Axis Bank Personal Loan Details
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Axis Bank emphases on helping you meet your personal expenses through Personal loans. It offers these loans at attractive interest rates letting you accomplish a number of things such as children education fee, wedding arrangements, travel packages, house renovation, etc. you can apply for these loans at any of the Axis Bank branches. You can apply online for Axis Bank Personal Loan at the bank's website.
|Axis Bank Personal Loan Details Updated on 20th January 2020
||Rs.50,000 to 30 lakhs
||11.25% to 24.00%
Why Choose AXIS Bank Personal Loan?
The advantage of this loan is its same interest throughout the duration.
Simple documentation is needed and the personal loan in AXIS bank then gets processed faster.
The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- personal loan EMI calculator at loanbaba.com.
You can check out AXIS bank personal loan eligibility and AXIS bank
Features and Benefits of AXIS Bank Personal Loan
Loanbaba.com provides all the information about Axis Bank Personal Loan.
- Salaried individuals can apply for the loan. Amount of loan to be given is minimum Rs. 50,000 and maximum is Rs. 15 lakhs. However, the actual loan amount to be provided will depend on the candidate’s profile.
- Repayment tenure is between 12 months and 60 months. Interest rate for Axis Bank Personal Loan is best in class and competitive.
- Easy documentation process and quick sanction of personal loan is guaranteed by this bank.
- Customer with existing personal loan from another bank can transfer the loan to Axis bank at better interest rate and facility.
- Axis Bank offers eDGE loyalty points for those who take personal loan from them. The customer earns 150 points is the amount to be disbursed is up to Rs. 3 lakhs, and the loyalty point earned is 300 if the loan amount is above Rs. 3 lakhs and within the limit of Rs. 5 lakhs. The customer can earn 450 points if the loan amount disbursed is above Rs. 5 lakhs.
Why Apply for Axis Bank Personal Loan?
Loanbaba provides comprehensive information about personal loan schemes by Axis bank. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for Axis Bank Personal Loan online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
Axis Bank Personal Loan Interest Rates
Personal Loan Axis Bank interest rate ranges between 11.25% and 24% annually. Keep a check on this page to note the updated interest rate for Axis bank personal loan.
Axis Bank Personal Loan Interest Rate Calculator
The bank will assess your monthly salary, loan amount required, financial liabilities, credit history, and many other factors to determine the best rate of interest. Here, we list the common factors responsible in determining a personal loan interest rate at Axis Bank.
- Loan Amount The quantum of finance available is between Rs. 15,000 and Rs. 15 lakhs. In some cases the amount can be extended to Rs. 30 lakhs. Usually, banks offer a lower rate of interest on a higher amount, and vice-versa. The interest payout will be higher on a higher loan amount, and vice-versa. Thus, you must only borrow an amount you require to keep the interest payout at bare minimum.
- Repayment Capacity: The bank will check your repayment capacity before sanctioning a loan amount. For this purpose, it will access your credit report and go through the credit score and history to know if you have been regular with payments (if any). It will also take into account the debt to income ratio. Your disposable income must be at least 40% of your net monthly salary. If you have a good repayment capacity, then you will have the power to negotiate for a suitable rate of interest.
- Loan Tenure:A personal loan is of a shorter tenure than secured loans such as home loans or loans against property. Choosing a shorter tenure will help reduce the interest payout. So if you can manage to pay larger EMIs on a shorter tenure, then you must choose to do so than selecting a longer tenure, which will lead to an increased interest payout.
- Your Employer: Axis bank has a list of companies that are categorized ranking from high to low. The rankings are based on company reputation, size, and primarily its relationship with the bank. So, if you are working for a company that has a higher rank in the list prepared by the bank, then you may get better discounts and even a lower interest rate, compared to the companies ranked lower or not in their listing at all.
Axis Bank has special personal loan schemes for borrowers belonging to armed forces, defence, and government organizations. Interest rate on loans for such employees is lower from that applicable for private salaried employees.
- Your Relationship with the Bank:Not only your employer’s relationship with the bank spells a difference in discounts and facilities offered on loans, but your own relationship with Axis Bank also makes a difference. For instance, if you had taken a loan earlier from this bank and had paid all the EMIs on time, then bank considers you a reliable candidate next time when you approach it for a loan. A good relationship with Axis Bank will grant a lower interest rate.
Axis Bank Personal Loan Eligibility
The applicant for personal loan Axis needs to meet the age-criteria and possess all necessary identity and income proof required to apply for the loan.
He/she meet the requirement for credit score and should not be under too many debts.
- personal loan eligibility calculator at Loanbaba.com.
Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost Axis Bank
Types of Axis Bank Personal Loan
Axis bank has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
Axis Bank Personal Loan FAQs
Below provided are important questions about personal loan Axis Bank.
- How to Calculate Personal Loan Axis Bank EMI?
The EMI calculation is done on four major factors, i.e., principal amount, interest rate, loan duration and computation method. You can use our Axis bank EMI calculator to know the estimated EMI amount. EMI is known as equated monthly instalment. It contains a portion of both principal borrower and interest amount. It is advisable to never miss paying EMIs as otherwise your credit score will be impacted negatively making it difficult for you to take a new loan in the future.
Remember, the loan tenure and applicable rate of interest are the vital factors in deciding the loan EMI. Greater the rate of interest, higher will be the EMI, and vice-versa. Similarly, a longer tenure will reduce your EMI and vice-versa. But a shorter tenure will save you interest payout, even if the EMI amount will be bigger.
During the initial months of the loan tenure, you will have to contribute more towards the interest, and eventually as you repay, higher portion of payment is adjusted towards the principal amount. This is due to computation of EMIs on a reducing balance method, which actually works in your favour.
Mathematically, EMI is determined in the following manner:
P x R x (1+R)^N / [(1+R)^N-1]
P is the Principal amount of the loan
R is the Rate of interest
N is the Number of monthly instalments.
- How Will the CIBIL Score Affect Personal Loans Interest Rates in Axis Bank?
The bank considers your CIBIL score to determine what interest rate it will charge on the personal loan. A good credit history will obviously get you huge loans at lower rates of interest while a bad one might be highly chargeable. The bank presently takes 750 as a desirable credit score. Thus, a credit score above 750 fetches you loan at lower interest rates while the rate goes up if the score is less than 750.
- What is the Key Facts about Personal Loan in Axis Bank?
Understand the Axis bank personal loan eligibility and other factors.
Understand how your EMI will be calculated before applying for the loan. Use an EMI calculator to do so.
Know the exact rate of interest you will pay on principle amount in the end.
Look out for any hidden charges, if involved.
You should know the difference between floating and fixed interest rates. Choose from the options as per your loan capacity. For example, in fixed interest rate criteria, you have to pay a fixed amount of interest on the principle. However, interest payments may vary in floating charges.
- Find out if the bank will ask you for collateral or security to grant the loan.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Axis Bank.
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