Higher education for your children could be expensive. So, if your child has completed their 10+2 and is looking to get into top universities, get an Axis Bank Personal Loan to meet their financial needs. The college fees include many expenses such as hostel fees, book fees, building funds, etc. And the semester fee may vary depending on the course your child chooses. If you didn’t plan anything financially, Axis Bank Personal Loan is the perfect option for you to meet urgent money needs. You can get this loan quickly and the bank has some basic requirements. Your valuables won’t be in danger as this is a collateral-free loan. This means no need for assets. Get to know more about this loan product of Axis Bank in the article below.
Does the Axis Bank Personal Loan Meet My Education Expenses
If you are worried about whether the Axis Bank Personal Loan meets your expense, don’t be. The bank offers a loan from INR 50,000 to 40 Lakh. So there won’t be any problem with this. But to assure you get the high loan amount, check the eligibility criteria. Because only the highly eligible applicants get the high amount from Axis Bank. If your income is not enough to afford INR 40 Lakh loan EMIs, the same will not be provided to you.
For an Axis Bank Loan, you need a minimum income of INR 15,000. And such an income will make you eligible for the lowest loan which is INR 50,000. So more the income then more will be the loan limit. You can increase the loan eligibility by jointly borrowing it. In such a case, the risk of non-payment reduces.
What is the Axis Bank Personal Loan Interest Rate?
The rate of interest for an Axis Bank Personal Loan begins from 10.99% per annum. Such a rate is one of the lowest in the market right now. And while searching for loans it must be difficult for you to make a decision. So take factors like loan amount, interest rate and tenure to make your decision. Because Axis Bank provides everything you need in a loan.
The personal loan rate may vary based on your credit record and income. Because a good credit record means you have been paying the loans without any trouble and will do the same for this one. And the income gives surety of timely payments.
But if the odds aren’t in your favor, follow these tips –
- Check your credit score online and see if you qualify. For a lower rate, you need to have at least a 700 credit score. If this isn’t your score, improve it by paying the due amount if this has been decreasing your score.
- Once your score gets improved, approach the Axis for Personal Loan
- Well if you apply with a low score, what will happen is that your application might get rejected or the interest payment will increase.
- So, avoid this hassle by making sure your score is up to date and well maintained
Is There a Tool for an Axis Bank Personal Loan?
Axis Bank Personal Loan EMI Calculator helps you know the amount you are going to pay. Well, the tool doesn’t generate exact results, but this might help you get an idea. Using this calculator, you can choose tenure wherein your interest payment is less and the EMI is affordable.
To use this calculator, open your smartphone and visit the Axis Bank official website. Now go to the Personal Loan page and click on the ‘EMI Calculator’ button. Enter the loan details. As you are done entering the details, you can now see the EMI amount and the total interest. There is also an amortization schedule that will help you understand the loan repayment track throughout the tenure.