Axis Bank provides you with a personal loan up to INR 15 Lakh. And on your borrowed amount, the bank charges an interest rate starting at 10.49% per annum. To get the lowest Axis Bank Personal Loan Interest Rate, you need to increase your credibility. Only a highly eligible applicant can negotiate for a lower rate of interest. As this is an unsecured loan, the bank checks the credibility of the borrower before offering lower personal loan interest rates. Unlike a secured loan, Axis Bank can’t cease your valuables in case of non-payment. Read this article for more details on getting a low-interest rate from Axis Bank.
Tips to Follow for a Low Axis Bank Personal Loan Interest Rate
To get the lowest interest rate on your borrowed money, the following things need to be ensured-
Income – An applicant’s income is the regular source of loan repayment. And if it is more than the minimum requirement of Axis Bank, your application will be considered for lower rates.
Credit score – These numerics represent your credit health. A score of 750 and above is considered healthy for a personal loan as it shows you’ve managed your debt responsibly by paying the dues on time..
Current liabilities – When an applicant doesn’t have any ongoing credit payments, it will be easier for him to afford personal loan.
How to Negotiate for a Lower Axis Bank Personal Loan Interest Rate?
Visit the bank branch and request the representative to lower interest rates. The concerned person will check your credibility by pulling out your credit report. If the bank verifies the same and finds you eligible for a lower Personal Loan Interest Rate, the same will be granted to you. To prove the same, you need to submit documents like –
Bank statement – Using this the bank will know the average number of transactions you do in a month. If it is found that you spend most of your income, it won’t be good for you. Because this shows you’ve too much on your plate and can’t repay a loan with ease.
Salary slip – The bank cross-checks your monthly income using the salary slip. You need to submit the last two months’ salary slips for the loan processing.
Credit report – Your credit report shows the number of due payments of loans or credit cards. If there are none, the same will be shown and can help you get the lower Personal Loan Interest Rate.
What is the Axis Bank Personal Loan Interest Rate for Up to 36 Months?
Axis Bank Personal Loan Interest Rate is fixed and based on the one-year marginal cost of the funds-based lending rate (MCLR). Currently, the bank has an MCLR of 7.35% and the spread over one year ranges from 4.65%-13.65%. So, the effective interest rate for tenure up to 36 months will be 12.00-21.00% per annum.
If you choose a tenure up to 36 months, the minimum rate of interest on your borrowed money will be 12.00% per annum. So, keep that in mind while applying for a personal loan.
Use the Axis Bank Personal Loan Calculator
Using the online emi calculator, you can find the EMI amount payable at the applicable rate of interest. Have a look at the example below to know it better.
Sonia has been looking to borrow a personal loan. And at Axis Bank, she got the desired loan amount of INR 5 Lakh. And the Axis Bank Personal Loan Interest Rate is 11.25% per annum. Now she uses the EMI calculator to see the installment amount. When she enters the loan details, an EMI of INR 10,934 comes for a 60-month tenure.