| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
Axis Bank gives its customers, and potential customers, personal loans of up to a price range of Rs. 15 lakhs, and the tenure of the loans go up to a period of 5 years. The bank also gives the eligible customer pre-approved instant personal loans without any paperwork.
These loans can easily be repaid through a set amount of EMIs each month for a fixed tenure. If you are planning on borrowing a personal loan from Axis Bank and you want to know what your equated monthly installment would be, you could use the Axis Bank Personal Loan Calculator. The calculator will allow you to check the EMIs beforehand.
The Axis Bank personal loan EMI calculator is a tool that anyone can use in order to gain access to estimations of their EMI amount. A calculator is an instantaneous tool that will not require any technical expertise or manual calculations.
The calculator is a free and online tool that anyone can use at any given time. The tool works on a standard formula, and you can be assured of getting 100% accuracy in the results. You will also not have to provide any personal details. All you would have to provide is the basic information of the personal loan that you are willing to take from Axis Bank.
The personal loan calculator works on a standard formula as already mentioned; the formula is:
E = P x r x (1+r)^n/((1+r)^n-1)
This formula, when expanded, stands for
P - Principal Amount
N - Tenure of the Loan
R - Rate of Interest
We can also understand this formula through an example that can provide clarification:
Mr Ramesh wants to take a personal loan from Axis Bank, and
The principal amount that he requires from Axis Bank is Rs. 5 lakhs, at the rate of 10.1%. The tenure that Ramesh chooses to pay off his personal loan is 4 Years. Therefore his EMI would be:
EMI = Rs. 12,705
Based on the example that has been mentioned above, the table below can show you the break-even points of the personal loan from Axis Bank:
|
Year |
Interest Paid |
Principal Paid |
Total Payment |
Outstanding Loan |
|
2022 |
24,166 |
52,068 |
76,234 |
4,47,933 |
|
2023 |
40,135 |
1,12,327 |
1,52,462 |
3,35,605 |
|
2024 |
28,252 |
1,24,215 |
1,52,467 |
2,11,392 |
|
2025 |
15,108 |
1,37,356 |
1,52,464 |
74,036 |
|
2026 |
2,195 |
74,035 |
76,230 |
0 |
There are a wide number of benefits while using the Axis Bank Personal loan calculator from Groww, and some of the main perks of using it are:
You will be able to plan your finances when you take a personal loan from Axis Bank.
You can choose the most suitable EMI option from the personal loan you take.
You will not be charged in any way to use this tool.
The steps to use the Axis Bank personal loan calculator are simple and user-friendly, and the steps have been mentioned below:
Step 1: You will first have to provide the principal amount of the personal loan you want to take from Axis Bank.
Step 2: Secondly, you will have to provide the tenure of the personal loan (which can go up to a period of 5 years.)
Step 3: Lastly, you will have to enter the interest rate that Axis Bank is charging you over the personal loan.
After all of these details have been entered, you can easily discover what the EMI amount towards your personal loan would mostly be. You also need to note that there will be no processing fee added to the calculator. Therefore, you will have to check the processing fee.