- Easy to access
- Saves time
- Provides quick results
- Helps you ascertain your EMI
- Aids you in planning
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Frequently Asked Questions
Though the EMIs one pays remain largely uniform throughout the tenure of their loan, the amounts repaid are credited towards the principal and interest to be repaid. Typically the initial instalments contribute more towards the interest amount with later instalments paying towards the principal.
An amortization schedule provides the break-up of these amounts repaid towards principal and interest along with their respective balances through every year of the loan.
Simply put an Amortization schedule is the road map towards the repayment of your loan denoting the milestones and the ideal points you should be at through the cycle.
Simply key in the amount, rate and tenure for which the personal loan is sought, the Personal Loan EMI Calculator will automatically reflect the EMI’s applicable for the loan tenure.
For further details or to begin availing your loan, simply click on the “Get a call back” button and fill in your details.
The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the personal loan. The EMI, usually, remains fixed for the entire tenure of your loan, and it is to be repaid over the tenure of the loan on a monthly basis.
So, say you are applying for a personal loan from Axis Bank, amounting to Rs 2,00,000 at a rate of interest of 15.5% p.a. and payday loans in Akron OH your loan tenure is 2 years, your EMI will be calculated as under:
The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/). For instance, if R = 15.5% per annum, then R= 15.5/ = 0.0129.
Remember, the interest rate and your loan tenure are the vital deciding factors for your loan EMI. Higher the interest rate on the loan, higher will be your EMI and vice-versa. Similarly, a shorter loan tenure increases your EMI and vice versa.
Axis Bank offers Personal Loan at a competitive rate of interest. If you are young and earning a decent, steady source of income with sufficient work experience, a good number of years before retirement, have low or no EMIs, and your credit score is respectable (750 and above), you could be eligible for a personal loan at an attractive rate of interest.
Do note that during the initial months of the loan tenure, you pay more towards interest, and gradually, as you repay the loan, a higher portion is adjusted towards the principal component. This is because; EMIs are computed on a reducing balance method, which works in your favour as a borrower.
Today to repay your loan, NACH (National Automated Clearing House) mandate makes repayment almost automatic. Your EMIs directly get debited from your bank account.
Say due to insufficient balance or any other reason, assuming EMIs remaining the same, the tenure of the loan would increase.
Remember, skipping EMIs does not reflect well on your creditworthiness and could impact your credit score. Hence, borrow wisely, within your means, in the interest of your financial wellbeing.
Axis Bank offers Personal Loan from Rs 50,000 up to Rs 15,00,000 with minimal documentation and speedy approval. At Axis Bank, a personal loan is granted within 48 hours, sometimes even on the same day.
Axis Bank Personal Loans help you with the financial back-up to fulfill your plans, some of the key benefits it offers are:
- Minimal documentation and speedy approval of loans. Axis Bank personal loans can be granted within 48 hours or at times even the same day of application
- Flexibility of amount and time: You can get a personal loan for amounts ranging from Rs. 50,000 to Rs 15 lakh for any period between 12 and 60 months.
- Transferability: Axis Bank Personal Loans start at attractive interest rates, you can have your existing high-interest personal loan moved to Axis Bank and enjoy a lower interest rate.