To calculate the Equated Monthly Installment (EMI) for a personal loan from Axis Bank in India, you can use the formula mentioned by Prisha here. However, let me share an example to make you understand better how to calculate EMI for personal loan in Axis Bank.
Assume you took a Rs.5 lakh loan at 11.25% per annum for 3 years (36 months).
Convert an interest rate to a monthly rate:
Annual Rate = 11.25%
Monthly Rate (r) = (11.25 ÷ 12) ÷ 100 = 0.009375
After solving, the EMI ≈ Rs.16,487 per month.
You can also use an online
Axis Bank Personal Loan EMI Calculatorto find out the EMI. Here you can enter your loan amount, tenure, and interest rate to get an instant EMI estimate.
Here are the loan details at Axis Bank as per March 2025:
Loan Amount: Rs.50,000 to 40 lakh
Interest Rate: 11.25% to 22% p.a.
Tenure: 12 to 84 months
Processing Fee: Up to 2% of loan amount
I hope this was helpful to you.
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To fulfill your multiple financial requirements, you can apply for personal loans from Axis Bank. But, let me tell you, it is essential to compute the Equated Monthly Installment (EMI) before applying for a personal loan in order to know the potential financial load. For my personal loan, I used the Axis Bank personal loan EMI calculator. It can support you in creating a budget and ensuring prompt payback.
Axis Bank Personal Loan Interest Rate Calculator
It is a simple tool that you may use to get estimates for how much your EMI will be. Axis Bank offers a personal loan at a 10.49% interest rate. This loan calculator uses a standard formula, which is as follows:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
Here, P is the principal amount of the loan, R is the annual interest rate divided by 12 and N is the number of monthly installments.
You can calculate the EMI amount easily by following the below steps:
Visit
https://www.axisbank.com/retail/calculators/personal-loan-emi-calculator
.
The principal amount of the personal loan you wish to take out with Axis Bank must be provided initially.
Enter the interest rate that you are getting charged for your personal loan from Axis Bank.
Finally, mention the loan tenure. The EMI amount will be displayed on your screen.
It is important to remember that the EMI that has been calculated is only an estimate and might not include any processing or other fees. I hope you understand how to calculate EMI for personal loan in Axis Bank.
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How to Calculate EMI for Personal Loan in Axis Bank?
Takshil
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2023-10-31T14:25:47+00:00 2023-10-31T14:25:47+00:00Comment
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