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Home » Calculate Your Way to the Best Interest Rates with Axis Bank Personal Loan EMI Calculator

Calculate Your Way to the Best Interest Rates with Axis Bank Personal Loan EMI Calculator

Personal loan emi calculator

You have plans to renovate your kitchen, buy a new car or get married next year. So why wait when you can take advantage of the best short-term credit products around? Personal loans could be the perfect loan solution for your needs in these cases. With a personal loan, you can finance any short-term financial needs of yours. From the festive season to planning a wedding, traveling with friends, and making home improvements, cash is the need of the hour. That is why we want you to know that you can use your Axis Bank 24×7 Personal Loan to make your dreams come true without worrying about the refinance.

When you need cash urgently, your first stop should be a personal loan. A personal loan from Axis Bank offers several benefits like a quick application process and processing within 24 hours, flexible repayment options, a low rate of interest, and much more. Additionally, we also offer you complete online privacy and a quick funding period which means your loan will be sanctioned within 24 hours, and the funds will be deposited into your bank account within 72 hours. You can apply for a Personal Loan from as low as Rs.50,000/- to Rs.10 lakhs for the needs you want – travel, renovations, etc.

But one thing that the borrower should keep a check on before applying is what is the exact interest rate they are about to pay because that certainly can affect your budget afterward.

What is the importance of Interest rates in Personal Loans?

Interest rates, what do they mean? Do you know how your interest rate affects you? This question might come to your mind when you are planning for a personal loan. Interest rates are important to be calculated in considering the cost of borrowing. The interest rate will tell you how high the cost of borrowing is, or high the rewards are for saving.

When you take a loan, let us say for example for a personal loan in India, you will be charged a certain amount of interest rate. This amount is essentially a percentage of the amount that you took as a loan. An interest rate is essentially the cost of borrowing and/or savings you make. By now you must have understood the importance of interest rates on your personal loan but you must be wondering how you could get it right before even applying, well you can easily do it by using an online EMI Calculator.

Why You Need To Calculate Your Personal Loan Interest Rates

Your Personal Loan interest rate is one of the core components of a Personal loan. Whether you are getting a Personal loan for the first time or refinancing to a more advantageous rate, understanding how your interest rate works are imperative to taking advantage of all that your lender has to offer. You see, not all home loans are equal. Some may carry lower interest rates and therefore offer lower monthly payments compared to others with higher rates, so you can afford more needs than you could with another loan provider if you have already calculated your Personal Loan. Using a Personal loan calculator is not rocket science and yet, most people spend hours figuring out where they can calculate loan interest rates, where they get the best rate, which Personal Loan should they choose, etc. We plan to simplify the Personal Loan interest rates calculator process by telling you how you can do it in the easiest way possible.

Personal loan EMI Calculator – is a useful online tool that provides you with an idea about how your EMIs will be in case you decide to borrow a personal loan. All you need to do is enter the required details and the tool will automatically calculate your EMI and also what amount it will be so that you can plot your finances better.

The formula for Home Loan EMI Calculation:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

E: Equated Monthly Installment,

P: Principal or loan amount,

r: Interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and

n: Number of monthly installments or loan tenure in months.

FAQs

An EMI is an amount that you need to pay monthly for a fixed period of time. It is similar to rent, in which you pay a fixed amount each month for a fixed period of time. Home loans and Car loans are paid through EMI. EMI payments are made by the borrower, and the lender receives these EMIs from the bank.

There are many benefits to using a Personal Loan EMI Calculator. It provides a Break-Up of the Due Amount, allowing you to plan your budget. The details that are being provided on the calculator are accurate, and the results it displays are reliable. Using the calculator saves you time because there is no limit to the number of times it can be used; therefore, you can compare different EMIs for different values.

There are two major types of interest rates – Fixed Interest Rates and Floating Interest Rates.

Yes, there are no usage charges on any EMI/Interest Rates Calculators, so you can easily use them as many times as you want.

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