Unexpected financial crunches can occur anytime without any prior information and can be stressful at times. For a long time, people have depended on friends and family to meet their financial expectations. But gone are those days when you have to go and plead in front of friends and family for the same. It’s high time to become independent by availing a Personal Loan to meet your financial expenses.
More than 50+ well-recognized banks and NBFCs are providing personal loans to individuals at an exciting and affordable ROI. However, with so many options in hand, we end up making bad decisions that we regret in the future. So, to save you from such scenarios, we bring the most convenient option for getting a personal loan, and that too from a credited bank. Yes. We are talking about AXIS Bank Personal Loan.
You can easily achieve all your objectives if you take out a Personal Loan from AXIS Bank. Axis Bank Personal Loan can serve your needs, whether it’s the much-awaited wedding for you or your child, renovation time for your home, or a much-needed vacation. You can easily get a personal loan starting at Rs. 50,000 and up to Rs. 40 lakh with less paperwork and competitive interest rates.
In this article, we’ll walk you through all the details of interest rates and other factors associated with Axis Bank Personal Loans. So, let’s move ahead and learn about them.
Here are a few factors about Axis Bank Personal Loans
Factors affecting ROI of Axis Bank Personal Loan
For various borrowers, depending on a variety of circumstances, the Axis Bank personal loan interest rate fluctuates. The following are a few variables that affect personal loan interest rates:
Credit Score: One of the most significant variables affecting the interest rate that will be charged on your personal loan is your credit score. An Axis Bank personal loan with a lower interest rate will likely be offered to you if your credit score is good (above 750). On the other hand, a borrower with a low credit score would be subject to a significantly higher interest rate from the bank.
Employment type: Another crucial element that affects the interest rate charged by the bank on a personal loan is the borrower’s employment type. A personal loan from the bank will probably be available at a reduced interest rate if you have a secured job or a successful business.
Loan tenure: The tenure of the loan also affects the bank’s interest rate. Axis Bank would likely charge a lower interest rate for personal loans taken out for a longer term.
Relationship with the lending partner or bank: The interest rate on your personal loan is also influenced by your relationship with Axis Bank. For instance, the bank is more likely to offer you a better loan if you currently have a fixed deposit or a savings account with Axis Bank.
Crucial things you must know about Axis Bank Personal Loan interest rates
Prior to submitting an application for a personal loan from Axis Bank, it’s critical that you understand the following points:
Interest amount you need to pay: You must be aware of the amount of interest you will be required to pay the bank throughout the course of the loan. This sum changes according to the loan’s principal, interest rate, and term.
EMI calculation: You must be able to determine the EMI that you have to pay monthly to the bank. You can also use ReferLoan’s online EMI calculator to simplify things.
Hidden charges: In addition to the interest rate and the processing fee, you should be aware of any other fees the bank may impose on your personal loan.
Fixed vs. Floating interest rates: Understanding the distinction between fixed and floating interest rates will help you make better financial decisions. If you take out a personal loan with a fixed interest rate, that rate will be the same for the duration of the loan. However, the interest rate may change during the course of a loan if it is taken out at a floating interest rate.
Different charges applicable on the Axis Bank Personal Loan
Before availing of any kind of loan, it is very important for you to know about the different types of charges that can be levied on the same. For your convenience, we have enlisted the charges that are applicable to the Axis Bank Personal Loan.
Eligibility & Documents required
To know about the documents and eligibility criteria of Axis Bank Personal Loan, you can refer the table below:
Key takeaways
Till now, you must have known all the bits and bites of Axis Bank Personal Loan. Suppose you are planning to get Axis Bank Personal Loan. In that case, you can easily apply it from ReferLoan as we process the loan very easily and within 24 hours after documentation verification. So, it’s time to fulfill all your financial needs by getting a hassle-free personal loan from the one and only Axis Bank.
FAQs
Yes, Axis Bank offers its chosen customers pre-approved instant personal loans with end-to-end digital processing.
Axis Bank promises to offer speedy processing of personal loans, but we can’t tell about the precise turnaround time for disbursement. However, Axis Bank’s pre-approved personal loans are disbursed more quickly, typically on the same day of filing the loan application.
Axis Bank only provides fixed interest rates on their personal loans. The floating interest rate is not available with the personal loan from Axis Bank.
Axis Bank personal loans may be utilized for any private purpose, except speculative purposes. Additionally, business owners can use it to grow their enterprises. Based on the entrepreneur’s credit history, the loan is approved.