The loan is an effective medium to fulfill expensive requirements such as higher education, vacations, weddings, and more. Usually, the banks charge the interest rate and processing fee against the loan and it differs from one bank to another and this led to serious confusion among the layman to choose the one.
Well, here you should keep a few key points to select the bank against the loan such as interest rate, processing fee, customer service, disbursal duration, and more.
If talked about Axis Bank, is a prominent and effective customer-oriented bank that offers a wide range of features to the customers. Even the Axis Bank personal loan rate of interest is minimal and the same lies in the range of 15.5% to 24%. The interest rate depends upon several factors and each of them is described below.
Also Read: Top 10 Reasons to Apply for a Personal Loan
Factors Influence the Axis Bank Personal Loan Interest Rates
1. Credit Score
Credit Score is a numerical value that represents your credit capacity and ability to pay the debt. Generally, the bank uses this tool to decide whom to give a loan or not. If a person has the worst credit score, then the Axis Bank denies giving the loan to such people to avoid NPA. However, if you have a good credit score and pay past dues within the time range, then you will get a personal loan at a lower interest rate.
2. Rapport with the Bank
Axis Bank mostly offers exclusive features and low interest rates against personal loans to existing customers who have maintained a strong bond with them. The bonding depends upon the debt time and much more. So, if you have a good relationship with the Axis Bank then you will get the privileges of a personal loan.
3. Income Status
If you are a salaried person and your income is in good figures, then you will get a personal loan at a low-interest rate. Axis Bank offers an exclusive offer to such people and one of them is; an Axis Bank personal loan at a low interest rate.
4. Loan Duration
Axis Bank offers personal loans at a high-interest rates for those customers who have taken the loan amount for a short duration and those who have taken the loan for a longer period, the bank charges less interest rate against the loan amount.
Why Choose Axis Bank?
Axis Bank is the top-rated financial institution that provides a wide range of services to the customers and this led it to become the most demanding bank among the customers. The features which make it differ from the other banks are listed below.
1. Loan Value
Axis Bank personal loan starts from Rs 50,000 and ends at Rs 1,500,000. The loan amount depends upon the customer’s credit history and ability to repay the loan.
2. Disbursal Tenure
It is the time taken by the bank to release the loan amount. Axis Bank usually takes less time to disburse the loan amount and thus helps the needy to fulfill their requirement within the period.
3. Customer Service
This feature enables the customers to resolve their queries and allows them to gather information about Axis Bank personal loans. If you have any queries and looking for a genuine solution, then make a call on the toll-free number of Axis Bank. The number is available 24*7, so you can make a call anytime.
Also Read: Top 9 Reasons Why People Apply for a Personal Loan in India
How to Calculate the EMI Against the Loan?
Axis Bank offers an EMI calculator and through the same, the customers can calculate the monthly EMI against the loan amount. The process is quite simple and for your convenience, the steps are listed beneath. Follow the same and calculate your monthly EMI.
- Open the Axis Bank EMI calculator Page
- On this page, you will find several features such as loan amount, interest rate, and tenure period.
- Now move to the loan amount section and use the slider to fix your loan amount.
- After completing the above step, move to the interest rate section and repeat the task.
- In the final stage, select the tenure by using the slider.
- After completing all these, you will find the ‘Break-up of Total Payment’ on the right side of the page, and beneath the same; you will get the calculated EMI against the loan.
Eligibility to Access Axis Bank Personal Loan
- You must be an Indian.
- The minimum age to avail of the personal loan is 21 years and the maximum is 60 years.
- You must be a salaried employee and it could be the public or private sector.
- What are the documents required for the personal loan?
- Loan Application form
- An identity proof which includes an Aadhar Card, Driving License, and Voter ID Card
- You will need to provide the bank account statement as income proof, but make sure the copy of the statement covers the last 6 months transactions.
- 2 passport size photograph
- Pan Card
That’s it, soon you will get the confirmation message and after the verification of the application form and the documents, the bank will disburse the loan amount in your account.
These were the salient features of the Axis Bank. Hence, stay in touch with the bank to grab more exclusive offers and services. The bank is always ready to assist the needy people and thus provide the services to them that are best in the class.
