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Axis Bank Personal Loan EMI Calculator - Sep 2020

Axis Bank Personal Loan Calculator

Last Updated 22nd Sep 2020

Get monthly EMI as low as ₹ 2,174 per lakh on Axis Bank personal loan. Personal loan EMI in Axis Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 3 Lakh₹ 26,513₹ 9,820₹ 6,521
₹ 6 Lakh₹ 53,026₹ 19,640₹ 13,042
₹ 12 Lakh₹ 1,06,052₹ 39,281₹ 26,085
Personal Loan EMI Calculator Or Free Personal Accident Insurance* of ₹10 L
Lowest Interest Rate
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Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

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Personal Loan EMI Calculator Axis Bank

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Axis Bank against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Axis Bank offers affordable and convenient personal loans with loan EMIs as low as ₹ 2,174 per lakh for a tenure of 60 months and lowest rate of interest at 10.99%.
  • Axis Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the Axis Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 10.99% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,660 ₹ 3,273 ₹ 2,174
3 Lakh ₹ 13,981 ₹ 9,820 ₹ 6,521
5 Lakh ₹ 23,302 ₹ 16,367 ₹ 10,869
10 Lakh ₹ 46,603 ₹ 32,734 ₹ 21,737
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Axis Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 10.99% interest rate offered by Axis Bank for different tenures
Calculated Results for Axis Bank Home Loan EMI 2 years 3 years 5 years
Axis Bank EMI for a loan amount Rs. 1 lakh at 10.99% ₹ 4,660 ₹ 3,273 ₹ 2,174
Total amount you pay back to the bank including principal and interest ₹ 1.12 Lakh ₹ 1.18 Lakh ₹ 1.30 Lakh
Interest you have to pay during the loan tenure ₹ 11,840 ₹ 17,828 ₹ 30,440

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from Axis Bank for 60 years, you pay the lowest EMI of ₹ 2,174. However, you pay an interest of ₹ 30,440 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Axis Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,660 and pay an interest of only ₹ 11,840 which is less than half of what you pay for a 60 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Axis Bank Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from Axis Bank. If you apply for a higher loan amount, your monthly EMI will be high. Axis Bank gives a minimum loan of ₹ 50,000 , which can go upto an amount of ₹ 25 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Axis Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Axis Bank is 10.99%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in Axis Bank. Longer loan tenure means lower personal loan EMI. Generally, Axis Bank offers a loan for a maximum tenure of 5 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2 Lakh for 2 years at an interest rate of 10.45%. EMI calculated for this loan amount is ₹ 9,271 and the total annual EMIs to be paid annually is ₹ 1,11,247. The EMI schedule of loan for 2 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2 Lakh over the 2 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2020 ₹ 6,571 ₹ 30,511 ₹ 37,082 ₹ 1,69,489
2021 ₹ 13,099 ₹ 98,148 ₹ 1,11,247 ₹ 71,341
2022 ₹ 2,824 ₹ 71,341 ₹ 74,165 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2 Lakh, taken at the lowest interest rate of 10.45%, EMI paid is ₹ 9,271 and an annual total of EMIs is ₹ 1,11,247, the interest component is ₹ 16,445 while the principal component is ₹ 94,802 in year 1 of loan disbursement. You repay only 47.4% of the total principal after paying 12 EMIs during the first year.

In year 2, the interest component of EMI is around 5.44%, while the principal component is around 94.56%. Upto 2 years, you have cumulatively repaid 100% of your total Personal Loan.

Axis Bank Personal Loan Interest Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Axis Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from ₹ 50,000 to ₹ 25 Lakh

r = Rate of interest per month. Current rate is 10.99%

n = tenure in month. For Axis Bank, this can be 60 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Axis Bank personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Axis Bank calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - Axis Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Axis Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Axis Bank's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Axis Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on Axis Bank personal loan
  • Purpose of Loan: Axis Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 21 and 60 years.
    • Loan amount of minimum ₹ 50,000 to ₹ 25 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 10.99% to 16.99%.
    • Lowest EMI of ₹ 2,174 per lakh.
  • Processing Fees: Upto 1.75% of loan amount. This is to be paid at the time of loan application
  • Special schemes: Axis Bank offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator Axis Bank – How it works?

  • Axis Bank personal loan calculator are online tools which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Axis Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, Axis Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from Axis Bank, the interest rate and the remaining tenure in the EMI calculator.

How to process for Personal Loan EMI moratorium in Axis Bank?

Axis Bank has announced that the three months loan moratorium is available for the term loans and interest of working capital loans for March to May 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Axis Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Personal Loan EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Axis Bank customer care or its nearest branch.

FAQs

Why should I calculate Axis Bank loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Axis Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount

What is the lowest EMI per lakh offered by Axis Bank on personal loan?

Axis Bank offers personal loan at 10.99% interest rate for a maximum of 60 months, and hence lowest EMI on per lakh loan amount is ₹ 2,174. However, Axis Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close Axis Bank personal loan?

You can preclose your Axis Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on Axis Bank ?

Axis Bank offers you an option of prepayment after 1 months at 5% for 0 to 12 months, 4% for 12 to 24 months, 3% for 24 to 36 months, 2% for greater than 36 months.

Is there any processing charge on personal loan from Axis Bank?

Yes, Axis Bank charges a certain amount of processing fee to process your loan application. Currently, Axis Bank charges a processing fee of Upto 1.75% on Personal Loan.

Will I get the personal loan from Axis Bank if i have a bad credit score?

No, for taking a loan from Axis Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can I have a co-applicant while applying for a Personal loan with Axis Bank ?

Yes, you can opt for a co-applicant to take a personal loan from Axis Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Axis Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Axis Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

Axis Bank Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 0522-2230857
Ahmedabad 079-26563232
Ambala 0172-2620489
Anand 079-26563232
Aurangabad Bihar 022-25260501
Bangalore 080-25317830
Bhilai 1800-209-5577
Bhilwara 1800-209-5577
Bhiwadi 022-25260501
Bhopal 0755-2579009
Bhubaneswar Cuttack 0674-2572955
Bikaner 1800-209-5577
Chandigarh 0172-2620489
Chennai 044-28123888
Cochin 1800-209-5577
Coimbatore 044-28123888
Dehradun 1800-209-5577
Delhi 011-23736555
Durg 1800-209-5577
Faridabad 0124-2309447
Gandhinagar 079-26563232
Ghaziabad 0522-2230857
Goa 022-25260501
Greater Noida 011-23736555
Gurgaon 0124-2309447
Guwahati 0361-2341818
Gwalior 0755-2579009
Hyderabad 040-23418888
Indore 0755-2579009
Jabalpur 0755-2579009
Jaipur 0141-2228866
Jalandhar 0172-2620489
Jodhpur 1800-209-5577
Kanpur 0522-2230857
Karnal 0124-2309447
Kolhapur 022-25260501
Kolkata 033-22839971
Kota 1800-209-5577
Kozhikode 0471-2558588
Lucknow 0522-2230857
Ludhiana 0172-2620489
Madurai 044-28123888
Meerut 0522-2230857
Mehsana 079-26563232
Mohali Sas Nagar 0172-2620489
Mumbai 022-25260501
Mussoorie 1800-209-5577
Nagpur 022-25260501
Nashik 1800-209-5577
Noida 011-23736555
Noida Extn 011-23736555
Panipat 0124-2309447
Patna 0612-2205810
Pondicherry 1800-209-5577
Pune 022-25260501
Raipur 1800-209-5577
Rajkot 079-26563232
Ranchi 1800-209-5577
Rohtak 0124-2309447
Roorkee 1800-209-5577
Salem 044-28123888
Shimla 0177-2627711
Sonipat 0124-2309447
Surat 079-26563232
Trichy 044-28123888
Udaipur 1800-209-5577
Vadodara 079-26563232
Varanasi 0522-2230857
Vijaywada 1800-209-5577
Vizag 1800-209-5577

Axis Bank Personal Loan Reviews 4.3/5  by 102 customers
MyLoanCare Service
4.3/5.0
Banks Service
4.3/5.0
Vaikunta Prabhu, Bangalore
Reviewed on 18th Nov 2019
4.5 / 5 stars
Axis Bank Personal Loan Availed in Oct 2019

Service from MLC was excellent. Axis Bank was ok.Read more...

Tribhuwan Phalahari , Hyderabad
Reviewed on 22nd Oct 2019
5 / 5 stars
Axis Bank Personal Loan Availed in Oct 2019

Very nice experience. The procedure was quick and hassle-free.Read more...

Arup Sarkar, Bangalore
Reviewed on 18th Oct 2019
5 / 5 stars
Axis Bank Personal Loan Availed in Oct 2019

It has been a good experience working with you guys. Lavish from your team has been very professionaRead more...

Satyabrata Swain, Bangalore
Reviewed on 12th Oct 2019
5 / 5 stars
Axis Bank Personal Loan Availed in Oct 2019

The personal loan process through MyLoanCare was an excellent experience. I will recommend MyLoanCarRead more...

Yashkumar Chaudhari, Bangalore
Reviewed on 11th Oct 2019
5 / 5 stars
Axis Bank Personal Loan Availed in Oct 2019

Shubham is an awesome guy. Never disturbed unnecessarily and got all the needed work done. I loved hRead more...

Md Imam, Bangalore
Reviewed on 25th Sep 2019
5 / 5 stars
Axis Bank Personal Loan Availed in Sep 2019

Good service. Easy to access. Nice support from everyone.Read more...

Vijay Rakshith, Bangalore
Reviewed on 11th Apr 2019
4 / 5 stars
Axis Bank Personal Loan Availed in Apr 2019

I had interaction with Ashutosh from MyLoanCare and he had given good overview regarding personal loRead more...

Srikanth ravi, Hyderabad
Reviewed on 18th Mar 2019
5 / 5 stars
Axis Bank Personal Loan Availed in Mar 2019

Easiest way to search for lot of loan offers.
Easy processing and continuous follow up’sRead more...

Axis Bank Personal Loan News - Sep 2020
  • 2020-02-27 : Axis Bank revised its personal loan rate
    Axis Banks changed its personal loan rate. The personal loan rate for the private sector bank starts from 10.99%. Further, the bank reduced the processing fee from the current 2% to 1.75%.
  • 2019-08-14 : Axis Bank and Aditya Birla Health Insurance signs bancassurance pact
    Leading health insurer, Aditya Birla Health Insurance has entered into a bancassurance partnership with Axis Bank. Through this partnership, the insurer will offer health insurance solutions to the Axis bank’s customers across its bank branches through digital channels. Besides this, the private sector lender also has plans to achieve significant growth across its retail loan segment, including home loans and personal loans.
  • 2019-06-25 : Axis Bank is looking to enhance its digital footprint in Tamil Nadu
    The private sector lender is planning to expand its digital footprint in Tamil Nadu by adding more cash recyclers this year. At present, the lender has nearly 314 bank branches, 1,400 automated teller machines (ATMs) and 300 cash recyclers in the state to assist customers in depositing their cash as and when required. Also, the lender is looking forward to achieving significant growth across its retail loans, including home loans, personal loans, and fixed deposits during FY19.
  • 2019-05-02 : Axis Bank set to meet FY22 goal with thrust on retail business
    Private sector lender, Axis Bank is focusing on achieving profitability and a Return on Equity (RoE) of 18% by FY22. To achieve this, the bank will now stress more upon its retail loans portfolio (including personal loans and home loans) which comprises about 50% of the bank’s total loan book. Interestingly, CASA and retail term deposits have also witnessed a strong growth of over 81% of the deposit base, and now the lender is looking forward to scaling up further.
  • 2019-04-18 : Axis Bank formulates FY20-22 strategy to strenghten its core business
    Private sector lender, Axis Bank has made a new strategy for FY20-22 to achieve a strong growth across its retail lending segment. The lender will focus on higher-yielding retail lending products such as personal loans, credit cards, rural, and small business banking. In addition to this, the bank will also continue to maintain steady asset quality by giving retail loans to existing deposit customers.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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