Travel season is going on and everyone is either planning to go on a trip or discussing how was their last trip. If you have not been out of station or country for a long time, you should also go on a trip with your friends, family or maybe alone. A personal loan from Axis Bank can be the sponsor of your trip.
The rates offered on a personal loan depends on your salary and age. If you are in your early 30’s and earn quite a good salary, you must apply for a loan as the chances of getting a lower rate are high. There are different EMI calculators available online, so you can check your personal loan EMI with the help of Axis Bank personal loan EMI calculator as many times as you want. The usage is free of cost and shows accurate results instantly. You can compare different rates with the help of this too. Read this article to know more details on Axis Bank personal loan.
Axis Bank Personal Loan Interest Rate
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The interest rate offered by the bank depends on many factors such as income, age, CIBIL score and employer category. If all of this is up to the mark, the applicant can expect a good rate of interest. Axis bank personal loan rates are linked to 6 month MCLR and is presently starting from 15.50% per annum. You can check the proper eligibility required for a personal loan.
Axis Bank Personal Loan Eligibility
To apply for the loan and to get approval as well as low-interest rate, an applicant has to match the below-mentioned criteria:
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
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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
Axis Bank Personal Loan EMI Calculator
Axis Bank home loan EMI calculator which tells you the monthly installment on housing loans, The calculator is used to pay off both the interest and principal each month for a particular period of time that is the loan tenure. This tool works on the basis of the following details:
- Loan Amount
- Tenure
- Rate of Interest
Suppose you apply for a personal loan at Axis Bank. You want ₹15 lakhs for the tenure of 5 years. You want the interest rate of 15.50% per annum check below the calculation for this ratea:
Loan Amount- ₹15,00,000
Tenure-5 years
Interest Rate- 15.50% p.a.
The payments from your end will be as follows:
EMI: ₹36,080
Total Interest Outgo- ₹6,64,787
Total Amount (Interest + Principal) – ₹21,64,787
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