Axis Bank gives you a personal loan for meeting financial needs such as the cost of medical treatment, high-end purchases, etc. Using the Axis Bank personal loan your money needs are fulfilled but what other benefits does it provide. Let’s learn about them on the page below.
List of Axis Bank Personal Loan Benefits
The following are the list of benefits that Axis Bank provides when you get a personal loan –
Wide Range of Loan Amount
You can borrow from INR 50,000 to INR 15 Lakh from Axis Bank. So, whether you want money for an iPhone purchase or wedding preparation, Axis Bank has got it covered for you with a personal loan. The amount you borrow will be based on the credibility that you form with your income and credit history. A person who earns a high income and has no errors or record of default payment will be highly eligible for Axis Bank personal loan and can borrow the highest loan. So, do check the bank’s criteria for a personal loan before proceeding to the application process. Because a rejected loan application can make a negative impact on your credit record.
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Attractive Interest Rates+
The Axis Bank personal loan interest rate starts from 10.25% per annum which is the lowest rate in the market. Ensure you get the lowest rate possible on your loan amount so that the repayment remains smooth. Else high-interest rates can make it difficult for you to repay the loan. The higher the rate, the more will be the EMI amount. For a low Axis bank personal loan interest rate, you need to convince the bank that you’re capable of repaying the loan amount. And how do you show that? By your income, previous records of credit card and loan repayment, co-borrower for further security to the loan.
Flexible Repayment Period Options
You’ll get a tenure of 12 to 60 months for the repayment of the Axis Bank personal loan. You can repay the loan using ECS, cheque or any method you’re compatible with. Axis Bank offers you a long tenure of five years for the repayment of the borrowed amount and there are no restrictions on it. You can choose a longer tenure whether you borrow a huge or not so huge loan amount.
Online Tools
In choosing the right tenure, Axis Bank personal loan calculator helps you. To use this tool, you may require the following details –
- Loan amount
- Interest rate
- Tenure
The computation of EMI is approximate, so there are chances that the actual EMI may differ from what you may see on the calculator. Let’s take an example and see how this tool works.
Neha, a 24-year old salaried employee, needs a loan for her sister’s wedding. After knowing about the Axis Bank personal loan from tv and social media commercials she tries to apply for the same. But before going directly with the application she checked the EMI amount using the online calculator. Neha enters the following details inside the Axis Bank tool –
- Loan amount – INR 8 Lakh
- Axis Bank personal loan interest rate – INR 11.00% per annum
- Tenure – 4 years
As per the calculations, the EMI will be INR 20,676.
Loan at a Reasonable Income
You can borrow an Axis Bank personal loan with a minimum income of INR 15,000. The bank requires you to earn a minimum of INR 15,000 per month for getting a personal loan. So if you meet this criterion, you can get an Axis bank personal loan.
No Need For Collateral
The bank won’t be needing your property, jewellery, bonds, etc. for the loan security. It is an unsecured loan, so you won’t have to worry about it.
