personal loan emi

Analyse Your EMIs with Axis Bank Personal Loan EMI Calculator

Using a loan EMI calculator not only helps in knowing your monthly installments in advance but is the guiding tool which lets you do the comparison. Before applying for a personal loan at Axis Bank, you can use this calculator as many times as you want for different tenure, loan amount the rate of interest.

The calculation not only prepare yourself for the future payments, it also helps in finalizing the best combination.

Look at the details of Axis Bank personal loan and an example showing how can you calculate your personal loan EMI.

Axis Bank Personal Loan EMI Calculator

An EMI calculator is used to calculate the monthly installment (EMI), the total interest outgo and the total payment for your loan. The details you have to mention in the calculator are the interest rate, the loan amount, and the tenure. For example, if you are taking a personal loan from Axis Bank wherein you have applied for the loan amount of ₹15 lakhs for the tenure of 5 years. The bank has offered you the interest rate of 15.50% per annum depending on your overall repayment capacity.

The payment details according to your inputs would be as follows:

 

EMI- ₹36,080

Total Interest Outgo- ₹6,64,787

Total Amount (Interest + Principal)- ₹21,64,787

What is the eligibility required for Axis Bank Personal Loan?

Just like any other loan, personal loans also have certain criteria based on which you are considered to be eligible. The personal loan eligibility for Axis Bank is variable for both salaried and self-employed individuals which can be seen below:

Salaried

  • Maximum age of the applicant must be 58 years
  • Minimum Net Monthly Income should be ₹15,000
  • Maximum loan amount is ₹15 lakhs
  • Minimum service period with current employer should be 1-year
  • Good CIBIL score

Self-employed

  • Minimum age of the applicant should be 24 years
  • Maximum age of the applicant must be 65 years
  • Minimum Net Annual Income should be ₹2 lakhs
  • Maximum loan amount is ₹15 lakhs
  • Minimum work experience in current Business or Profession should be 3 years
  • Good CIBIL score

What are the documents required to apply for the loan?

Be it any kind of loan, if your documentation is on point, the application procedure is smoother. At Axis Bank, the documentation checklist is simple for your convenience. Check the list of documents below:

Salaried:

  • Signed loan application form with recent photographs
  • Age Proof-Passport Copy/ Aadhaar Card/ PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate Identity Proof-Passport/PAN Card/Voter ID Card/Driving License
  • Address Proof-Ration Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/Life Insurance Policy
  • Income Proof-Salary slip of last 3-6 months, ITR or Form 16, 6-month bank statement
  • Signature Verification Proof-Driving License/Passport copy/PAN Card
  • Duly signed loan agreement
  • Standing Instruction (SI) Request / ECS Form / Post Dated Cheques (PDCs)/ Security Cheques required for SI and ECS

Self-employed:

  • Signed loan application form with recent photographs
  • Age Proof-Passport Copy/ Aadhaar Card/ PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
  • Identity Proof-Passport/PAN Card/Voter ID Card/Driving License
  • Address Proof-Ration Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/Life Insurance Policy
  • Income Proof-IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years
  • Signature Verification Proof-Driving License/Passport copy/PAN Card
  • Duly signed loan agreement
  • Standing Instruction (SI) Request / ECS Form / Post Dated Cheques (PDCs)/ Security Cheques required for SI and ECS

What is the present interest rate on personal loans at Axis Bank?

The rates have been kept by keeping into account the expectations and demand of the customers. The lowest personal loan rate 15.50% per annum which goes up to 24% per annum.

What is the maximum loan amount that you can get?

If you match the eligibility criteria, you can get the deal as per your desire. The maximum loan amount available at Axis Bank for personal loans is ₹ 50 lakhs.

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