayment of Axis Bank Personal Loan and manage your budget accordingly. There will be fewer chances of missed or due payment when someone uses the EMI calculator. Because the tool helps you ensure a foolproof repayment. The calculator will help you choose a tenure that ensures pocket-friendly EMIs and contains interest payments. To use the tool, insert your loan details and find the result. For detailed information on this tool, keep reading this page.
Benefits of Using Axis Bank Personal Loan EMI Calculator
You can use the calculator-generated results to your advantage –
- Choosing Tenure – Choosing the right tenure without a calculator seems difficult, especially for someone new to loans. The calculator lets us know the EMI or interest payout for each tenure, helping us figure out the time for which we should take a loan.
- Lower EMI Amount – Another advantage of using the tool is you can find which tenure offers you the lowest EMI. This way, you can repay the loan without any problem.
- Reduce Interest Payment – The longer the tenure, the higher will be the interest payment. So, using the tool, you can choose such a tenure wherein your EMIs are affordable and interest payment is less as well.
How to Use the EMI Calculator Axis Bank?
You can use this calculator by visiting the official website of the bank and following the below steps –
- Go to the personal loan page
- Click on the ‘EMI Calculator’ button
- Insert loan amount, interest rate and tenure
- Now, see the EMI and total payable principal & interest
Below the results, you’ll see an amortization schedule giving you an insight into the repayment you’re likely to do over the years.
Example of the Axis Bank Personal Loan EMI Calculator
With this example, you’ll learn more about the Axis Bank Personal Loan EMI Calculator’s functions.
Seema has seen the Axis Bank Personal Loan offer and is eager to apply for the same. She gets up to INR 6 Lakh loan at an interest rate of 15.00% per annum. But, she doesn’t know which tenure to choose from 24 to 60 months. So, she uses the EMI tool of Axis Bank.
According to the EMI Calculator, her repayment will be as follows –
- INR 29,092 EMI and INR 98,208 interest payout for 24 months
- INR 20,799 EMI and INR 1,48,771 total interest for 36 months
- INR 16,698 EMI and INR 2,01,526 interest payment for a tenure of 48 months
- INR 14,274 EMI and INR 2,56,437 total payable interest for a 60-month repayment period
Now that she is aware of her repayment amount for different tenures, she can choose the suitable one by comparing them.
As you can see the 36-month tenure has both an affordable EMI and lower interest payouts. So, Seema won’t face any problems while repaying the loan.
What is the Process of Borrowing a Personal Loan from Axis Bank?
You can apply for a loan by visiting the bank’s official website and following the below steps –
- Go to the ‘Personal Loan’ page
- Click on the ‘Get Instant Funds’ button
- Select your income range and enter email, mobile and other details
- Tick the terms and conditions box and click on the ‘Submit’ button
If you’re an existing customer of Axis Bank, log in to your account using your username and password. Check for the pre-approved offer, and if there’s one, you’ll get a lump sum amount in your account instantly.
After the above process, upload the following KYC and income proofs –
- Aadhaar Card
- PAN Card
- Passport Copy
- Driving License
- Salary slip
- Bank Statement
But before proceeding with the application process, don’t forget to use the Axis Bank Personal Loan EMI Calculator as you have got to know about its many benefits.