| Interest rate | 16% to 24% p.a |
| Loan Amount | Rs.50,000 to Rs.15 lakh |
| Loan Tenure | 12 to 60 months |
| Lowest EMI | Rs.1,216* |
| Processing Fee | 1.5% to 2% + GST |
| Age | Between 21 and 60 years |
| Prepayment Charges | Nil |
| Foreclosure Charges | NA |
Axis Bank Personal Loans are particularly designed to meet your personal expenses. Axis Bank offers personal loans at attractive rates of interest by using which you can accomplish a lot of things such as funding your children’s education, arranging a wedding, buying travel packages, renovating your house etc. You can apply for an Axis Bank Personal Loan Online or manually by visiting the nearest branch of Axis Bank.
Axis Bank Personal Loans come with competitive rates of interest. However, Axis Bank may take into consideration the following factors - your income level, eligibility, repayment capacity and your relationship with the while finalizing its personal loan interest for you. The interest rates offered by Axis Bank on personal loan in 2019 range from 16% to 24% p.a.The interest rates offered by the bank are subject to change from time to time.
Calculating Interest On Axis Bank Personal Loan
You can use two types of formulas to determine the interest on your loan. The easier way is to use BankBazaar’s Personal Loan EMI Calculator. You just have to input your loan details and click on the ‘Calculate’ tab to find out your monthly repayment and interest amounts.
To understand how this works, look at the example below.
Example 1: Calculate EMI on a loan of Rs.3 lakh at the lowest interest rate
Let’s assume you have taken a Rs.3 lakh loan from Axis Bank at an interest rate of 16% p.a. for 3 years. The processing fees are up to 2% (with 18% GST on that amount). You don’t have any plans of choosing prepayment either.
Your monthly payment will be Rs.10,547.
The loan amortisation table for a 3-year loan taken in March 2019 until February 2022 is mentioned below:
| Year | Principal paid (Rs.) | Interest paid (Rs.) | Balance amount (Rs.) |
|---|---|---|---|
| 2019 | 69,542 | 35,929 | 2,30,458 |
| 2020 | 96,571 | 29,994 | 1,33,887 |
| 2021 | 1,13,207 | 13,357 | 20,680 |
| 2022 | 20,679 | 415 | 0 |
Example 2: Calculate EMI on a loan of Rs.3 lakh at the highest interest rate
Now, let’s say the interest rate is higher and stands at 24% p.a. With all the other factors staying the same, your EMI will be Rs.11,770.
Your loan amortisation table for 3 years (March 2019 to February 2022) will look like this:
| Year | Principal paid (Rs.) | Interest paid (Rs.) | Balance amount (Rs.) |
|---|---|---|---|
| 2019 | 63,178 | 54,520 | 2,36,822 |
| 2020 | 94,333 | 46,905 | 1,42,489 |
| 2021 | 1,19,634 | 21,600 | 22,852 |
| 2022 | 22,852 | 688 | 0 |
Factors Affecting Axis Bank Personal Loan Interest Rates
Your Axis Bank Personal Loan interest rate 2019 may get affected by a number of factors. Listed below are the main factors that may affect Axis Bank Personal Loan interest rates:
- Nature of your job: If your job is permanent and income level is high, Axis Bank may choose to offer high amount of personal loan at lower rate of interest. However, the bank may have different parameters of granting personal loans to self-employed individuals, salaried and other categories like category A and B applicants.
- Loan tenure: Axis Bank may charge lower rate of interest on personal loans taken for long tenures and high rate of interest taken for short tenures.
- Relationship with Axis Bank: Your relationship with Axis Bank can be one of the important factors that may affect your personal loan interest rates . If you have a good relationship with the bank, Axis Bank may charge reduced rate of interest on your personal loans. By continuing a steady relationship with Axis Bank and paying your previous debts on time, you can win the trust of the bank.
- Loan repayment capacity: Another factor that may affect your Axis Bank Personal loan interest rate in 2019 is your capacity for loan repayment. If Axis Bank thinks that you are capable of repaying your loan on time, it may offer your reduced rate of interest.
Do you know the factors that determine your axis bank personal loan eligibility?
How CIBIL Score affects your Axis Bank Personal Loan Interest Rates
CIBIL score plays an important role in determining your Axis Bank Personal Loan Interest Rate. A good credit history enables you to have a good CIBIL score and you can maintain a good credit history by paying all your debts on time and opting for a mixture of secure and unsecured debts. Normally, banks consider 750 as desirable credit score for loans. If you have a credit score of 750 and above, you may expect to receive reduced rate of interest on your Axis Bank Personal Loan interest rate, compared to person whose CIBIL score is lower than that.
Key things you should know about Axis Bank Personal Loan interest rates
Before you apply for a personal loan in 2019 with Axis Bank, you need to know certain key things which include:
- Know how to calculate your EMIs on Axis Bank Personal Loan. This you can easily do by using a Personal Loan EMI Calculator.
- Know the exact amount of interest you will be paying on the principal amount at the end.
- Find out if any hidden charges are involved in the loan.
- Understand the difference between fixed rate and floating rate of interest and choose your Axis Bank Personal Loan Interest Rate as per your repayment capacity. In fixed rate personal loans, you pay a fixed rate of interest on the principal amount for the whole tenure whereas in floating rate personal loans, your interest payment may change.
- You should also know whether Axis Bank ask for security or collateral to grant you a personal loan or not.
