Axis Bank gives you access to an online calculator, a tool by which borrowers can get answers like EMI, interest and total repayment amount. This tool works in a formula – EMI = P × R × (1 + R) N / ((1 + R) N – 1). Someone who is not a math genius and can’t compute his EMI on paper will have this Personal Loan Calculator to do the calculations. When you insert details of your Axis Bank Personal Loan such as principal amount, interest rate and tenure in the calculator, the EMI and personal loan interest rate will be shown instantly. So, you don’t have to be a math genius to calculate the EMI amount. Read this page below to know more about the Personal Loan Calculator.
How does the Axis Bank Personal Loan Calculator help?
Well, if you see carefully, an Personal Loan Calculator can be beneficial to you in many ways –
Suitable Repayment Period for Axis Bank Personal Loan
Use the Axis Bank Personal Loan Calculator and choose a perfect tenure for you. But, which is a perfect tenure? A tenure that leads to affordable EMIs and less interest payouts. You should know that a longer tenure means a high-interest payout and a lower EMI amount. Whereas, a shorter tenure means less interest and a high EMI amount. Well, if you can afford high EMIs, choose a tenure of 12, 24 or 36 months. With the help of Personal Loan Calculator, you can get the exact amount.
Plan Your Foreclosure Before Borrowing Axis Bank Personal Loan
Before applying for the Personal Loan, choose when you would like to foreclose the loan. You would know that with the help of the EMI calculator. The tool generates an amortization schedule that shows the loan balance after each year’s successful repayment.
Accordingly, start investing money in investment products. There are mutual funds, fixed deposits, etc. For a volatile and high return on your investment, choose a mutual fund. Whereas, if you need an assured amount, invest in a fixed deposit.
So, by the time you reach the scheduled foreclosure date, you’ll have enough money to close the loan. By doing so you can save a handsome amount of interest.
Manage Axis Bank Personal Loan Interest with Calculator
If the Personal Loan Interest Rate is 18.00% or 20% per annum due to your low credit score, use the calculator to manage repayment. Because even if you get a high-interest rate, you can manage it under your budget with Personal Loan Calculator. The calculator helps you know at which tenure the total interest will be less.
As you can see above, a shorter tenure helps you get less interest payout. So, if you choose a tenure wisely and get the advantage of the prepayment facility of Axis Bank, you can manage a high-interest payout as well.
Where to Use the Axis Bank Personal Loan Calculator?
You can use the Axis Bank Personal Loan Calculator on your smartphone, laptop or desktop. To use the tool, all you need to do is follow the instructions shown below –
- Go to the personal loan page
- Click on the ‘EMI calculator’ button
- Enter the loan amount, interest rate and tenure
- Check out the EMI, interest and amortization schedule
After that, proceed with the loan application and upload the required documents. Once you do that, the bank will communicate its decision to you via SMS or email. If your loan request is approved, the money will be disbursed to your account shortly. After that, you will receive the document related to your loan. In the papers, you can check the EMI start date. So, choose a repayment method for your Personal Loan.
Borrowers are allowed to repay the loan amount via ECS, post-dated cheque, etc. You need to confirm your repayment method to Axis Bank. Once you do that, you’re ready to go! So, don’t forget to use the Axis Bank Personal Loan Calculator when you’re borrowing a lump sum amount from the bank. Because if you don’t, you can’t get the benefits mentioned in the article.
The post Borrowers Use Axis Bank Personal Loan Calculator for Hassle-Free Repayment appeared first on VOICENDO.
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