What Makes Axis Bank Personal Loan Interest Rates Better?

Personal Loan

Whenever you look for a bank for your loan, you should always choose the one which is offering a suitable deal. In the case of loans, interest rates and loan amount along with tenure decide the monthly installment (EMI). At Axis Bank, a borrower may choose the tenure as per their repayment capacity. The longer tenure would result in lower EMI and vice versa. So, it totally depends on your suitability. In this article, we have brought in all Axis Bank personal loan related information for your reference.

Personal Loan
Personal Loan

Axis Bank Personal Loan Interest Rates

At present, the interest rate you get for a personal loan ranges from 15.5% to 24% per annum. The Axis bank personal loan interest rate is decided by the bank on the basis of your repayment capacity. It means, what is your present income and category of the employer you are working for. Other than that, it also depends on your credit history which is judged according to your CIBIL score. A person having the credit or CIBIL score of 750 or above is considered to be a good profile and hence the bank might offer him a lower rate of interest.

What is the eligibility criteria for Axis Bank Personal Loan?

Just like any other loan, a personal loan is only available to the eligible candidates as per Axis Bank which is as follows:

Salaried

  • Maximum age of the applicant must be 58 years
  • Minimum Net Monthly Income should be ₹15,000
  • Maximum loan amount is ₹15 lakhs
  • Minimum service period with the current employer should be 1-year
  • Good CIBIL score

Self-employed

  • Minimum age of the applicant should be 24 years
  • Maximum age of the applicant must be 65 years
  • Minimum Net Annual Income should be ₹2 lakhs
  • Maximum loan amount is ₹15 lakhs
  • Minimum work experience in current Business or Profession should be 3 years
  • Good CIBIL score

What are the documents you need to have?

The list of documents that you must have to get a personal loan from Axis Bank is as follows:

Salaried:

  • Signed loan application form with recent photographs
  • Age Proof-Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate Identity Proof-Passport/PAN Card/Voter ID Card/Driving License
  • Address Proof-Ration Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/Life Insurance Policy
  • Income Proof-Salary slip of last 3-6 months, ITR or Form 16, 6-month bank statement
  • Signature Verification Proof-Driving License/Passport copy/PAN Card
  • A duly signed loan agreement
  • Standing Instruction (SI) Request / ECS Form / Post Dated Cheques (PDCs)/ Security Cheques required for SI and ECS

Self-employed:

  • Signed loan application form with recent photographs
  • Age Proof-Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
  • Identity Proof-Passport/PAN Card/Voter ID Card/Driving License
  • Address Proof-Ration Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/Life Insurance Policy
  • Income Proof-IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years
  • Signature Verification Proof-Driving License/Passport copy/PAN Card
  • A duly signed loan agreement
  • Standing Instruction (SI) Request / ECS Form / Post Dated Cheques (PDCs)/ Security Cheques required for SI and ECS

Axis Bank loan calculator

EMI or equated monthly installment calculated with the help of the tool called loan calculator. This Axis bank loan personal EMI calculator is used to pay off both the interest and principal each month for a particular period of time that is the loan tenure. This tool works on the basis of the following details:

  • Loan Amount
  • Tenure
  • Rate of Interest

Let us suppose that you have applied for a personal loan at Axis Bank and want to check your future so as to be prepared for the payment and manage your finances accordingly. Your loan amount is ₹15 lakhs, the tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Axis Bank that is:

  • Loan Amount- ₹15,00,000
  • Tenure-5 years
  • Interest Rate- 15.50% p.a.

The payments from your end will be as follows:

EMI: ₹36,080

Total Interest Outgo- ₹6,64,787

Total Amount (Interest + Principal) – ₹21,64,787

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