Axis Bank, a name which you hear so often on television and elsewhere, is one of the leading banks offering you a personal loan for your varied needs. Be it traveling, marriage, education or even the emergency needs, the Mumbai-headquartered lender stands by your side all the time.
The smooth loan processing and simple documentation make it easy for you to apply at Axis Bank. But, it’s the interest rate where most eyes are on. The rate actually decides the cost you are going to pay through EMIs over a period of time. So, come and read on Axis Bank Personal Loan EMIs and the tool that helps calculate the same.
What is Axis Bank Personal Loan Interest Rate? How Will It Impact Your EMI?
Axis Bank Personal Loan Interest Rate ranges from 15.75%-24% per annum. The rate will vary according to income, overall financial standing and the credit score of an individual. So, if you are earning substantially high and have a credit score of 750 and above, the bank can lend you at lower rates. If both or any of them sit in a shaky ground, the rates can firm up to pinch your wallet through increasing EMIs, which stand for Equated Monthly Installments.
How Should You Use Axis Bank Personal Loan EMI Calculator?
You must make it a point to carefully analyze the results of the EMI calculator, which shows the repayment summary in the best manner possible. Not only you get to know the monthly installment but also the interest payment over the course of a loan. All that the calculator wants to compute the repayment summary is the loan amount, tenure and the rate of interest.
You just need to type these three in the respective fields to compute. You can check out the function of Axis Bank Personal Loan Calculator online. Although the private lender provides a maximum of 5 years to pay off the loan, it’s not advisable to choose the longest repayment tenure. It’s due to the fact that interest outgo remains more with a longer tenure. However, you should not get your tenure shorter than 4 years as you may find it hard to service the increased EMI otherwise.
Why is Axis Bank Personal Loan Amortization Necessary?
Having a look at the amortization Schedule in advance only prospers your repayment life. Since you get to know the principal and interest repayment to be made year-on-year or even month-on-month, you can call the best shots by adjusting your routine accordingly. Since you are shown the outstanding loan balance at the end of every year via the schedule, you can just start off your saving exercise in earnest to create a surplus that can pay off the loan before it runs its original span.
Should You Go Online or Visit Bank Branch to Submit Personal Loan Application?
Both the options are available for you. But if you want to enjoy the convenience of doing things from home or office with the power of a few clicks, visiting the bank’s website to apply for a loan won’t be a bad idea. All you need to do is to enter a few personal and professional details before submitting the same. The concerned executive will pick up the documents from your residence or office, wherever you desire, to process your application. You can even visit the bank branch to apply. You need to enter the details in the form correctly as well as submit relevant documents to apply.