Axis Bank Personal Loan Interest Rate & Its Impact on Your Financials Axis Bank ranks amongst the largest private sector banks offering a wide range of financial products, including personal loans, to the customers. It offers personal loans to all those salaried people who have a decent income and the ability to pay off debts on time. You can avail Axis Bank Personal Loan for a variety of purposes such as wedding, education, travel or even medical emergency. The loan has a critical element i.e. interest rate that actually dictates the repayment you’re likely to do. So, what is Axis Bank Personal Loan Interest Rate and how will it impact your financials? Let’s check it out. What is Axis Bank Personal Loan Interest Rate? The personal loan rates range from 12%-24% per annum. Axis Bank Personal Loan Interest Rates are based on the income, repayment potential and credit score of an applicant. Greater income would make allow you to pay easily and on time, thereby reinforcing the confidence amongst banks to offer lower rates of interest. Effects of Axis Bank Personal Loan Interest Rate on Your Repayment The effect of the interest rate is best portrayed using the Axis Bank Home Loan EMI Calculator. It takes into account the loan amount, interest rate and tenure to figure out the Equated Monthly Installment (EMI) and interest outgo over the course of a loan. As you would know that the EMI is a combination of both principal and interest towards a home loan. So, use the calculator online to figure out the indicative repayment. How Can You Bargain with Axis Bank for a Lower Rate of Interest? Look to bargain for a lower rate of interest to ease the repayment burden substantially. A lower rate is a possibility on account of more income, a good CIBIL score, existing banking relationship, if any. A CIBIL score of 750 and above is a clear indicator of your ability to service debts on time. Plus, if you have any existing relationships with Axis Bank, be it in the form of deposits or loans, it can be used to get the rates lowered. The bank would love to have increased brand loyalty
Having an Existing Personal Loan Running Somewhere at a Greater Rate? Switch it to Axis to Lower the Repayment Burden. It’s quite a possibility of you servicing the personal loan somewhere. But the interest rates must have been very high to bother you. In that case, you can get the loan switched to Axis Bank at a lower rate of interest. This will help reduce the overall interest outgo over the course of a loan. If the Axis Bank Personal Loan Interest Rate is found to be lower by 2%-3% than your existing lender’s rate, transferring the remaining balance to Axis will save you immensely. You can evidence this statement by checking the amortization schedule showing the summary of interest and principal payments over the years. It will also show the outstanding loan balance at the end of every year. All these and more will help you assess the savings to have with a balance transfer option.