Axis Bank Home Loan EMI Calculator

Axis Bank is one of the best finance providing banks in India that provides multi-purpose home loans. The maximum loan amount facility for the tenure of up to 30 years helps it easier for the borrower to make easy repayment. The interest rate is flexible and is same irrespective of the loan amount. The interest rate that you will get will depend on your repayment capacity. You can check your home loan eligibility or affordability with the help of the home loan eligibility calculator. However, to check the EMI on your home, there is Axis Bank home loan EMI calculator.

Axis Bank Home Loan EMI Calculator

The home loan calculator of Axis Bank is available online and is simple to use. This calculator is designed to help the home loan borrowers check their Equated Monthly Installments (EMI) before applying for a home loan or during it. The calculator takes into account the basic details as follows:

• Loan amount
• Interest rate
• Tenure

Since the interest rate offered on a loan is an annual interest rate, the calculation tool converts it into the monthly interest rate to give the result of monthly installments. Once you have mentioned the above details in the EMI calculator, you get the result of the EMI, the total interest outgo, and the total amount (interest+principal). Here is an example for the loan amount ₹15,00,000 at the interest rate of 8.35% per annum for the tenure of 15 years:

Axis Bank EMI Calculation Formula

The calculation in the EMI calculator is done through the below-given formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments