Axis Bank Personal Loan EMI Calculator helps you find the repayment schedule. To use this tool, you just need a few basic details. Well, the details you need are – loan amount, interest rate and tenure. As you have no idea about the loan limit or interest rate, the real repayment may vary. It is the tenure wherein you get freedom. The borrower gets to choose his tenure and the calculator helps in this. In this article below you will learn how this EMI calculator helps you pay off the Axis Bank Personal Loan, so keep on reading!
Axis Bank Personal Loan EMI Calculator Functionality
Using the online calculator of the Axis Bank, you can get the following answers –
What is My EMI?
As it is in the name, the tool generates your EMI amount. You will know the amount you have to pay each month post the loan disbursement. You should know that the EMI will begin on its scheduled date. So check the documents of the loan once you get the loan amount. Because it is better to be prepared. Otherwise, you will miss the payment. And in the preparation of loan repayment, the calculator helps. As it gives you an idea of what could be your EMI. This is enough to give you time to prepare for loan repayment.
Know Total Interest Payment
The calculator not only helps you know the EMI, but it also helps you know the interest payment. Well, this is insightful. As this information could help you decide on a tenure where the interest payout is less. A lower repayment of interest can save you money. So change the tenure value in the calculator and find when the interest payment is less.
The tool also helps you see the payout throughout the tenure. You can see the yearly balance of your loan after each year’s repayment through the amortization schedule. In this, your repayment is displayed in a tabular form wherein you can see total interest, principle, EMI, etc. Using this information plan prepayment. The bank allows prepayment of the loan, this way you don’t need to pay the remaining interest. So what will happen in this is that you have to pay the loan balance. And by doing so you can get rid of the interest payment. And the calculator helps you find the period which will be suitable for the foreclosure.
What Happens if I Don’t Use the Tool?
If you don’t use the Axis Bank Personal Loan EMI Calculator, you will not have any idea about the repayment. And the EMI could be unexpected and hard to pay. So, use the calculator to remove obstacles from the loan repayment. Because late payment and non-payment of personal loans can lead to legal complications and poor credit scores.
Apply for the Axis Bank Personal Loan Now
You know everything about the Axis Bank Personal Loan EMI Calculator now, so let’s apply for a loan to meet your financial obligations. There are two ways to apply, one is offline and the other is online. If you often use online banking, the latter application process will be suitable for you. How? In this, you need to visit the bank site and fill in an application form. And for the documents, upload your KYC and income proof. Whereas for an offline application, you need to go to the bank branch, fill in an application form, attach the documents and photographs and submit the application.
Once the documents are submitted, you will hear from the bank soon. An email or SMS will be sent to your provided email address or mobile. Or the bank representative may call you regarding the loan application. If the loan is approved, your amount will be disbursed within two to three working days.