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.
Loanbaba.com provides all the information about 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.
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.
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.
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.
Below provided are important questions about personal loan Axis Bank.
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:
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.
Understand the Axis bank personal loan eligibility and other factors.
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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