**Axis Bank**** Personal Loan EMI Calculator**

Axis Bank Personal Loans provide quick processing of your loan. Personal Loans can be taken up for lots of things! They can be taken up for and when you are planning a vacation, home renovation or arranging a dream wedding for yourself or somebody special in the family. Now you need not miss out on the things that matter most in your life!

Axis Bank personal loans come with zero foreclosure charges and attractive rate of interest starting from 12%. Hence, it becomes a perfect choice to avail additional money to fulfil a range of requirements, starting from a medical emergency to designing your dream vacation. But before taking up any loan, you should calculate the monthly EMIs, so that you can plan your expenses ahead of time. Moving on, we will discuss the calculation method for Axis Bank personal loan EMI, the methods available for EMI payment online and offline and also answer the most common frequently asked questions regarding Axis Bank Personal Loan.

You can avail a Personal Loan starting from Rs.50000/- up to Rs.15,00,000/- with bare minimum documentation and fast approval from Axis Bank. Also, you can transfer your current high interest Personal Loan to Axis Bank as well.

**What is an EMI?**

The term EMI is short for Equated Monthly Instalment. An equated monthly instalment (EMI) is defined as the quantity that a loan receiver pays monthly to a lender so as to repay the money borrowed. There’s a specific date every month by which the EMI ought to be paid by the receiver.

The loan quantity and the accumulated interest is split equally over an amount and you’ll be able to simply calculate this final quantity with an **EMI Calculator**. The amount of equated monthly instalments is equal to the number of months within the loan reimbursement tenure.

The Axis Bank Personal Loan EMI Calculator helps you approximate the EMI amount that you will be mandated to pay off every month, on taking a personal loan from Axis Bank.

The calculator will thus display the monthly EMI amount that you will be required to pay. You also will be able to see the detailed break-down of the total payable amount.

**EMI Calculation F****ormula**** for Personal Loans****:**

There are 2 ways in which Personal Loan Interest Rates are calculated – **Flat Rate **and** Reducing Balance Interest Rate**

Diminishing charge per unit or reducing charge per unit is applicable to the outstanding loan balance once payment of every EMI is done.

**A. Flat Rate Method:** According to this methodology, an individual is charged a rate of interest on the entire loan quantity when initially borrowed. As a result, the EMI quantity remains constant throughout the loan tenure. The formula that supports this method of EMI calculation is as given below:

**EMI Calculation by Flat Rate Method = (Principal + Interest) / Loan Duration **in **Months**

**Example**: Mr. Y availed a loan of Rs. 10 lakhs at a flat rate of interest of 12% for a period of 36 months.

i.e., Interest for 1-year is 12% of Principal i.e., 12% of Rs.10 lakhs which is Rs.1,20,000

Thus, interest for 3 years equals to 3 * Rs.1,20,000 = Rs.3,60,000

EMI = (Rs.10 lakhs + Rs.3,60,000) / 36 = Rs.30,778

**B. Reducing Balance Method: **

In this technique, interest is charged solely on the outstanding loan principal and not the full quantity at first borrowed. Hence, this technique permits you to save a lot on the interest part of the loan. The formula that supports this method of EMI calculation is as given below:

P multiplied by R multiplied by (1+R) ^ n divided by [(1+R) ^ n-1]

P = Principal figure of the loan

R = Interest Rate

N = Number of instalments per month.

The above-mentioned terms, along with some additional fees, in this case, the processing fee are needed to determine your EMI.

For example, suppose you have opted for a personal loan of Rs. 20 lakhs for 2 years at an interest of 20 % p.a.

Initially, we need to convert the interest rate per annum into a monthly rate and the tenure into months.

To be able to calculate the rate of interest per month, we have to divide the annual interest rate by the number of months in a year, so monthly 20/12 = 1.66% per month

The loan tenure of 2 years must also be converted into months before taking it into consideration into the formula i.e., 24 months

Now we have the three different terms with us which we can integrate into the formula as follows:

EMI = [20,00,000 x 1.66 / 100 x (1 + 1.66 / 100) ^ 24 / [(1 + 1.66 / 100) ^ 24 – 1)

EMI = Rs.1,00,179

**Working**** of An EMI Calculator and The Factors That Affect Your EMI**

An EMI calculator uses 3 key factors to calculate your EMI instantaneously and automatically:

**Loan Amount**: This refers to the borrowed amount of money. Normally, a higher loan amount means a higher EMI if the interest rate and tenure are kept constant. Axis Bank offers personal loans starting from a minimal Rs.50,000 to as high as Rs.15 lakhs.**Loan Tenure**: This refers to the repayment period of the loan amount. The loan tenure for a personal loan at Axis Bank ranges from 12 months to 60 months, which enables you can choose the tenure as per your capabilities. Please also note that usually, a longer tenure means lower EMIs.**Interest Rate**: This refers to the rate at which interest is levied on the personal loan. The interest rate for Axis Bank personal loan is dependent on the bank’s 1-year MCLR, the Marginal Cost based lending rate, and varies between 12-24%. Loan EMI usually increases with an

**Axis Bank**** Personal Loan EMI Calculator**** Benefits**

The idea of how much the borrower needs to pay towards their loan is, by far, the most important feature benefit of an EMI calculator. This helps immensely in avoiding paying above their capacity in the long run that they do not end up straining themselves in financial distress. This Loan EMI calculator helps the borrower decide on an EMI amount that can be repaid without much trouble over the tenure of the loan.

There are a multitude of other advantages of EMI calculators, they are:

**Anytime Access**

The calculator can be accessed anytime and anywhere. You can use the calculator multiple times, for 0 charge, and any number of times whenever you please. You do not have to go to the bank branch or lose yourself with the dilemma of figuring out complex and substantial mathematical calculations; instead, all you have to do is just access the internet and use the EMI calculator.

**Accurate Results**

Doing calculations manually comes with the potential risk of making mistakes. Further, more mistakes can be made by repeatedly doing the same calculations and this leads to further erroneous results. Also, when you calculate EMIs personally on loans offered by different banks, the chances of errors increase further. Thus, the online EMI calculator aids you in making error-free calculations at the click of a button!

**Saves you****the time on****complex calculations**

The process of comparing the loans offered by different providers can often become very boring and time-consuming as you are using the same formula over and over again. By hand, you will be forced to spend long hours to calculate loans and thier respective EMIs. However, with this online tool, you have the advantage of saving your important time and complete all the lengthy and boring calculations in seconds. That being said, you can try out as many combinations for amount, tenure and rates of interest which you want to from the convenience of your home.

**Aids the Financial Planning Process**

While calculating the EMI for a loan, you should know the amount which you will have to pay when you take up a loan of the said amount, the tenure and also the interest rate. This will aid you in planning your finances prior to taking the loan so that your monthly budget does not take bear the burden! Another thing you can do is vary the parameters of the loan so as to reach the most suitable EMI as per your requirements.

**An****EMI calculator****can be used****for every loan**

Calculating loan EMIs never was this simple! You can deploy various calculators for different types of loans, be it one for home, vehicle or education. Even though the criterion for every loan is vastly similar, there can be situations where you will feel the need to use loan specific EMI calculators. To be on the safer side of calculations, use a specific calculator for specific loan types.

**Bonus Advantage**

You can also negotiate a bit on the rate with the loan provider. It just might work.

**P****ay****ment of**** Axis Personal Loan EMI**** – What are the ways****?**

You can pay the EMI for an Axis Bank personal loan in following three ways:

**Standing Instruction (SI):**This option enables automatic debit of personal loan EMIs from your Axis Bank account, be it Savings or Current. Just fill in and submit the standing instruction request form to avail this facility. The Standing Instruction is the most preferred mode of payment, if you have an account with Axis Bank. It saves you from the trouble of remembering the dates to make payments on time and thus avoiding late payment charges.**Electronic Clearing Service (ECS):****Post Dated Cheques (PDCs):**You can also take the option of submitting post-dated cheques to pay your loan EMIs from your non-Axis Bank account. To make use of this facility, you need to submit a fresh set of PDCs at the nearest Axis Bank Loan Centre in a timely manner. Please note that currently, PDC are only collected at non-ECS locations.

It is recommended that you opt for either standing instruction (SI) or electronic clearing service (ECS) to pay Axis Bank personal loan EMIs, as these methods are faster and less error prone than the use of PDCs.

**Non-Payment**** of EMI**** Charges**** – ****Charges of ****Cheque Bounce and Penal Interest Charges**

Below is a list of charges that apply to your Axis Bank personal loan in addition to interest charges:

Items | Charges |
---|---|

Charges for Repayment Instruction | Rs. 500/- per occurrence of cheque/SI/ECS dishonour + GST |

Charges of Penal Interest | 24% per annum, i.e., 2% per annum on the overdue EMI |

Swap Charges (Cheque/Instrument) | Rs. 500/- per occurrence + GST |

Duplicate Amortization Schedule Issuance Charges | Rs. 25/- per occurrence per set + GST |

Re-issuance of photocopy of Loan Agreement/Documents | Rs. 250/- per occurrence per set + GST |

Duplicate Statement Issuance Charges | Rs. 250/- per occurrence per set + GST |

Duplicate NOC | Rs. 500/- per occurrence per set + GST |

Stamp Duty Charges | As per Stamp Act |

**How ****to ****P****ay an ****O****verdue EMI Online****? The Steps****:**

If you defaulted on an EMI payment due of your personal loan by Axis Bank, then follow the below steps to pay the overdue EMI online:

**Step 1: **Visit the portal of Axis overdue EMI payment.

**Step 2: **Provide the various details of your Axis Bank loan account.

**Step 3: **Enter the details of validation to make the payment.

**Step 4:** Receive a confirmation for the payment of your Axis overdue EMI amount online and take a note the transaction reference number

Visit Fincity Personal Loans to know more about Axis Bank Personal Loan and apply for one with a Fast approval process too!