Axis Bank Personal Loan at Lower Interest Rates Possible with Good Income & High Credit Score!

Axis Bank ranks among the leading private sector banks that offer customized personal loans to help people fulfill their respective wishes and needs. The bank offers loans for a variety of purposes, be it the education, wedding or emergency. Even though the loan is open to both salaried and self-employed to make most of, the rate of interest can be a big contention for these two segments. A lot of things go into deciding the Axis Bank Personal Loan interest rate. Two prominent factors that greatly decide the interest rate are good income and high credit score. However, there are several more factors that are taken into consideration before pricing the loan. Let’s just veer into those factors in this article.

Income - As a matter of fact, Axis Bank Personal Loan rates of interest ranges from 15.50%-24% per annum. A good solid income is, thus, the need of the hour to convince Axis Bank to lower interest rates. What does a good income do is to strengthen your ability to pay back on time through EMIs, which stand for Equated Monthly Installments.

Credit Score - This can be a real game maker for you if remains on the higher side. You must know that the credit score ranges from 300-900 in India. A high score represents a proof of high creditworthiness.

Organizational Status - The workplace at which the salaried work is also a top consideration for lenders like Axis Bank when it comes to deciding the rates of interest. If the company at which you work is amongst the top 500 companies or so, the interest rates can come down to the lowest limit or close to the same. Working in a good company instills the confidence of timely salary disbursals, thereby creating the possibility of repayment on time.

Business Stability - The loan eligibility for self-employed would be assessed pretty much on the business income they earn. More importantly is the length of time they have had in handling the business and churning out profits. So, the balance sheet must show a stable flow of income for the bank to be convinced of a smooth and timely repayment.

Existing Banking Relationship - The existing relationship with Axis Bank, be it in the form of a loan or deposit, would pave the way for lower rates. The bank would like to maintain brand loyalty by offering you a loan at affordable interest rates. However, the factors above must be positive for the impending action to be initiated.

Axis Bank Personal Loan EMI Calculator

Hope you have taken into account the factors mentioned above seriously and must be planning accordingly. You also need to keep an eye on Axis Bank Personal Loan EMI Calculator, which computes the estimated installment taking into account the rate of interest, tenure and loan amount. You just need to put these three in the calculator, which is accessible online to make the calculation job that much easier. Both interest and principal repayment portions of the loan can be seen through the calculator.