With Axis Bank Personal Loan, you can get a lump sum of INR 15 Lakh in your account. And for this, you don’t need to provide any security. As the summer comes near, you must have started planning your vacation with kids. And if you’re having financial difficulties in getting to the best travel destination, consider applying for an Axis Bank Personal Loan. Read this page and know more about this unsecured loan.
Key Features of Axis Bank Personal Loan
The following key benefits of Axis Bank Personal Loan make it different from the other offers in the market.
High Loan Amount to Cover All Your Travel Expenses
Axis Bank offers personal loans up to INR 15 Lakh and the amount will be based on your eligibility. So, do check the personal loan eligibility criteria before applying for the same. This way, you get an idea of the borrowed money and can plan your vacation accordingly.
Attractive Interest Rate on Axis Bank Personal Loan
The bank charges an interest rate of 10.49% onwards. You need to pay the Axis Bank Personal Loan Interest through the EMIs. To get the lowest interest rate on your borrowed amount, you need to show your credibility.
Flexible Repayment Period
Axis Bank allows you to repay the loan amount and applicable interest in equal monthly installments. And you can repay the loan in any of the following periods –
- One year
- Two years
- Three years
- Four years
- Five years
The longer your repayment period, the lower will be your EMI amount but it could raise your total interest. And if you choose too short a tenure, the EMI could go up and disturb the monthly balance but the interest outgo will be less.
How to Choose the Right Tenure So Your Vacation Won’t Get Ruined?
If you don’t want any trouble due to EMI payments during the tenure, use the Axis Bank Personal Loan EMI Calculator. To use the online tool, enter the below details –
- Loan amount
- Interest rate
Let’s see the below example and know how to plan EMI payments using the online calculator.
Ramaya plans her vacation with Axis Bank Personal Loan, and to take care of the repayment, she uses the EMI calculator. She is eligible for a loan of INR 8 Lakh and the interest rate is 13.00% per annum.
Using the Axis Bank Personal Loan EMI Calculator, she checks the EMI and interest for different tenures. For a tenure of two years, the EMI is INR 38,033 and the interest is INR 1,12,803. Well, the EMI is quite high for her to pay every month without any default. That’s why she checks other tenure options such as three years wherein the EMI is INR 26,955 and the interest is INR 1,70,386.
On the other hand, Sanaya also plans her vacation with Axis Bank Personal Loan. But she doesn’t use the EMI Calculator and now she is paying an interest of INR 2,55,629 for a loan amount of INR 7 Lakh.
Both Sanaya and Ramay got the lowest personal loan interest rate from Axis Bank on personal loans. But since Sanaya doesn’t use the calculator and chooses the longer tenure due to which her interest payout is higher compared to Ramaya although the latter borrowed one Lakh less than the former.
Now, you may have known how important it is to use this calculator. So, if you’re planning your summer vacation, do consider the Axis Bank Personal Loan.
Note – The bank will charge a processing fee of 1.50% to 2.00% of your loan amount. And this will be reduced from your loan amount. It means you don’t have to pay this fee from your pocket at the time of borrowing the loan.