Axis Bank offers an exciting personal loan to you by which you can meet your financial expectations. There is a time in your life when you lack money to meet your needs, in situations like this apply for a personal loan. This product won’t put much burden on you and your asset will remain secure. Axis Bank is one such lender offering this loan product. And with that, you get access to Axis Bank Loan Calculator. This tool helps you know the EMI amount that you will be paying to the bank. But besides that, it also has many other features. Check out this post below to know more about the calculator of Axis Bank.
What Does the Axis Bank Personal Loan Calculator Do?
Using this online calculator of Axis Bank you can find your EMI amount and you can know the possible EMI amount of your borrowed loan. Well, the result won’t be exact as the interest rate may vary at the time of your loan booking. But the calculator will give you an insight into your repayment. Check out the example below to know how it works.
Sania needs a lump sum of money for her sister’s wedding preparations as she lacks INR 5 Lakh. From her friends, she came to know about the Axis Bank Personal Loan. She checked the loan offer online and it seems affordable to her. But before applying for the loan she uses the Axis Bank Personal Loan Calculator. She entered a loan amount of INR 5 Lakh, an interest rate of 12.00% per annum, and a tenure of five years. Now, the calculator generates the EMI of INR 11,122.
Being happy with the calculator result Sania proceeds with the loan application and makes her sister’s wedding possible without any financial difficulties.
When to Use Axis Bank Personal Loan Calculator?
It is advised to use the Axis Bank Personal Loan Calculator before the loan application so you can choose a suitable loan tenure. But if you haven’t done the same, don’t worry, you can reduce the burden of your loan repayments by using the tool during your tenure. Well, using the calculator, you can plan the prepayment of your Axis Bank Personal Loan.
Axis Bank foreclosure charges on loan outstanding balance are as follows –
- 5% for closure between 0 and 12 months
- 4% if the loan account is closed between 13 and 24 months
- 3% for 25 to 36 months
- 2% after 36 months
The calculator will help you see the loan balance after each year of repayment. This way, you can find which period will be suitable for you to get rid of the Axis Bank Personal Loan Interest Rate. So, if you haven’t used the calculator at the time of borrowing the loan and end up having huge EMI payments and interest payout, use the tool now.
Check out this example to see how it works.
Sameer borrowed an Axis Personal Loan of INR 6 Lakh for her vacation where the interest rate is 14.00% per annum and tenure 48 months. Well, the problem is he hasn’t used the calculator at the time of applying the loan amount. His EMI is 16,396 and the interest payment is INR 1,87,003.
The loan balance is INR 3,41,489 in the second year as per the calculations of the tool. The amount can be afforded by Sameer, so he fixed it for the loan closure. The prepayment charge applicable to this will be 4% of the loan amount which is INR 13,659.56. So, take care of that while calculating the savings from the closure.
And until the date arrives invest your money in different products to save enough money to pay off the loan balance. So, applying for an Axis Bank Personal Loan using the calculator helps to have a smooth payment of the borrowed amount.