EMI Calculator forAxis Bank
Calculate your EMI easily with Axis Bank EMI Calculator – input amount, interest rate, and tenure to get started.
Calculate your Loan EMI
Payment breakdown
Monthly EMI
₹ 9,900
Total amount payable
₹ 5,94,035
Amortisation schedule
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Axis Bank EMI Calculator
Availing a loan has become convenient these days as a large number of banks and non-bank finance companies (NBFCs) have been offering loans across categories to meet the demands of customers from all sections. The digital process has also made it more accessible and to get approval for a loan quickly. Leading private lender, Axis Bank has also been offering various financing options and credit facilities for different purposes. If you are planning to apply for a loan from Axis Bank, it’s always to assess the EMIs, or equated monthly instalments, to avoid any financial burden in future. This is where the Axis Bank EMI Calculator comes into play. The Axis Bank EMI Calculator is an online tool that can give you instantly the monthly instalments you have to pay.
What is the Axis Bank EMI Calculator?
The Axis Bank EMI Calculator is an online tool that makes it easy for users to get an estimate of the monthly instalments for a particular loan amount. The Axis Bank EMI Calculator instantly computes the EMI amount based on the principal, interest rate, and the loan tenure.
How to Use the Axis Bank EMI Calculator
- Open the Axis Bank EMI Calculator page on the official website.
- Enter your loan amount.
- Enter the interest rate.
- Enter your tenure or the duration for repayment.
The online EMI calculator will show the monthly instalments along with the total interest amount to be paid.
Factors Affecting Axis Bank EMI Calculation
- Loan Amount: Your loan amount is the important factor for EMI calculation. The EMIs will be lower if the loan amount is lower and will increase as you go higher if the tenure and interest rate are fixed.
- Tenure: At a fixed interest rate and loan amount, the EMI amount can vary based on the tenure. EMI amounts can be higher if the tenure is shorter and vice versa. However, the total interest you pay will also increase with a longer tenure.
- Interest Rate: If the interest rate is high, EMI amount will be high. Similarly, a lower interest rate will reduce your EMI amount.
- Fixed or Floating Interest Rate: Axis Bank usually provides two kinds of interest rates - fixed and floating. The EMIs will remain the same throughout the repayment tenure in case of a loan with a fixed interest rate. For floating interest rates, the EMI may change depending on the bank’s policy changes.
Benefits of Using Axis Bank EMI Calculator
- The Axis Bank EMI Calculator gives you a clear assessment of your EMI payments before applying for a loan.
- It helps you do better financial planning about loan amount, tenure, and interest rate.
- You can easily plan for your repayment schedule.
- You can also avoid any financial burden after taking a loan by getting to know an estimated EMI amount.
Understanding EMI and Its Components
The important components for EMI calculation are the loan amount or the principal, interest rate, and the tenure. During the initial months of repayment, the interest component is usually high and it gradually decreases with time.
Step-by-Step Guide to Calculate Axis Bank Home Loan EMI
The Axis Bank EMI calculator uses a simple formula based on these three components to compute the EMIs:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
In this formula:
- P is the principal or the loan amount.
- R is the monthly interest rate.
- N is the loan tenure in months.
Common Mistakes to Avoid While Using Axis Bank EMI Calculator
- Don’t enter the wrong loan amount, interest rate, and the tenure. Even small mistakes can give you wrong EMI calculations.
- Don’t ignore any additional or hidden charges while calculating the EMI.
- Compare different loan amounts, tenures, and interest rates. This will let you choose the best option.
- If you are planning to prepay the loan, take that into consideration. This can reduce your EMI amount and the interest rate.
The Axis Bank EMI Calculator is a helpful tool that lets you plan your finances better by giving an estimated amount of EMI you need to pay even before you apply for a loan. A better idea about your EMI outgo will also help you avoid missing any payment.