Your Amortization Details (Yearly/Monthly)
The benefits of EMI are seen mostly in credit cards, and Axis bank is known to offer it through its credit cards. In order for you to opt for the Axis Bank Credit card EMI, it is simple and could be done online and offline. You could simply use the feature of EMI conversion to convert your spent transactions to EMIs.
This also has different tenure options, anywhere from 6 months to 24 - based on your financial choices. While converting these credit card bills to EMI, there are monthly charges. Along with the monthly charges, which is the interest, there are other processing costs that you will undertake. In order to find out how much your EMI would be every month for the borrowed loan, you can also use the Axis Bank credit card EMI Calculator.
The Axis Bank Credit Card EMI Calculator is an online, free and digital tool that calculates the EMI amount payable for the Axis Bank Credit Card users. It will also present the customer with the interest that has been added to the borrowed money and other charges that have been added to that EMI.
It is a tool that works with a formula box, and it would enable the user to eliminate the procedure of manual calculations. It will work on the basis of providing certain details from your ends, such as the loan borrowed through the credit card and the tenure that you want to repay it over. Once these details have been provided, the calculator will process the result you are looking for instantly.
Converting to EMIs with the Axis Bank Credit Card is not hard, but at the same time, it is essential to know how much every month's EMI is. Knowing ahead about the EMI amount makes your debt management and financial planning better for the month.
Our Axis Bank credit card interest rate calculator works within seconds and with an algorithm. It means that you would be eliminating the time and errors that are byproducts of the manual calculation of the amount.
To help you decide on credit card EMI conversion, you can use this calculator. You will also be given the complete breakdown of the payment schedule of the EMIs. It will give you a graphical representation of the repayments.
Using the Axis Bank Credit Card EMI Calculator is simple, and all that you would have to do is enter some of the basic information, and they are:
Amount: This is the loan amount that you have spent or borrowed through your Axis Bank Credit card, and you would have entered these details on the online calculator.
Tenure: This is the time span that you want to repay the Axis Bank Credit Card EMI.
Interest Rate: The interest rate is when the lender gives you the loan, and it is proportional to the value of your EMIs, which you will have to enter.
Once you have entered these details, you will be shown the EMI amount that you have to pay, the interest on your principal, and the other charges.
The calculation of the Axis Bank Credit Card EMI is mentioned below through a formula and example.
E = P x r x (1+r)^n/((1+r)^n – 1)
E = It is the amount that you would have to pay each month - the EMI.
P = It is the principal amount that you borrowed.
R = It is the rate of interest.
N = It is the duration of the loan in months.
If Ms Ramya borrows ten million units of currency from the bank at the rate of 10.5% for ten years. The EMI = Units of the currency 1,00,00,000*0.00875*(1+0.00875)^((1+0.00875)^120-1) = Units of currency 1,34,935, and you will have to pay total currency units of 1,34,935 for 120 months to repay the whole loan amount.
The total amount that is payable is 1,34,935*120 = 16,192,200 currency units that include 6,192,200 as interest toward the loan.
Using the Axis Bank Credit Card loan Calculator can benefit you, and here are some of its most essential benefits: