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Axis Finance Personal Loan Calculator

Axis Finance Personal Loan EMI Calculator, Jun 2021

Last Updated 08th Apr 2021

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  • Personal loan EMI in Axis Finance depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • Axis Finance Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 2,275 per lakh on Axis Finance Bank personal loan as calculated using the lowest interest rate of 13.00% for the longest tenure of 60 months.
  • For example, the table below gives the EMIs on Axis Finance Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,932₹ 3,369₹ 2,275
₹ 5 Lakh₹ 44,659₹ 16,847₹ 11,377
₹ 10 Lakh₹ 89,317₹ 33,694₹ 22,753

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Personal Loan EMI Calculator Axis Finance

Axis Finance Personal Loan EMI is a fixed amount of money paid by you to Axis Finance based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your Axis Finance personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator Axis Finance. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use Axis Finance Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for Axis Finance personal loan which can range between 13.00% to 18.00%.
  • Compare Axis Finance personal Loan EMI: Helps you compare the estimated EMI on a personal loan from Axis Finance with that of leading banks in India using the same loan amount of upto ₹ 25 Lakh for a maximum tenure of 60 months, but at different interest rates.
  • Calculate interest on Axis Finance personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from Axis Finance over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at Axis Finance or balance transfer to another bank.

Axis Finance Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on Axis Finance Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of Axis Finance Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 13.00%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right Axis Finance personal loan plan for you.Personal Loan EMI is calculated for Axis Finance for different loan amounts and tenures at the rate of 13.00%.

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,754 ₹ 3,369 ₹ 2,275
3 Lakh ₹ 14,263 ₹ 10,108 ₹ 6,826
5 Lakh ₹ 23,771 ₹ 16,847 ₹ 11,377
10 Lakh ₹ 47,542 ₹ 33,694 ₹ 22,753

Factors Affecting Axis Finance Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. Axis Finance gives a minimum loan of ₹ 50,000 and a maximum loan amount of ₹ 25 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Axis Finance 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 Finance is 13.00%. 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 over which you can repay your loan in Axis Finance. So, your EMI will be lower if you take a 60months loan from Axis Finance as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of Axis Finance Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
Axis Finance13.00% ₹ 8,932 ₹ 44,659 ₹ 89,317
HDB Financial 13.00% ₹ 8,932 ₹ 44,659 ₹ 89,317
RBL Bank 14.00% ₹ 8,979 ₹ 44,894 ₹ 89,787
Muthoot 14.00% ₹ 8,979 ₹ 44,894 ₹ 89,787
IIFL 16.00% ₹ 9,073 ₹ 45,365 ₹ 90,731

Axis Finance Personal Loan Amortization Calculator

Axis Finance Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Axis Finance gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 4 years from Axis Finance at an interest rate of 13.00%. EMI calculated for this loan amount is ₹ 8,048 and the total annual EMIs to be paid annually is ₹ 96,579. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 21,638 ₹ 34,699 ₹ 56,338 ₹ 2,65,301
2022 ₹ 30,653 ₹ 65,926 ₹ 96,579 ₹ 1,99,374
2023 ₹ 21,553 ₹ 75,026 ₹ 96,579 ₹ 1,24,348
2024 ₹ 11,197 ₹ 85,382 ₹ 96,579 ₹ 38,966
2025 ₹ 1,275 ₹ 38,966 ₹ 40,241 -₹ 0

In the above illustration, on a Axis Finance Personal Loan of₹ 3 Lakh, taken at the lowest interest rate of 13.00, EMI paid is ₹ 8,048 and an annual total of EMIs is ₹ 96,579, the interest component is ₹ 35,442 while the principal component is ₹ 61,137 in year 1 of loan disbursement. You repay only 20.38% of the total principal after paying 12 EMIs during the first year.

Axis Finance Personal Loan Interest Calculator Formula

Axis Finance calculates personal loan EMI based on the following formula

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

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

In the above formula,

P = Loan amount.Axis Finance personal loan amount can range from ₹ 50,000 to ₹ 25 Lakh.

r = Rate of interest per month. The current Axis Finance Personal Loan rate is 13.00%.
n = Tenure in month. This can range up to 60months in case of Axis Finance.

How to use Axis Finance Personal Loan EMI Calculator

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

Axis Finance Personal Loan EMI for ₹ 1 Lakh

The following table shows Axis Finance Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 13.00%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,00013.00% 1₹ 8,932
₹ 1,00,00013.00% 2₹ 4,754
₹ 1,00,00013.00% 3₹ 3,369
₹ 1,00,00013.00% 4₹ 2,683
₹ 1,00,00013.00% 5₹ 2,275

Axis Finance Personal Loan EMI for ₹ 3 Lakh

The following table shows Axis Finance Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 13.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,00013.00% 1₹ 26,795
₹ 3,00,00013.00% 2₹ 14,263
₹ 3,00,00013.00% 3₹ 10,108
₹ 3,00,00013.00% 4₹ 8,048
₹ 3,00,00013.00% 5₹ 6,826

Axis Finance Personal Loan EMI for ₹ 5 Lakh

The following table shows Axis Finance Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 13.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,00013.00% 1₹ 44,659
₹ 5,00,00013.00% 2₹ 23,771
₹ 5,00,00013.00% 3₹ 16,847
₹ 5,00,00013.00% 4₹ 13,414
₹ 5,00,00013.00% 5₹ 11,377

Axis Finance Personal Loan EMI for ₹ 10 Lakh

The following table shows Axis Finance Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 13.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,00013.00% 1₹ 89,317
₹ 10,00,00013.00% 2₹ 47,542
₹ 10,00,00013.00% 3₹ 33,694
₹ 10,00,00013.00% 4₹ 26,828
₹ 10,00,00013.00% 5₹ 22,753

How to Pay Axis Finance Personal Loan EMI?

There are various online & offline methods to pay your Axis Finance Personal Loan EMI. To repay your Axis Finance EMI online, you can log in to your net banking account or else you can also use the mobile banking of Axis Finance. Axis Finance also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest Axis Finance branch.

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FAQs

Why should I calculate Axis Finance 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 Finance 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 that 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 expenses accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have a surplus amount

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

Axis Finance offers a personal loan at a 13.00% interest rate for a maximum of 60 months, and hence lowest EMI per lakh loan amount is ₹ 2,275. However, Axis Finance 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 Finance personal loan?

You can pre-close your Axis Finance 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 the balance amount that you have paid.

What are the prepayment charges on Axis Finance ?

Axis Finance offers you an option of prepayment after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period.You have to pay these charges if you decide to pay the loan amount before the due date.

Is there any processing charge on a personal loan from Axis Finance?

Yes, Axis Finance charges a certain amount of processing fee to process your loan application. Currently, Axis Finance charges a processing fee of 2% on a Personal Loan.

Will I get a personal loan from Axis Finance if I have a bad credit score?

No, for taking a loan from Axis Finance, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high Axis Finance personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in Axis Finance Bank?

At the current rate of 13.00%, EMI on Axis Finance personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 1,76,237, ₹ 1,88,059 and ₹ 2,25,920 respectively.

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

Yes, you can opt for a co-applicant to take a personal loan from Axis Finance 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 Finance personal loan?

If you have funds, then you can pay more than the regular EMI on your Axis Finance Personal 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 Finance loan EMI?

You can pay the Axis Finance personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.


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