Axis Bank offers personal loans with competitive interest rates, making it a popular choice for individuals seeking quick financial assistance. The interest rates are typically based on factors like the borrower’s credit score, income, and repayment capacity. Below are the key details about Axis Bank personal loan interest rates and other important features.
Axis Bank Personal Loan Interest Rate:
- Interest Rate: 10.49% to 21.00% per annum (subject to changes based on the applicant’s profile)
- Loan Amount: Up to ₹40 lakh
- Loan Tenure: 12 to 60 months
- Processing Fee: 1.5% to 2% of the loan amount + GST
- Prepayment Charges: 2% to 5% of the outstanding loan amount (after 12 months)
Factors Affecting Axis Bank Personal Loan Interest Rates:
- Credit Score: A higher credit score (700 or above) often leads to lower interest rates.
- Income Level: A stable and higher income makes you eligible for competitive rates.
- Loan Amount: Larger loan amounts may come with varying interest rates based on the lender’s policies.
- Employer Category: Employees of reputed companies may get lower rates.
Eligibility Criteria for Axis Bank Personal Loans:
- Age: 21 to 60 years
- Income: Minimum ₹15,000 per month (varies by city)
- Employment Type: Salaried or self-employed
- Credit Score: Preferably 700 or above
How to Apply for Axis Bank Personal Loan:
You can apply for an Axis Bank personal loan online through their website or visit a nearby branch with the required documents like identity proof, address proof, income proof, and bank statements.
Conclusion:
Axis Bank’s personal loan interest rates are competitive and flexible, making it an ideal option for borrowers who need financial assistance for various personal needs such as medical emergencies, weddings, or home renovations.
