The word ‘Down Under’, as you would know, is a popular term for Australia, a destination that attracts millions of travellers around the world. From the scenic beauty of Sydney Harbour to the Kangaroos running on the greenery, Australia calls for a riveting expedition that’s going to be etched in your memory throughout the lifetime. Listening to these locales must be tempting you to visit down under, right? At the same time, you must be wondering about the cost of visiting this beautiful country.
No worry, as Axis Bank Personal Loan is right here to take you all the way to Australia. One of the leading lenders in India’s financial space, Axis Bank offers a personal loan that goes up to as much as ₹15 lakh. And that too at attractive interest rates, raising hopes of a dream Australian trip. But before applying for a loan, it would be better to glance at the EMI you are likely to pay over time.
Say thanks to Axis Bank Personal Loan EMI Calculator which is right here to help you calculate the installment applicable. So, read on to find more about the calculator.
Switch On the EMI Calculator Post Ascertaining Trip Cost
As we look into the air fares, the one-way trip to Australia would cost you around ₹35,000-2,00,000. And if we double it, the resultant sum comes out to be ₹70,000 – 4,00,000. These fares are applicable to economy class for an adult. Suppose your fare come out to be ₹2 lakh (both ways). And if you add ₹1 lakh of accommodation, shopping and sightseeing there, you would then require a sum of ₹3 lakh.
You can thus apply for a loan of ₹3 lakh at Axis Bank, which would sanction you the same based on factors like age, income and your credit history. The private lender offers the loan at an interest rate of 15.50%-24% per annum for a period of as long as 5 years.
The Game of EMI Calculator Begins Now
The calculator’s functioning depends on three factors – loan amount, interest rate and tenure. By now, you have got to know these in the lines above. Now if I put these into the calculator, you will find the indicative EMI, which stands for equated monthly installment, on your screen. So, a ₹3 lakh loan at an assumed interest rate of 18% would lead to an EMI of ₹7,618 to be serviced over a period of 5 years. And if you think the calculator’s job ends with the computation of installment, you are in a myth. In fact, it goes on to calculate the interest repayment over the tenure. In your case, you would end up paying an interest of ₹1,57,082 over the course of 5 years.
However, if you can pay ₹3,000 more bucks via EMI by choosing a 3-year tenure, you can save around ₹67,000 of interest. Precisely speaking, the EMI and interest are likely to be ₹10,846 and ₹90,446 over a period of 3 years. Yes, a shorter tenure does raise the amount of EMI but saves interest which would otherwise go out of your pocket.
Amortization Goes Hand-in-Hand with EMI
Just adjacent to the results of the Axis Bank Personal Loan EMI calculator, you can see the amortization summary, giving you a sneek-peek into the loan repayment over the years. The summary shows the break-up of principal and interest repayment, along with the outstanding balance of the loan at the end of each year. This, in many ways, helps you plan your loan journey efficiently.
With the EMI calculator at your helm, a dream Australian expedition of the past would no longer be a dream in the future. So keep calculating and touch the shore down under ASAP to make it a grand event of your life. You can also use some portions of savings, if any, to curtail the loan requirements and the interest outgo from your wallet.