Axis Bank Personal Loan Interest Rate Fixed Rate Loan Before applying for a loan you must have checked the bank or NBFC interest rate because it is one of the factors on which you choose a personal loan. Any bank or NBFC by which you are borrowing a principal amount charges you an interest rate, which can differ from bank to bank. Axis Bank provides you a personal loan at a fixed rate of interest which is 8.45%, the bank offers you a personal loan interest depends on your repayment capacity and eligibility. Know more about the Axis bank personal loan interest rates in the article. What is the Axis Bank personal loan Interest rate? Axis Bank offers you a personal loan amount which ranges from INR 50,000 to 15 lakh, you have to pay a fixed interest on your borrowed loan amount that is 8.45%. The fixed interest rate is set by Axis Bank depending on the 1-year Marginal Cost Of Fund Based Lending Rate (MCLR). The bank effective rate of interest on your personal loan ranges from 12% to 24 %, the interest rate of your loan vary according to your previous credit score & credit report. Axis bank put a penalty on your personal loan outstanding due which is 24% per annum that is 2% on your monthly overdue loan installments. If your monthly EMIs cheque bounces then you have to pay INR 500 fine to the bank according to the applicable terms and conditions of Axis Bank personal loan. Know how axis bank personal loan interest rate can affect your loan EMIs. Effect of interest rate on Your Monthly EMIs You can easily know the effect of interest rate on your monthly loan installments by using the EMI calculator. As it shows you the approx EMIs for your expected personal loan, just enter your loan details inside Axis Bank personal loan EMI calculator and it will give you computed EMI of your borrowed loan amount. Axis Bank Loan EMI calculator works on the formula:- [P x R x (1+R)^N]/[(1+R)^N-1] Where P is your borrowed principal loan amount, R is the rate of interest and N is your Axis Bank personal loan duration. How can you get a lower personal loan interest rate? If you have a good CIBIL score at least 750 and above, then you have the power to lower your interest rate on your Axis Bank personal loan. As you know, a personal loan is an unsecured loan and the bank doesn’t want to lose potential customers. But if your credit score is not
satisfactory according to the bank eligibility criteria, then they can charge a higher interest rate on your loan amount or whether your application gets rejected. So, try to improve your credit score by making timely payments of your previous loan EMIs & outstanding amount of your credit cards. If you do so, then you can satisfy your need for money with Axis Bank personal loans offers you great deals with flexible loan tenure that ranges from 1 to 5 years at an attractive rate of interest.