Axis Bank EMI Calculator

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Axis Bank EMI Calculator

Axis Bank EMI Calculator

The Axis Bank EMI calculator is a tool that helps you calculate the equated monthly installment (EMI) for your personal loan, home loan, or car loan from Axis Bank. The EMI is the amount you need to pay every month to repay the loan amount along with the interest charged by the bank. The Axis Bank EMI calculator uses the loan amount, loan tenure, and interest rate to calculate the EMI.

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

P = Loan amount
R = Interest rate per month
N = Loan tenure in months

For example, if you want to calculate the EMI for a personal loan of Rs. 5 lakhs for a tenure of 5 years at an interest rate of 10% per annum, the calculation would be as follows:

P = Rs. 5 lakhs
R = 10%/12 = 0.0083 (monthly interest rate)
N = 5 x 12 = 60 (loan tenure in months)

EMI = [5,00,000 x 0.0083 x (1+0.0083)^60]/[(1+0.0083)^60-1]
EMI = Rs. 10,964

So, the EMI for the personal loan would be Rs. 10,964 per month for a tenure of 5 years.