A personal loan is one which is taken for the purpose of personal, household, or family’s use. It can be used for the purpose of medication, education, purchase of household equipment and much more. They may be secured, or unsecured; secured by the product purchased, or unsecured if the payment history of the applicant is good.
The person availing the loan has to pay EMI (Equated Monthly Installments). This is the most crucial component to be taken into consideration while availing any kind of loan. Understanding its importance, AXIS Bank has provided its customers with a handy EMI Calculator which will help those that have availed a loan know how much EMI they have to pay. How to use an EMI Calculator for personal loans is given below:
- Enter the information given below into the EMI Calculator
1) Principal Loan Amount you have taken
2) Term of loan (months or years)
3) Rate of Interest (percentage)
4) EMI payable in advance/arrears
- Adjust values with the slider provided. Type the values if they are more precise.
- The EMI Calculator will now calculate the amount.
- A pie-chart showing the break-up of the total payment is also displayed.
- Total interest vs principal amount made against the loan is shown.
- The total payment made during the tenure of the loan is displayed
The EMI Calculator is a blessing as it makes calculating the amount of EMI payable easy.