Axis Bank Personal Loan EMI Calculator

Some other factors that affect your Axis Bank Personal Loan EMIs are described as under:
 

• Monthly Income: To avail a personal loan from Axis Bank you need to have a net monthly income of ₹ 25,000 or above. Your income is a fundamental indicator of whether you will be able to repay the loan in a timely manner. The EMI you can afford to pay the bank every month depends a lot on your monthly income. If your monthly income is less, the bank will not sanction you a loan that requires a high monthly instalment payment.

• Credit History: A CIBIL score of 700-plus is a must to avail a Personal Loan from Axis Bank. In addition to this, your existing financial obligations play a key role in determining your loan amount eligibility, applicable interest rate, or if you are eligible to receive a loan at all.

• Rate of Interest: Monthly income, credit history, and outstanding financial liabilities determine the rate of interest that is finally offered to you by the bank. For applicants that have a stable monthly income and a good financial report card, the rate of interest is lower. For applicants with more financial obligations, variable monthly income, and a lower credit score, the rate of interest will be higher.

• Repayment tenure: The period (term) you choose to repay your loan obligation directly impacts the EMI on personal loan. A shorter tenure means higher EMIs but lower interest burden. A longer tenure reduces the monthly EMI outgoings but can increase your overall financial burden in the long term.

To arrive at an EMI amount that you can easily pay every month, you must consider the following:

• Existing Liabilities: Any current borrowings or liabilities should be considered before making an application for a fresh loan. Depending on the amount of debt you have already undertaken, whether it's repayment of credit card bills or other loans, you should evaluate your capacity to repay a new loan while meeting the obligations on the existing ones.

• Loan Amount: Other expenses on your personal balance sheet should help you determine the loan amount you can borrow. It is important to borrow only as much as you need even if you do not have any existing financial liabilities. Personal Loans are unsecured loans that tend to come with higher interest rates. Borrowing a large sum and paying it over a long tenure will increase your long-term EMI burden.

• Eligibility: Whether you are eligible for a loan or not depends on multiple factors such as your age, CIBIL score, nature of employment, etc. Further, Axis Bank will determine the loan amount and rate of interest you qualify for based on your outstanding financial obligations along with your net monthly income. This will ultimately determine the EMI that you will have to pay to service the Personal Loan.

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