Should I Prefer Axis Bank for a Personal Loan?

Last Updated : March 5, 2020, 11:21 a.m.

To give a precise answer to this question, it’s important for you to know about the features and eligibility criteria of Axis Bank personal loans. After knowing it, you should make sure that it matches with your requirements, and you are eligible for it. So, there can not be a definite answer to this question. It will keep changing from one person to another.

What are the features of Axis Bank Personal Loan that You Must Know?

We are telling you the features of Axis Bank Personal Loans so that you can decide whether to go with it or not. You can have a look at them below.

Loan Amount

When an individual looks for a personal loan to deal with the financial need he/ she has been facing, the first thing to know is the required amount to fulfill that need. And this amount can change from one person to another based on their needs. With the help of Axis Bank, you can get a loan amount ranging from INR 50,000 to a maximum of INR 15,00,000. So you must check if your required amount is falling under this range. If yes, then you must prefer Axis Bank for a personal loan.

Rate of Interest

Any individual wants to have a lower interest rate on their personal loan amounts. The reason behind this is simple; a lower interest rate will automatically make your EMIs affordable and vice-versa. Axis Bank personal loan interest rates range from 12% to 24% per annum. The eventual rate will depend on your overall profile and CIBIL score. As personal loans are a kind of unsecured loans, your CIBIL score plays a huge role in determining your interest rate. If you find the final interest rate suitable for you, you can opt for the Axis Bank personal loan.

Teure Period

This is the time period within which you have to repay the loan. Like most of the lenders, Axis Bank also provides personal loans for a period of 12 to 60 months. So you can choose the tenure as per your convenience and repay the EMIs on time.

Axis Bank Personal Loan Eligibility Criteria

This is a set of predefined conditions that an individual has to fulfill. Take a look at the criteria below.

• The applicant must be a salaried employee with a minimum net monthly income of INR 15,000.
• The minimum age of the applicant must be 21 years.
• The maximum age of the applicant could be 60 years at the time of maturity of the loan.

Axis Bank Personal Loan EMI Calculator

It is important to know what EMI amount you will be paying for your personal loan before opting for it. This will help you in managing your other spendings accordingly. With the help of the Personal Loan EMI calculator , you can estimate the EMI amount easily. With only a few details such as required loan amount, rate of interest, and tenure, you will get your EMI amount in a split second. When you have a definite EMI in your mind, you can decide whether an this personal loan will be suitable for you.

So, after knowing extensively about all the features and eligibility criteria of Axis Bank, you must be in a better position to decide whether you should prefer Axis Bank for a personal loan or not.