Things to know about Axis Bank Personal Loan Interest Rates!

The need to take a personal loan can arise at any point of time; whether you want to buy a car or meet wedding expenses or pay for some medical emergency. So, it is necessary to know which personal loan will be a great fit to meet your needs-in-hand.
There are zillions of personal loan options in the market. Out of these, the option that really stands out is, Axis Bank Personal Loan.

Axis Bank, one of the oldest and prominent players in the India banking sector, offers an attractive personal loan option. It offers a flexible personal loan that is tailor made to suit all your needs. Axis Bank Personal Loan gets instantly disbursed with minimal documentation procedure. With this loan, you don’t need to worry about change plans or pushing them to a later date. You can be on your beat. Also, you get to catch some handsome benefits like no foreclosure charges, negotiable interest rates, higher loan amounts and more so. Axis Bank personal loan interest rates are a sure delight. These rates are easy on pockets while repayment of loan. Here are some important things you should remember in respect to Axis Bank personal loan interest rates:

• Attractive Rates - Axis Bank offers higher loan amounts at interest rates prevailing from 16-24%. The Axis Bank personal loan interest rates are negotiable depending on various factors.
• Loan Tenure: The interest rates offered is correlated to the loan tenure. If the loan is taken a longer tenure, the rate of interest charged will be less. Loans taken for a smaller duration will be charged with higher rates.
• CIBIL Score: Your credit score can put you in a position of power with the bank in respect to interest rates. It gives you the power to negotiate. If your CIBIL score is good (760 and above) enough, you can ask the bank for a lower interest rate on loan amount. However, if you have a bad CIBIL score, you might have trouble with loan approvals.
• Penal Interest: In case you default on your EMI payments, an interest of 24% per annum will be charged i.e. 2% per month. Make sure you don’t miss your EMI payment as it can do some serious damage to you financially.
• Relationship with Axis Bank: You can also demand a low rate of interest if you hold a nice reputation in the books of Axis Bank. If you’re an old customer of Axis Bank, you can negotiate with the bank for some special treatment in terms of Interest rates.
• Check the Interest Rate Structure: You should closely follow what the interest rate structure of Axis Bank is. You should know how a fixed rate structure will affect your repayment and how a floating rate structure.

Axis Bank Personal Loan calculator: Before you apply, make sure you are clear in your head about how much installment you need to pay. You need to plan your expenses and savings accordingly. The Personal Loan EMI Calculator helps you calculate your EMI based on interest rates, loan amount and loan tenure. The Axis Bank personal loan interest rate calculator is either available on Axis Bank’s website or on the website of some financial technology companies. This feature is absolutely free.