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Total Amount Payable
1,37,621
| Month | Opening Balance | Interest paid during the month | Principal repaid during the month | Closing Balance |
|---|---|---|---|---|
| 1 | 50,000 | 448 | 3,965 | 46,035 |
| 2 | 46,035 | 412 | 4,001 | 42,034 |
| 3 | 42,034 | 377 | 4,037 | 37,997 |
| 4 | 37,997 | 340 | 4,073 | 33,924 |
| 5 | 33,924 | 304 | 4,109 | 29,815 |
| 6 | 29,815 | 267 | 4,146 | 25,669 |
| 7 | 25,669 | 230 | 4,183 | 21,485 |
| 8 | 21,485 | 192 | 4,221 | 17,265 |
| 9 | 17,265 | 155 | 4,259 | 13,006 |
| 10 | 13,006 | 117 | 4,297 | 8,709 |
| 11 | 8,709 | 78 | 4,335 | 4,374 |
| 12 | 4,374 | 39 | 4,374 | 0 |
How to use Axis Bank Personal Loan EMI calculator
Using a Personal Loan EMI calculator is a quick process that helps you determine your monthly instalments with precision. Following these simple steps helps to calculate your EMI effortlessly
- 01
Access the EMI calculator
Visit the official Axis Bank website and navigate to the Personal Loan EMI calculator page. This tool is available online and can be accessed anytime for free.
- 02
Enter loan details
- Input the loan amount you intend to borrow.
- Enter the interest rate applicable to your loan.
- Choose the loan tenure (in months) for repayment.
- 03
Get instant EMI calculation
Once you provide the required details, the EMI calculator Personal Loan will instantly generate your monthly EMI along with a breakdown of the total interest payable and the overall repayment amount.
- 04
Adjust loan parameters if needed
You can modify the loan amount, interest rate, or tenure in the Personal Loan EMI calculator to check how different inputs affect your EMI. This feature helps in selecting the most suitable repayment plan.
- 03
Plan your loan repayment
Use the Personal Loan EMI Calculator Online results to ensure your EMI fits comfortably within your monthly budget, allowing for smooth and timely repayments without financial strain.
Personal Loan calculator – Calculate Personal Loan EMI online
A Personal Loan calculator is a user-friendly online tool that helps you determine your Equated Monthly Instalment (EMI) based on key loan parameters. By using a Personal Loan EMI calculator Online, you can quickly estimate your monthly repayment amount, compare different loan options, and choose a plan that aligns with your financial goals.
The EMI calculation is influenced by three major factors:
- Loan Amount: The total sum borrowed from the lender.
- Interest Rate: The percentage charged on the loan amount, affects the total repayment.
- Loan Tenure: The duration over which the loan will be repaid.
With a Personal Loan calculator, you can modify these inputs to instantly check different repayment scenarios, ensuring better financial planning and avoiding unnecessary financial strain. This tool makes borrowing more transparent, helping you make informed decisions with ease.
How does a Personal Loan EMI Calculator work?
A Personal Loan monthly EMI calculator is simple to use. The calculator helps individuals find the exact monthly loan repayment amount based on certain parameters.
Here's how a Personal Loan EMI calculator works:
1. Enter Parameters: Borrowers are required to enter the following parameters to calculate the EMI amount:
- Loan Amount: The total amount a borrower is planning to borrow from a bank or a financial institution.
- Interest Rate: The annual interest rate offered by the lender. But for calculation purposes, the calculator converts it into a monthly interest rate.
- Loan Tenure: The duration in which the loan will be repaid by the borrower to the lender. The loan tenure can be either in months or years.
2. Once borrowers enter the data in all the parameters, the Personal Loan EMI calculator uses the EMI formula to do the math before showing the EMI amount.
3. The EMI calculator will show the exact monthly EMI as well as the total interest and the total amount payable for the Personal Loan.
Before applying for a Personal Loan, borrowers can tweak the parameters to find the best EMI option for them. For instance, a higher loan amount or a shorter tenure will increase the EMI while a lower principal and longer repayment period will reduce the sum to be paid as monthly instalments.
Benefits of using Personal Loan Calculator for EMI
A Personal Loan Calculator for EMI is a very helpful tool. Here are the top benefits of using a Personal Loan calculator for EMI:
- A Personal Loan calculator shows the exact monthly instalment amount to be paid by the borrower to the lender.
- Some Personal Loan calculators also show the total repayment amount, which is inclusive of the principal amount and total interest amount.
- Borrowers can tweak the parameters on the calculator to arrive at the best EMI amount that they can easily pay to the lender every month.
- EMI calculator also helps borrowers in financial planning as they show the monthly instalment before they even apply and take a Personal Loan.
- Last but not least, the calculator is simple, fast and easy to use. It provides quick and exact results, which otherwise would take a lot of time.
Formula to determine Personal Loan EMI
The formula for calculating Equated Monthly Installment (EMI) for a loan is based on the present value of the annuity formula. It takes into account various parameters such as principal amount, interest rate and loan tenure to calculate the fixed monthly instalment amount.
The general formula for calculating EMI is as follows:
E = P*r(1+r)^n/[(1+r)^n-1]
In the above EMI formula, here is what the abbreviations mean:
- E is the equated monthly instalment
- P is the principal loan amount
- r is the monthly interest rate which can be calculated by dividing the annual interest rate by 12. It is generally expressed as a decimal.
- n is the total number of monthly instalments to be paid by the borrower.
Note: Keep in mind that this formula assumes a fixed interest rate throughout the loan tenure and is not suitable for calculating EMIs for reducing rate loans.
How is the Personal Loan EMI to be paid?
Most Personal Loan EMIs are paid through an automatic debit or ECS, which is done directly from your Bank Account. Thus, the transaction date will be the same every month. You can also give post-dated cheques for the EMIs, but digital payments are simpler and more convenient. It's essential to maintain a sufficient balance in your account if you don't want to incur additional interest charges or damage your credit score by missing loan EMIs.
Frequently Asked Questions
A Personal Loan EMI calculator uses a predefined formula to compute your monthly instalment based on the loan amount, interest rate, and tenure. It provides quick and accurate EMI estimates, helping borrowers plan repayments efficiently.
To use an EMI calculator for a Personal Loan, simply enter the loan amount you wish to borrow, the applicable interest rate, and the loan tenure in months. The calculator will instantly generate your monthly EMI, helping you plan your repayments effectively.
Yes, you can adjust the loan amount to see how it impacts your EMI. The Personal Loan Calculator allows you to modify parameters and choose a repayment option that fits your budget.
No, a Personal Loan EMI calculator online is free and accessible anytime. It helps borrowers compare loan options, adjust parameters, and plan repayments efficiently without manual calculations.
The EMI amount in a Personal Loan EMI calculator is affected by several factors. A higher loan amount leads to a higher EMI, while a higher interest rate increases the total repayment cost. A longer loan tenure reduces the EMI but increases the total interest paid. Additionally, some lenders may charge processing fees and other charges, which can impact the overall repayment amount.
A Personal Loan EMI calculator is pretty simple to use. Enter the loan amount, interest rate offered, and the loan duration that you feel comfortable with. You will get the monthly EMIs, the total interest you must pay throughout the tenure, and the details of your repayment schedule.
If you want to reduce your monthly payments, here are a few steps that you can take:
- Extend your loan tenure. This reduces your EMI, although you may end up paying more interest overall.
- Request a lower interest rate from your lender. This will reduce your EMI amount.
- Make a part-prepayment if you have extra funds. This can reduce both your EMI and total interest.
- Maintain a good credit score to secure lower interest rates, which in turn reduces the EMIs.
For a fixed-rate loan, your EMI will be the same every month throughout the tenure. However, the EMI of a floating rate loan can fluctuate in line with changes in the lending rates. Moreover, making part prepayments can also help lower the EMIs.
Disclaimer
Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Neither Axis Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
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