Axis Bank Personal Loan EMI Calculator

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        Axis Bank Personal Loan EMI Calculator

        Axis Bank Personal Loan EMI Calculator

        Equated Monthly Installments (EMIs) allude to the month-to-month sum that a borrower should pay to reimburse a loan taken from a bank or non-banking monetary organisation (NBFC). Axis Bank personal loan EMI number cruncher is a convenient device to help you complete this muddled estimation in a flash. Nonetheless, rather than selecting a bank-explicit EMI number cruncher, you can utilise the Dialabank personal loan EMI calculator to check your loan EMIs for nothing. First, determine a couple of critical personal loan boundaries, for example, loan head, financing cost, and residency, to get moment EMI results. You can likewise attempt different mixes of these loan boundaries to show up at the most appropriate EMI for yourself.

        How does the Axis Bank Personal Loan EMI Calculator Function?

        An EMI adding machine capacities based on the accompanying 3 boundaries:

        • Loan Amount: This alludes to the personal loan chief acquired from Axis Bank. By and large, a higher loan sum brings about higher EMI. Axis Bank offers personal loans for sums as low as Rs. 50,000 and as high as Rs. 40 lakh.
        • Loan Tenure: The span over which a personal loan is paid off is called loan residency. For Axis Bank personal loan, the residency right now fluctuates from 12 to 72 months. Practically speaking, a more limited residency prompts higher EMIs, yet it encourages you to save money on the final premium payout of the loan.
        • Premium Rate: Axis Bank personal loan financing cost shifts from 9.99% to 21.25% p.a. A higher pace of interest ordinarily converts into higher EMI payouts over the loan residency.

        Axis Bank Personal Loan EMI Calculator Formula

        The formula used to calculate personal loan EMIs depends on the interest calculation method, namely – the flat rate method and the reducing balance method. Let us understand the 2 forms of EMI calculation in the following section.

        • Flat Rate Method: In this strategy, the EMI sum stays as before through the loan residency. The personal loan interest is charged on the whole loan principal sum acquired by the candidate. The equation for EMI estimations utilising this strategy is as per the following:

        EMI by Flat Rate Method = (Principal + Interest)/ Loan Tenure in Months

        For example, Mr A took a loan of Rs. 10 lakh at a flat interest rate of 15% for 24 months.

        Interest for year 1 = 15% per annum of Principal = 15% of Rs. 10 lakh = Rs. 1.5 lakh

        Interest for year 2, i.e., the loan tenure = Rs. 1.5 lakh

        Total interest payable over the loan tenure = Rs. 1.5 lakh + Rs. 1.5 lakh = Rs. 3 lakh

        Monthly EMI payouts for Mr. A = (Rs. 10 lakh + Rs. 3 lakh)/24 = Rs. 54,167

        • Reducing Balance Method: In this strategy, the EMI instalment sum continues to diminish over the loan residency. The personal loan interest is charged on the exceptional loan head (which reduces as the loan is paid off) and not the whole loan sum acquired. Henceforth, this strategy permits you to save money on the complete revenue payable utilising the simultaneous equation.

        EMI by Reducing Balance Method = [P x R x (1+R)^N]/[(1+R)^ (N-1)]


        P means the loan principal;

        R refers to the rate of interest every month;

        N refers to the loan repayment tenure in months.

        For example, Mr B took a loan of Rs. 10 lakh at a reducing balance interest rate of 15% p.a for 24 months.

        Monthly interest rate = Annual interest rate/ 12 = 15/12 = 1.25% per month

        Monthly EMI payout for Mr. B = [10 lakh x 1 x (1+1.25)^24]/(1+1.25)^(24-1)] = Rs. 48,487

        Axis Bank Personal Loan EMI Calculation

        Axis Bank uses the reducing balance method for the EMI calculation of its loan. The following table shows the possible Axis Bank Personal Loan EMI Calculator with various loan amounts, interest rates, and repayment tenure combinations.

        Loan Amount (Rs.) Interest Rate (p.a.) Tenure (months) EMI (Rs./month)
        50,000 15% 48 1,392
        3 lakh 12% 36 9,964
        7 lakh 14% 24 33,609
        12 lakh 15% 72 23,374
        15 lakh 11% 60 32,614

        EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate

        The following is a comparison of the difference in EMI payouts for different loan amounts and tenure when using the flat interest rate method as compared to the reducing balance method:

        Loan Amount (Rs.) Loan Tenure (months) Interest Rate (p.a.) EMI using Flat Rate method (Rs.) EMI using Reducing Balance method (Rs.)
        10 lakh 60 17.50% 31,250 25,122
        7 lakh 48 11.50% 21,292 18,262
        5 lakh 72 12.00% 11,944 9,775
        3 lakh 24 13.00% 15,750 14,263
        1 lakh 36 10.75% 3,674 3,262

        How to pay Axis Bank Bank Personal Loan EMI Calculator?

        Following are the various modes of payment for Axis Bank personal loan EMI:

        • Standing Instruction (SI): This feature allows the bank to directly debit the EMI payable from your Axis bank account on due dates. You can avail yourself of the SI facility by filling out the NACH e-mandate form. Alternatively, you can fill out SBI standing instruction request form and submit it to set up a SI.
        • Electronic Clearing Service (ECS): You can use the ECS facility to pay off your monthly instalments directly from your non-SBI Bank account on due dates. To avail of this service, you can either fill out the Axis Bank ECS mandate form or apply online for ECS Debit Clearing.
        • Post Dated Cheques (PDCs): You can also pay your Axis personal loan EMIs by submitting post-dated cheques in favour of “Axis Bank Ltd Loan Account Number <your loan account number>” at the Axis Bank retail service centre.

        Steps to pay an overdue EMI Online

        If you missed a due EMI payment of your Axis Bank personal loan, then follow the below steps to pay the overdue EMI online:

        Step 1: Visit the Canara outstanding EMI payment portal.

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

        Step 3: Enter authentication details to make the payment.

        Step 4: Receive an online confirmation to pay your Axis overdue EMI amount and note the transaction reference number.

        Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges.

        Penal Interest Rate for late EMI payment The penal interest rate is 2% per month on the EMI overdue till payment is made.
         Cheque Bounce Charges Rs. 550 per instance of cheque bounce.

        Note: The charges may change periodically, and GST is applicable as per Government regulations.

        Factors Affecting Axis Bank Personal Loan EMI Calculator

        Following are the key factors that influence Axis Bank personal loan EMI:

        • Loan Amount: Axis Bank’s loan sum changes from Rs. 50,000 to Rs. 40 lakh. By and large, the higher the loan chief sum brings about a more prominent EMI.
        • Loan Tenure: The time frame over which you take care of the loan is called loan residency. A more extended residency implies you need to pay EMIs for a more drawn-out period, which for the most part brings about a more modest sum. Be that as it may, more extended residency expands the available interest payout.
        • The pace of Interest: It alludes to the rate a premium is charged on a loan. A high-interest speed implies a more significant interest is to be paid, which may prompt higher EMIs or more extended loan residency. The strategy for rate estimation additionally influences the personal loan EMI sum. For the most part, EMIs determined utilising lessening balance strategy are lower than those specified using the level rate technique.

        Benefits of Using Axis Bank Personal Loan EMI Calculator

        An online EMI adding machine accompanies a large group of points of interest. A portion of the significant ones are recorded underneath:

        • It causes you to know your month-to-month EMI payout before you profit from the loan. This causes you to plan your finances better, so you can guarantee convenient EMI instalment as on schedule.
        • You can utilise the online EMI mini-computer free of charge at any time of the day from anywhere. Additionally, you can use it quite a few times. You need to think about EMI sums for personal loan offers from various banks.
        • It saves you from the time-taking cycle of figuring EMI duty by hand. You can get instant results for the personal loan EMI sum when determining the loan sum, residency, and financing cost.
        • The number cruncher consistently gives you the moment and accuracy. Hence, you approach a dependable device to figure EMI adds up to help you analyse different loan offers.

        FAQs for Axis Bank Personal Loan EMI Calculator

        How to pay Axis Bank personal loan EMI online?

        You can avail (Electronic Clearing Service) to digitally transfer the EMI from your non-Axis Bank account. Alternatively, if you have an Axis Bank account, you can use the standing instruction facility via NACH (National Automated Clearing House) to pay off your loan EMI.

        How to autopay Axis Bank personal loan EMI online?

        You can activate the autopay of your Axis Bank Personal Loan EMI Calculator by using the SI (Standing Instruction) facility. SI means that you allow the bank to automatically deduct the EMI on the due date from your Axis Bank account.

        Does the EMI calculator also show the prepayment charges?

        No, the Axis Bank Personal Loan EMI Calculator only shows the EMI amount. You can check the prepayment charges in the loan agreement provided by the lender.

        What is float rate EMI calculation? Is personal loan interest calculated this way?

        Every EMI includes both the principal and the accrued interest. When a bank/NBFC uses a floating interest rate that depends on an external benchmark like repo rate to calculate EMIs, it is called floating rate EMI calculation. In this case, the interest rate applicable to the loan changes periodically; however, currently, this method does not apply to personal loan interest calculation.

        How to use the Axis Bank Personal Loan EMI Calculator?

        You can use Dialabank’s Axis Bank Personal Loan EMI Calculator in the following steps:

        Step 1: Specify the loan amount, tenure and interest rate using the sliders.

        Step 2: Check the EMI amount displayed instantaneously on the right-hand side of the page.

        How to arrive at the right EMI amount?

        You can use the EMI calculator to check loan amounts, tenure, and interest rate combinations to arrive at the most suitable EMI per your monthly budget. Ensure that you consider all your outstanding debt and monthly expenditure to avoid hassle when repaying throughout the loan tenure.

        What is the penalty for missing an EMI for my Axis Bank personal loan EMI?

        Penal interest at the rate of 2% per month is charged on the overdue amount until payment is made if you fail to pay your Axis Bank personal loan EMI on time.

        What method of EMI calculation does Axis Bank use?

        Axis Bank uses the reducing balance method for calculating personal loan EMIs. As a result, interest is charged only on the outstanding loan principal and not on the principal loan amount you initially borrowed.

        Can I change my Axis Bank Personal loan repayment mode? What are the charges for changing the repayment mode for Axis Bank’s personal loan EMI payment?

        Yes, a service charge of Rs. 500 is applicable when you swap the repayment mode to either PDC (Post Dated Cheque) or ECS (Electronic Clearing Service). However, no such swap charges are applicable if you change your repayment mode to the PDCs of your Axis Bank account.