Axis Bank, one of the premier private lenders, comes with a host of financial solutions such as a personal loan to meet the needs of the masses. A personal loan not only helps one enjoy holidays at picturesque locations around the globe but also provides support in the times of emergency.
Axis Bank offers a maximum loan of ₹15 lakh for a period of as much as 5 years. But you would be more keen to know the interest rate charged by the private lender, won’t you? A fair thought, I would say, as interest rate greatly decides the shape of repayment via equated monthly installments (EMIs). And if you know the EMI in advance, it will make it easier to plan your finances.
How will you know the EMI? Well, Axis Bank Personal Loan EMI Calculator is here to help you do that. Why not then read about the calculator which has so much of relevance to your repayment journey?
Axis Bank Personal Loan Interest Rates
Axis Bank charges an interest rate of 15.50%-24% per annum, a spread of 7.10%-15.60% over the 1-year MCLR of 8.40%. The spread portion varies according to income, savings, repayment potential and the credit score of an applicant.
Axis Bank Personal Loan EMI Calculator
Now it’s all set to calculate the monthly installments using Axis Bank Personal Loan EMI Calculator. This mathematical tool sums up the EMI using three variables – loan amount, interest rate and tenure. Keeping both loan amount and tenure constant, it’s the difference in the interest rates that will make or break the situation. You should try to get a lower interest rate deal with Axis Bank to be pay off the EMI easily.
The calculator is available online and so you can use it to calculate. All you need to do is to enter the loan amount, the rate of interest and tenure. As soon as you enter all these, the calculator presents the EMI over the screen. Along with the EMI, you can get to know the amount of interest to be repaid over the course of a debt.
What Else Does Axis Bank Personal Loan EMI Calculator Show?
While using the personal loan calculator online, you can even know the distribution of repayment into principal and interest each year. Besides, the calculator will also show the total outstanding loan at the end of each year. So, you can get an idea of the repayment beforehand using the EMI calculator.
You can thus plan your finances in a way to prepay the loan before the tenure finishes. What you can do is to keep your ongoing expenses under control and invest in tax-saving investments like ELSS to save taxes and raise your yield to the level that can help generate a massive surplus to prepay. What could also help generate savings for prepayment is the yearly growth of salary.
So, there’s no fun paying the EMI for a longer period and coughing out a heavy chunk of interest from your pocket. It’s advisable to prepay via the investment yields.
Axis Bank Personal Loan Apply
After reading the benefits of the calculator, you are now interested to apply for Axis Bank Personal Loan, right? So, don’t hesitate, go online to do it. You can even submit your application at the nearest Axis Bank branch. But an online application gives you the freedom to apply from anywhere, anytime from a mobile or desktop with an Internet connection. A branch application requires you to take some time off from your work schedule, which can be a little daunting considering the workload you may have at your end.
So, do calculate the EMI before applying for a personal loan to be sure of the likely repayment. You can thus plan your spends accordingly for a smooth repayment and build a strong credit history.