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A personal loan is easy to get and extremely useful in an emergency. Personal loans are relatively easier and quicker to get than any other kind of loan to tide over an emergency. A borrower can get a personal loan without any collateral.
These come with a flexible repayment schedule that ranges between 1 year and 5 years. Axis Bank offers customers the option of choosing the loan tenure that is most convenient for them. While customers have the option of selecting a repayment tenure and EMI options that are comfortable for them, there are many instances where the borrower could have trouble repaying the EMI for a particular month or time period. Missing on EMI payments may not look like a big deal but it does have certain negative impacts.
About Axis Bank Personal Loan EMI
Here are some of the important aspects that borrowers must know about Personal Loans offered by Axis Bank.
Here are some of the consequences of missing out on the Axis Bank’s personal loan EMI payments.
Missing EMI payments occasionally? Well, it could be a problem if one is habitually careless about repayments. A missed EMI or an overdue on a personal loan EMI can spiral into a debt trap over time. Here are some of the reasons why it could be bad for any individual who is looking to maintain a good credit reputation:
Multiple Loans - Repaying multiple loans each month could be painful for any individual! It can get exhausting to repay different loans at different times each month. It is best to consolidate all the loans under one loan umbrella to ensure a fixed rate of interest, a single repayment window every month, and peace of mind.
Downgraded Credit Score - a Credit score is a check of one’s credit health and repayment capabilities. To maintain a healthy debt profile, it is advisable to keep debt records clear. Identify areas where there is a debt problem and try to work on them. For example, one may find himself stretched on the monthly budget and may, therefore, have missed a payment deadline. To get an infusion of cash and comfortably make room for other purchases, anyone would wish to consider additional Personal Loans to ease the finances. Timely repayment of Personal Loans can energize an individual’s credit score.
Impact on Savings - Saving money for future financial needs can help one achieve various financial dreams. Low-risk investment avenues such as Recurring Deposits, Retirement Schemes, and Mutual Funds allow one to invest regularly. The advantages of compound interest can be availed by making periodic/monthly investments. Lack of savings could also be the primary root cause of missing on EMI payments.
Here are some of the ways in which a borrower can avoid loan defaults:
Proactive Financial Planning – Personal loan borrowers must aim to plan their finances more efficiently and well in advance in order to avoid the chances of defaulting on a loan.
Lower EMI – In case of any chances of defaulting on a loan payment, the borrower must approach the Axis bank and inform them of his financial circumstances and request a lower EMI. Axis Bank has various flexibility options for lowering EMIs by either extending the existing loan tenure or converting an unsecured loan to a secured loan. If the loan is converted to a secured loan, the interest payable on the amount borrowed is also lower. Converting an unsecured loan to a secured loan is an ideal solution since the reduction in EMIs is significant as compared to extending loan tenures.
Part Payments – Lowering the EMI payments and the interest rate can be achieved by making part payments. This helps in ensuring that the borrower makes timely EMI payments for the entire loan tenure. When the borrower has surplus funds and an active personal loan, making a part payment can ease the financial burden.
EMI-free Period - A borrower can request the Axis bank to provide an EMI-free period in case he faces a crunch in the inflow of finances. Such requests are considered by the bank, especially if they have lost their job or are temporarily facing issues with business operations. The bank may consider giving customers a 3 to 6-month waiver on EMI payments, following which the borrower must resume EMI payments.
Axis Bank is known to offer attractive interest rates on personal loans and various flexibility options as far as EMI payments are concerned. Making steady EMI payments is very important to ensure a good credit standing since Axis Bank focuses mainly on clients who have a desirable credit rating.
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