|Axis Bank Personal Loan Interest Rates 2018|
|Interest rate||15.50% to 24% p.a.|
|Loan Amount||Min: Rs 50,000; Max: Rs 15 lakh.|
|Loan Tenure||Min.: 12 months; Max.: 60 months|
|Lowest EMI||Rs 1325 (At lowest amount with highest tenure)|
|Processing Fee||1.50% to 2.00% + GST as applicable|
|Age||Between 21 to 60 years of age|
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 2018 range from 15.50% to 24%. The interest rates offered by the bank are subject to change from time to time.
There are three ways of calculating Axis Bank Personal Loan EMIs and interest rate on your personal loan. You can calculate it by using the mathematical formula, or an excel or the EMI calculators provided by various banks and financial organizations. Calculating EMIs by using an EMI calculator is very simple. What you have to do is to put the following details in the EMI calculator - the principal amount, rate of interest on the principal amount, tenure of the loan and processing fees if applicable. When you put these details in the EMI calculator, the calculator will immediately reveal your monthly EMIs on Axis Bank Personal Loan as well as the loan amortization table which will provide you a breakup of the whole repayment procedure. Calculation of EMIs is based on four major factors which include the principal amount, rate of interest on the principal amount, tenure of the loan and the method of computation.
Example: If you take a personal loan of Rs.1 lakh form Axis Bank for 5 years at 15.50% and you pay a processing fees of 1.50%, you will the repaying following principal and interest amounts on yearly reducing balance to Axis Bank:
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
Your Axis Bank Personal Loan interest rate 2018 may get affected by a number of factors. Listed below are the main factors that may affect 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.
Before you apply for a personal loan in 2018 with Axis Bank, you need to know certain key things which include:
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.