Axis Bank Credit Card EMI Calculator

The Axis Bank credit card EMI calculator is a digital tool that helps cardholders calculate EMIs for their credit card purchases. By converting large expenses into manageable monthly payments, it provides an EMI estimate based on the total amount, interest rate, and selected tenor. Additionally, it serves as an Axis Bank credit card interest rate calculator, showing how the interest rate affects the EMI and total repayment amount, enabling informed financial decisions.

The Axis Bank credit card EMI calculator computes monthly instalments by taking the purchase amount, interest rate, and repayment tenor as inputs. Users simply enter the amount to convert into EMIs, choose the repayment period, and input the interest rate. The calculator then provides an accurate EMI estimate, including interest, helping users make informed financial decisions. Additionally, it serves as an Axis Bank credit card interest rate calculator, offering a clear view of monthly interest obligations for better financial planning.

Here's how to use the Axis Bank credit card EMI calculator step-by-step:

1. Input the total transaction amount you wish to convert into EMIs.
2. Choose a repayment period, typically ranging from 3 to 24 months.
3. Enter the applicable interest rate for the EMI conversion, which may vary based on the selected tenor.
4. The calculator will then compute the monthly EMI based on the entered details, providing the exact amount you need to pay each month.

 

After entering these details, the calculator will display the total repayment amount, including the interest payable, along with a monthly breakdown of the payments. This allows you to easily manage your credit card dues and plan your finances effectively.

The Axis Bank credit card EMI calculator is based on a standard EMI calculation formula:

 

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

 

Where:

• P is the principal loan amount

• R is the rate of interest

• N is the repayment tenor in months

 

Here is an example that explains this better:

 

Suppose you made a purchase of ₹50,000 using your Axis Bank credit card and want to convert this amount into EMIs over 12 months. The applicable interest rate is 15% p.a., which translates to a monthly interest rate of 1.25%.

 

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

 

EMI = 50,000 x 0.0125 x (1 + 0.0125)12 / (1 + 0.0125)12 – 1

 

EMI = ₹4,512

 

After calculating, the EMI comes out to be approximately ₹4,512 per month. This means you will have to pay ₹4,512 every month for the next 12 months to repay the ₹50,000 along with the interest.