personal loan

What Details are Required for Axis Bank Personal Loan EMI Calculator

Finance

A personal loan may prove to be a boon only when the EMI is within your budget. To make your personal loan a friend, you have to be true to it and yourself. This can be achieved only when you are sure of your expenses. Axis Bank personal loan is available to those who match the eligibility criteria set by the bank.

This criteria includes the age of applicant, income and savings. Axis Bank would consider 50% of your salary eligible for repayment. So, higher income attracts more chances of approval and also lower rate of interest. As an applicant, you can check your repayment capacity with the help of a loan EMI calculator.

By considering half of your salary as your repayment efficient amount, you can check which combination of loan amount, tenure and interest rate is suitable as per your pocket. Axis Bank personal loan EMI calculator shows instant results for monthly installment, total interest outgo and total repayment amount. Even though banks decides what rate you are going to get, you can assume an expected rate of interest and your required loan amount for your choice of tenure and check your personal loan EMIs.

Axis Bank Personal Loan Interest Rate

Personal loan interest rates start from 15.75%-24% per annum at Axis Bank. The rates are offered by considering your income and age. Those who are having a good credit history can negotiate more on the rates and get the approval as well as compared to those who do not have it.

Axis Bank Personal Loan Eligibility

The eligibility criterion that an applicant has to match for a personal loan at Axis Bank is mentioned below as per the profession:

For Salaried:

  • Maximum age of the applicant must be 58 years
  • Minimum Net Monthly Income should be ₹15,000
  • Maximum loan amount is ₹15 lakhs
  • Minimum service period with current employer should be 1 year
  • Good CIBIL score

For Salaried:

  • Minimum age of the applicant should be 24 years
  • Maximum age of the applicant must be 65 years
  • Minimum Net Annual Income should be ₹2 lakhs
  • Maximum loan amount is ₹15 lakhs
  • Minimum work experience in current Business or Profession should be 3 years
  • Good CIBIL score

Axis Bank Personal Loan EMI Calculator

EMI or equated monthly installment calculated with the help of the tool called loan calculator. This calculator is used to pay off both the interest and principal each month for a particular period of time that is the loan tenure. This tool works on the basis of the following details:

  • Loan Amount
  • Tenure
  • Rate of Interest

Let us suppose that you have applied for a personal loan at Axis Bank and want to check your future so as to be prepared for the payment and manage your finances accordingly. Your loan amount is ₹15 lakhs, the tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Axis Bank that is:

Loan Amount- ₹15,00,000

Tenure-5 years

Interest Rate- 15.75% p.a.

The payments from your end will be as follows:

EMI: ₹36,278

Total Interest Outgo- ₹6,76,688

Total Amount (Interest + Principal) – ₹21,76,688

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