Is the Axis Bank personal loan EMI calculator beneficial for customers? Axis Bank provides an EMI calculator to the customers so that they can easily know the approx. EMI of their loan amount. The bank provides different types of banking products to the customers and as such product is a personal loan. People take personal loans to satisfy their urgent need of money, and Axis Bank personal loan comes at an affordable rate of interest. That’s why Axis Bank personal loan EMI calculator is used because using the device one can know their loan monthly installments. To know more about the personal loan calculator read this article. How can you use the Axis Bank personal loan EMI calculator? You can easily use the personal loan calculator by visiting the Axis Bank official website. Follow the below-mentioned steps to know how to use axis bank personal loan EMI calculator. ❏ ❏ ❏ ❏ ❏ ❏
Go to the Axis Bank website and click on the “Explore Product” option Choose “personal loan” and click on it. After that you will be directed to Axis Bank personal loan page On the page header you can see the loan calculator Enter the desired borrowed amount, interest rate and loan tenure inside the calculator And then your loan EMI will be generated instantly
What benefits you can avail when you use Axis Bank personal loan EMI Calculator? The benefit of the personal loan calculator is that using this you can choose a suitable loan tenure for your personal loan for easy payment of the borrowed amount. The Axis Bank provides you a loan tenure up to 60 months with starting personal loan interest rate of 12.00%. Axis Bank personal loan interest rates depends upon the bank marginal cost fund-based lending rate (MCLR), and the current MCLR of the Axis Bank is 8.35%. Your personal loan EMI is calculated using the formula [P x R x (1+R)^N]/[(1+R)^N-1], where P is the borrowed loan amount, N is the loan tenure and R is the loan interest rate. Suppose, if you have taken a loan amount of INR 3 lakh for the wedding expense at an interest of 13.5% on a 60-month tenure. Then your calculated EMI would be INR 11,505 according to the Axis Bank personal loan EMI calculator. You can also make prepayment of your Axis Bank personal loan at zero prepayment and foreclosure charges. Apply for the Axis Bank personal loan through online banking Now fulfill your need with Axis Bank personal loan because the bank doesn’t track the usage of the loan amount. It is an unsecured loan and you don’t have to provide any collateral for the security you just need to pay the processing fee for your personal loan, that is 1% to 2% of your
borrowed amount. Apply for it by going to the bank official website and click on “Apply Now” button and in just simple three steps get personal loan instantly. Upload your income documents, address proof, and KYC details then click on the “Submit” button. You will get the loan approval information on your registered mobile number. So, it can be said that the EMI calculator plays an important role in making the right choice for the personal loan.