How Do Axis Bank Consumer Loan Interest Rates Influence Your EMI?

Is the impending marriage of your daughter bothering you? Need instant cash to affect the emergencies if they strike? Want to walk across the sandy beaches of the Caribbean Island? No worry, Axis Bank provides an appropriate consumer loan to serve all such needs.

The loan, though, comes with a price within the sort of equated monthly instalments (EMIs), greatly dictated by the interest rates charged by the lenders. Axis Bank consumer loan Interest Rates range from 15.50%-24% once a year. So, the story here revolves around the calculation of EMI on Axis Bank consumer loan.

How to Use Axis Bank consumer loan EMI Calculator?

The EMI, in short, constitutes portions of both interest and principal amount payable monthly till the expiry of the tenure. To calculate the EMI, you would like three variables -

• Interest Rate

• Loan Amount

• Tenure

Impact of the rate of interest on EMI to be Huge

Above, you saw the interest rates of 15.50%-24% being charged by Axis Bank. you'll thus look to barter with the private lender to urge the rates closer to fifteen .50%, if not an equivalent. Lower the rates, lesser is going to be the EMI and vice-versa. And if you're already availing some services of Axis Bank, you'll negotiate better and grab a reasonable rate of interest deal to satisfy your wishes without pinching your wallet much.

How Much an impression Loan Amount Has on EMI?

A loan amount, like rate of interest, can have an enormous pertaining to the eventual EMI to be paid by a borrower. Bigger the loan amount greater is going to be the EMI and vice-versa. If you would like to reduce the EMI burden, you'll part a number of your savings, if any. Doing this may reduce the loan requirement and therefore the EMI that follows. The loan amount is often a maximum of ₹50 lakh, supported the eligibility of an applicant.

Will a Shorter Tenure Curtail the general Outlow of Interest?

Yes, it will. It’s a wise move to settle on a relatively shorter tenure over the favoured choice of an extended tenure. Many choose the latter under the impression that the EMI would come down. However, once they find yourself paying interest beyond their imagination at the top of the loan tenure, they begin frowning everywhere. A shorter tenure does raise the EMI amount but keeps a lid on the general interest outflow from your pocket. therefore the choice is yours, whether you would like to pay more interest for the sake of lower EMI or less interest at the expense of upper EMI?

Axis Bank consumer loan EMI Calculator Excel Download

You can download the EMI calculator online and use an equivalent. One just must enter the loan amount, rate of interest and tenure to compute the indicative instalments. The calculator would also indicate the quantity of interest you'd find yourself paying over the loan tenure.

What Does the Amortization Calculator Indicate?

It’s an addition to the EMI calculator. Adjacent to the results of the calculator, you'll get to ascertain an amortization schedule for your Axis Bank consumer loan. The schedule will show the principal and interest repayments to be made by a borrower annually. Further, the calculator will indicate the outstanding balance of the loan at the top of every year. this will assist you to get conscious of what’s getting to happen on your consumer loan. you'll thus invest to get the savings required to pre-close the loan and stop the surplus outflow of interest. the simplest thing is that you simply can pre-close Axis Bank consumer loan without having to pay any fee for an equivalent. Yes, the bank doesn't charge on the prepayment of a private loan.

Axis Bank consumer loan Eligibility

Salaried of both public and personal sector firms can apply for a private loan. While they need to have a minimum age of 21 years at the time of application, they ought to not be above 60 years at the time of maturity. As far as income cares, they need to be earning a minimum monthly salary of ₹15,000 to clear the primary round of eligibility. But the particular eligibility will differ supported the loan amount a customer wants to use for. The bank keeps an in-depth eye on your age, income, saving and repayment potential while calculating the loan eligibility.