Axis Personal Loan Calculator
The Axis personal loan EMI calculator is designed to help users plan their loans. You can use the calculator if you know the loan amount you need, the tenure you are comfortable with, and the interest rate at which the loan is being offered. Proper loan planning can be very helpful and is a must-do for all borrowers. The calculator can help you plan your loans efficiently.
Personal loans are unsecured loans in which the bank loans you money on your creditworthiness. These loans require no security for the money borrowed. However, the interest rates of personal loans are higher than any other loan such as a home loan or education loan due to the amount of risk involved in lending the money.
EMI stands for Equated Monthly Installment. It is a fixed amount you must pay every month to repay your loan obligations. The EMI amount consists of the principal amount and the interest amount.
How Does The Axis Personal Loan EMI Calculator Work?
The Axis personal loan EMI calculator uses the below formula to calculate the EMI amount.
Where,
P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months
Example:
You need a personal loan for your medical emergencies. The loan amount is ₹6.6 lakhs at an interest rate of 17% and the tenure of the loan is 4 years. Let’s calculate your EMI amount using the above calculator formula.
EMI = 6,60,000 x 0.17/12 x (1 + 0.17/12)^48 / [(1 + 0.17/12)^48 - 1]
EMI = 6,60,000 x 0.014167 x 1.96451 / 0.96451
EMI = 18,368.6006922 / 0.96451
EMI = ₹19,044
So, if you take a personal loan for ₹6.6 lakhs at an interest rate of 17% and a repayment tenure of 4 years, your monthly EMI amount would be over ₹19,000 every month.
How Should You Use The Axis Personal Loan EMI Calculator?
There are only a few steps you need to follow to calculate the personal loan EMI with the Axis personal loan calculator.
- Enter the loan amount you wish to borrow.
- Key in the interest rate offered to you.
- Input the loan duration in years.
Once you enter all the details into the calculator, you will get to know your monthly EMI amount in a few clicks.
Example:
Ms. Krupa is looking to take a personal loan to fund her travel expenses. She is planning to take a loan of ₹3.85 lakhs at an interest rate of 11.75% and the tenure of the loan is 3 years. We can use the calculator formula to determine her monthly EMI amount.
EMI = 3,85,000 x 0.1175/12 x (1 + 0.1175/12)^36 / [(1 + 0.1175/12)^36 - 1]
EMI = 3,85,000 x 0.00979 x 1.42009 / 0.42009
EMI = 5352.5322235 / 0.42009
EMI = ₹12,741
So, if Ms. Krupa takes a loan for ₹3.85 lakhs and pays an interest rate of 11.75% at a repayment tenure of 3 years, she has to pay an EMI amount of ₹12,741.
Benefits Of Using The Axis Personal Loan EMI Calculator
The Axis personal loan EMI calculator has several benefits, which help the borrower to plan the loan tenure easily. Here are a few benefits of a personal loan EMI calculator.
- The calculator helps in planning the personal loan tenure, so that borrowers can decide the time period that is suitable for them.
- The calculator is easy to use allowing you to understand factors like loan tenure, loan repayment, monthly EMI, etc.
- The calculator provides quick and accurate results.