Personal loans are unsecured loans and might sound a little expensive but that is just not true! Axis Bank personal loans give you the chance to choose the loan amount that you can afford and the tenure that would be suitable. However, the interest rate that you will get will depend on your repayment capacity and hence is directly proportional to your income. But the first and foremost important thing that you should do before you seal the deal with the bank is to be prepared for the future payment. To help you know the EMIs you will have to pay, you can use an EMI calculator.
Personal Loan EMI Calculator
EMI calculator is the best way to calculate the EMI, the total interest outgo and the total payment for your personal loan. The only details that you must mention in the calculator are the interest rate, the loan amount, and the tenure. For example, if you are taking a loan of ₹15 lakhs from Axis Bank Personal loan for the tenure of 5 years and have been offered the interest rate of 15.50% per annum, the payment will be as follows:
EMI- ₹36,080
Total Interest Outgo- ₹6,64,787
Total Amount (Interest + Principal)- ₹21,64,787
Parameters on which Personal Loan EMI is calculated
Let us have a look at the functioning of the EMI calculator to understand the process:
Loan Amount- The monthly installment or EMI of a loan is dependent on the loan amount. The loan amount depends on your repayment and if you have a higher income, you are most likely to get the maximum loan amount from Axis Bank. However, it is always suggested to make sure that the amount you choose should not hamper your other financial liabilities only then the bank will grant the approval. The maximum loan amount you can get is ₹15 lakhs.
Interest Rate- Be it any loan, the interest rate would decide the EMI that you will have to pay. You are aware of the fact that the rate of interest offered to you is the annual rate and the EMI is calculated on the basis of the monthly interest rate. The personal loan interest rate at Axis Bank ranges from 15.50% to 24% per annum.
Tenure- The loan tenure directly affects the EMI as the longer the tenure will be, the lesser you will have to pay. At Axis Bank, the maximum tenure is 5 years.
Eligibility Criteria
The Personal loan eligibility at Axis Bank is subject to change from one person to another as it depends on the credit history, the category of your employer and how your relationship is with the bank. However, the general eligibility criterion is different for a salaried individual and for a self-employed individual which is as follows:
For Salaried:
- Maximum age of the applicant must be 58 years
- Minimum Net Monthly Income should be ₹15,000
- Maximum loan amount is ₹15 lakhs
- Minimum service period with current employer should be 1 year
- Good CIBIL score
For Salaried:
- Minimum age of the applicant should be 24 years
- Maximum age of the applicant must be 65 years
- Minimum Net Annual Income should be ₹2 lakhs
- Maximum loan amount is ₹15 lakhs
- Minimum work experience in current Business or Profession should be 3 years
- Good CIBIL score
How to Apply
Being one of the best banks in India when it comes to personal loans, Axis Bank makes sure you get the best deal. The bank gives you the maximum credit facility to help you manage your finances in a better way. So, if you are looking for a bank that can give you a desirable deal, you can apply at this bank. To apply, you need to follow the below-given steps:
- Check Eligibility- You can calculate your eligibility with the help of the personal loan eligibility calculator. You have to mention the category of your employer, your salary, and other details. However, young professionals are generally given higher rate as they are mostly free from any other financial liabilities.
- Apply Online- Since everything is now a click away, applying for a personal loan is also simple and quick. With the online process, you choose the secure way.
- Apply Offline- If you are not able to apply online, the offline process is also there for you. You can visit your nearest bank branch along with the documents checklist and apply for it.
