A personal loan is a great way to meet cash requirements. Whatever a borrower wishes to, whether remodeling the home, go for a holiday or consolidate the credit card bill. Axis Bank Personal loan is among the best solutions for all the financial worries. A personal loan is an unsecured loan means a borrower doesn’t require to give up something as security for the loan. Axis Bank Personal Loan comes with a fast loan approval procedure. A borrower can avail of Axis Bank Personal Loan approval in a short time.
How to calculate Axis Bank Personal Loan EMI?
Before applying for Axis Bank personal loan, it is important to check the EMI calculator for the EMI payment. Axis Bank personal loan EMI calculator is available for all and you can choose to use them to plan the loan outgo and monthly budget. EMI stands for Equated Monthly Instalment which is the amount payable every month for the personal loan taken for an allotted period.
To calculate the EMI on Axis Bank personal loan 2020, you can simply visit the official website of the bank. There you will find the option for ‘Personal Loan EMI Calculator’. It will require few basic details like loan amount, rate of interest and repayment tenure. After entering the details, the calculator automatically calculates the loan EMI amount to be paid and delivers the result on the same page. It takes less than a minute to check the EMI amount against the personal loan to be taken.
Features of Axis Bank Personal Loan
- High Loan Amount: A borrower can avail of Axis Bank personal loan amount minimum of Rs. 50,000 to maximum Rs. 15,00,000 lakhs.
- Flexible Repayment Tenure: A borrower can enjoy the flexibility in loan repayment terms of personal loans. He/she facilitate with the option of choosing the repayment tenure from 12 months to 60 months which suits them best.
- Low-Interest Rate: Axis bank personal loan interest rate is competitive. Every borrower can avail of a personal loan from the axis bank whether he/she is a salaried, working professional or self-employed individual. Axis bank personal loan interest rate starts at 15.75%. The offered interest rate to the borrower depends on his/her CIBIL and eligibility. The existing customers of the Axis bank can even get benefited from the best rates for a personal loan.
- Axis EDGE Rewards Points: Axis Bank personal loan borrower can receive reward points. Few banks offer such a feature in India and Axis bank is one of them. A borrower can redeem these accumulated points for over 500 rewards, shopping items, recharges, etc.
- Balance Transfer Facility: This feature is for those who have a loan with another bank but want to enjoy the benefits of Axis bank personal loan. Balance Transfer facility enables a borrower to transfer their existing loans to the Axis bank. All a borrower needs to do is apply online for a balance transfer loan and easily transfer the personal loan from the existing bank to Axis bank.
There are a few factors that determine personal loan interest rates:
- Credit score
We all know how important a role credit score plays when it comes to credit. The credit score is a crucial factor in deciding the personal loan interest rate. A good credit score shows a good financial standing of an applicant. Any score above 750 can give you the power to negotiate on the loan terms.
Every lender wants to know the credibility of an applicant. An applicant working with a reputed organization has a great chance of getting good personal loan deals.
- Monthly Income
A stable income is another crucial factor in deciding the personal loan interest rates. If an applicant has a constant and steady source of income, his/her credibility is better in the eyes of the personal loan lender. The monthly income also helps the lender to determine the applicant’s repayment capacity.
- Credit Payment Records
The credit repayment history of the applicant is among the important ways to determine the personal loan interest rate. The credit history gives an idea to the lender about the credibility of the applicant. Therefore, an applicant can get a personal loan at low-interest easily if his/her credit payment track records are clear.
- Negotiation Power
The negotiation power has a major impact on the personal loan interest rate. If the applicant can convince his/her creditworthiness to the lender, he might get personal loans at low-interest rates.
- Relationship with the lender
An existing and good relationship with the lender can help in getting a better interest rate on personal loans. This is because the lender knows the integrity of the applicant and will have no doubt in offering a low-interest rate. For example, an individual having an existing relationship with the bank will have a better chance of getting a personal loan at a low-interest rate when compared to someone new.
Eligibility Criteria for Axis Bank Personal Loan
- The Applicant should have a minimum age of 21 years at the time he/she applying for the Axis bank personal loan.
- Maximum age for being eligible for the personal loan from Axis bank is 60 years at the time of maturity of the Loan.
- An applicant must have a minimum net monthly income of Rs. 15,000.
Documents Required for availing Axis Bank Personal Loan
To avail a personal loan from Axis Bank, a borrower should have some documents based on eligibility. All the submitted are verified by the bank officials, then only the approval on the loan application is provided. The generic required documents for the personal loan are:
- Complete application form.
- Passport size photographs.
- Proof of Identity.
- Address Proof.
- Bank statement.
- Age Proof.
- Signed loan agreement.
- Duly signed Standard Instruction (SI) Request/ ECS Form.