AXIS Personal Loan EMI Calculator
Compare with other banks - Personal Loan
| Bank | Interest Rate (%) | Source |
|---|---|---|
| Axis Bank (Your selected bank) | 11.25 - 22 | View Details |
| State Bank of India | 10.30 - 15.30 | View Details |
| Bank of Baroda | 10.90 - 18.25 | View Details |
| HDFC Bank | 10.75 - 13.00 | View Details |
| ICICI Bank | 10.95 - 13.25 | View Details |
| Bank of India | 13.60 - 15.85 | View Details |
| Canara Bank | 14.25 - 15.75 | View Details |
| Punjab National Bank | 11.00 - 13.75 | View Details |
| Kotak Mahindra Bank | 10.99 - 16.99 | View Details |
| Central Bank of India | 11.90 - 12.65 | View Details |
| Indian Bank | 10.45 - 12.90 | View Details |
| Indian Overseas Bank | 10.50 - 12.95 | View Details |
| Union Bank of India | 13.85 - 15.95 | View Details |
| IndusInd Bank | 10.49 - 13.25 | View Details |
| Yes Bank | 11.00 - 13.30 | View Details |
| IDFC First Bank | 10.99 - 13.15 | View Details |
| Federal Bank | 11.99 - 13.10 | View Details |
| RBL Bank | 11.05 - 13.35 | View Details |
Personal Loan EMI Calculator
A Personal Loan EMI Calculator helps you estimate your monthly personal loan repayments and plan your finances effectively. It calculates your equated monthly installment (EMI) based on the loan amount, interest rate, and loan tenure you enter.
How Personal Loan EMI Calculator Works
- Enter the amount you wish to borrow for your personal needs
- Input the interest rate offered by the bank
- Select the loan tenure in years
- Get an instant calculation of your monthly EMI
Factors Affecting Personal Loan EMI
- Credit Score: Higher score can help you secure better interest rates
- Income: Determines your loan eligibility and EMI capacity
- Income Stability: Consistent employment history improves loan terms
- Existing Debt: Current debt obligations affect eligibility and rates
- Interest Rate: Fixed or floating rates affect your EMI amount
- Loan Term: Longer term means lower EMI but more total interest
Personal Loan EMI Examples
Example 1: ₹5 Lakh Personal Loan
For a ₹5 lakh personal loan at 11.5% interest for 5 years, your monthly EMI would be approximately ₹10,991. The total interest paid would be ₹1,59,460.
Example 2: ₹3 Lakh Personal Loan
For a ₹3 lakh personal loan at 12% interest for 3 years, your monthly EMI would be approximately ₹9,991. The total interest paid would be ₹59,676.
Types of Personal Loans
Unsecured Personal Loan
No collateral required, higher interest rates (typically 10-18%), loan amount based on income and credit history, tenure options of 1-5 years.
Secured Personal Loan
Requires collateral (like gold, fixed deposits), lower interest rates (typically a 8-12%), higher loan amounts possible, flexible tenure options.
Debt Consolidation Loan
Specifically designed to help consolidate multiple high-interest debts into a single, lower-interest loan with manageable EMI.
Salary Advance Loan
Short-term personal loans that are typically given against future salary, with quick approval and short repayment periods.
Frequently Asked Questions
What documents are required for a personal loan?
Common documents include identity proof (Aadhaar, PAN), address proof, income proof (salary slips or ITR for 3 months), bank statements for the last 3-6 months, and employment details showing stability.
Can I prepay my personal loan?
Yes, most lenders allow you to prepay your personal loan. However, many charge a prepayment penalty, typically 2-5% of the outstanding loan amount. Some banks don't allow prepayment in the first 6-12 months. Check your loan agreement for specific terms.
How does my credit score affect my personal loan?
Credit score significantly impacts your personal loan approval and interest rate. A score above 750 typically gets the best rates. Lower scores may result in higher interest rates or even loan rejection. Maintaining a good score by paying bills on time and managing credit responsibly is crucial.
What is the difference between flat and reducing interest rates?
Flat interest rates calculate interest on the original loan amount throughout the tenure, making them more expensive. Reducing balance rates calculate interest on the remaining principal, resulting in lower total interest. Most personal loans use the reducing balance method.
How much personal loan can I get based on my salary?
Typically, banks offer personal loans up to 10-20 times your monthly income. For example, if your monthly salary is ₹50,000, you may qualify for a loan between ₹5-10 lakhs. However, this depends on factors like credit score, existing debt, employment stability, and bank policies.
What are the processing fees for personal loans?
Processing fees for personal loans typically range from 1-3% of the loan amount. For example, on a ₹5 lakh loan, you might pay ₹5,000-15,000 as processing fee. Some banks may offer discounts on processing fees during promotional periods.
Tips for Personal Loan Planning
- Compare interest rates and terms from multiple lenders before finalizing your personal loan
- Check for hidden charges like processing fees, prepayment penalties, and late payment fees
- Maintain a good credit score (above 750) to qualify for better interest rates
- Opt for a shorter loan tenure if you can afford higher EMIs to save on total interest
- Avoid taking multiple loans simultaneously as it affects your credit score and debt-to-income ratio
- Keep documentation ready to speed up the loan approval process