The rate of interest (R) on your loan is calculated monthly i.e. So, say you are applying for a personal loan from Axis Bank, amounting to Rs 2,00,000 at a rate of interest of 15.5% p.a. Mathematically, EMI is calculated as under:
The EMI, usually, remains fixedįor the entire tenure of your loan, and it is to be repaid over the tenure of the loan on a monthly basis. Therefore, EMI = principal amount + interest paid on the personal loan. The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein. Neither Axis Bank nor any of its agents or licensors or groupĬompanies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Axis Bank does not undertake any liability or responsibility to User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/įinancial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. The use of any information set out is entirely at the User's own risk.
Herein or on its completeness / accuracy. Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated
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