We always need a little help, so why don’t we consider this while planning loan repayments? But don’t worry Axis Bank has the perfect tool for you it’s Axis Bank personal loan EMI calculator. With this tool you can know your EMIs and choose the tenure accordingly. Read this article and know the reasons why you should use this calculator.
Evaluate Your Repayment with Axis Bank Personal Loan EMI Calculator
It is good to have a plan because sometimes abrupt decisions can cause financial harm. And we don’t want that you would ever have to face this, so use the Axis Bank Personal Loan EMI Calculator and check whether the EMI is budget friendly or not. Because higher EMI amounts can impact your monthly obligations such as rent, children school fees, etc.
What is Your Requirement?
You should understand that having a higher loan limit does not mean that you have to borrow it till the maximum amount. Many customers have made this mistake and we don’t want you to repeat the same, so use Axis Bank Personal Loan EMI Calculator and make a calculative decision.
As you know the Axis Bank Personal Loan Interest rate starts from 10.49% per annum that means there are better chances of low interest payment. And to use that interest rate in your favor use the Axis Bank Personal Loan EMI Calculator to choose a suitable tenure for the loan repayment where the EMI is affordable and interest payout is less.
Illustration
Mr. Singhania is a salaried employee in an MNC with minimum 2 years of experience and due to some health issues he requires a lump sum of money. So Mr. Singhania applied for a Axis Bank Personal Loan and based on its eligibility calculator he can borrow a maximum INR 12 lakh. After that he proceeds further and knows that Axis Bank offers him an interest rate of 11.25% per annum. Mr. Sighania is happy with the offer but doesn't want to take this lightly so he visits the Axis Bank official website and uses the Axis Bank Personal Loan EMI Calculator where he gets the following result.
Table showing amortization schedule for Mr. Singhania Axis Bank personal loan for the tenure of 5 years.
From the above table you can see that in the first two three years your interest outgo is going in a descending order and the principal payout follows an ascending order and this continues till the loan tenure ends. So from this, you can understand that the repayment schedule is planned in a way where the borrower pays the interest amount by which your interest burden reduces year by year and the majority of amount you will pay is your borrowed loan,
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