A Personal Loan is an unsecured loan given based on your income and credit score. Axis Bank generally gives personal loans up to 30 times your monthly income. So for a monthly income of Rs. 50,000, you can get up to Rs. 15 lakhs personal loan from Axis Bank.
Axis Bank Personal Loans – Snapshot
|
Loan Amount |
Rs.50,000 – Rs.15 lakhs |
|
Average Annual Interest Rate |
12% - 21% |
|
Processing Charges |
1%– 3% of loan amount |
|
Loan Processing Time |
3 – 7 business days |
|
Repayment Tenure |
12 months – 60 months |
|
Collateral or Security |
NIL |
|
Credit Score Requirement |
Minimum 750 credit score |
A Personal Loan is a type of financial assistance offered by various banks and NBFCs. It can be utilized for personal reasons such as medical emergencies, further education, wedding expenses, vacation preparations, and so on. Unlike some other sorts of loans, there is no restriction on how the borrowed sum is actually utilized; the borrower has the entire flexibility to use the money for whatever they desire.
It is a good idea to use the Personal Loan EMI calculator before availing Axis Bank personal loans. A personal loan EMI calculator will tell you the approximate EMI amount you have to pay every month so that you can decide on the loan tenure you have to request the lender.
Higher the loan tenure, lower will be your monthly EMI amount. So use various tools like personal loan EMI calculators and personal loan eligibility calculators to determine your personal loan eligibility before applying for a loan.