Summer isn’t that far away and your family may have started requesting the next destination for the vacation. But if you’re not feeling well financially after checking the hotel booking and flight charges, consider applying for an Axis Bank personal loan and pay for your vacation in easy monthly instalments. Know more about this loan product of Axis Bank on the page below.
Easy Axis Bank Personal Loan Disbursal Norms
Yes, sure you can get the loan if your monthly income is INR 15,000 or more. As per the eligibility criteria of Axis Bank Personal Loan, the applicant’s income should be at least INR 15,000. And if your income is way more than the same, you can get a high loan amount too.
What Charges are Applicable to the Axis Bank Personal Loan?
Axis Bank Personal Loan comes with the following charges besides interest rates. Let’s take a look at them.
Processing Charge – A percentage of the loan amount is charged for the loan processing. This will be reduced from your loan account. Axis Bank charges a processing fee ranging from 1.50% to 2.00% of the loan amount plus applicable taxes.
Interest Rate – It ranges from 10.25% to 24.00% per annum. You can pay the applicable interest in equated monthly instalments along with the principal value at the rate you get from Axis Bank. In case you clinch an affordable interest rate deal, your repayment burden will reduce significantly.
Repayment Instruction Charge – Pay INR 339+GST to Axis Bank for getting the repayment schedule of your loan. Using amortization, you can get a detailed look into the repayment.
How to Choose the Repayment Period?
Axis Bank offers you a tenure of 12 to 60 months for the loan repayment. You can choose a tenure using the online tool called EMI calculator. You can get access to this tool on the official website of Axis Bank. So, follow the below steps and use the EMI calculator online –
- Go to ‘Products’ and select ‘Personal Loan’
- On the page above, you’ll see the calculator
- Enter the details like loan, interest and tenure
If you follow the above steps, an approximate EMI amount will be displayed on your screen. To know its advantages, take a look at the below example.
Ramaya is 26 years old and tried to plan a vacation for her family, but she couldn’t afford it. So, she considered getting a loan. After searching from lender to lender she came across Axis Bank wherein she got a loan offer of INR 9 Lakh at an interest rate of 12% per annum. Now, all she needs to do is choose the right tenure. So, Ramaya takes help from the axis bank loan calculator. After entering the following details –
Loan amount – INR 9 Lakh
Interest rate – 12.00% per annum
Tenure – 4 years
She gets the following result from the online calculator –
EMI – INR 23,700
On the other hand, Ramaya’s friend is also looking for a loan, so she suggests getting it from Axis Bank.
How to Apply for an Axis Bank Personal Loan?
To get a loan for your vacation, follow these steps –
- Visit the official website of Axis Bank
- Choose ‘personal loan’ from the products
- Click on the ‘Apply Now’ button
- Enter your name, address, mobile number, etc.
- Wait for the call from Axis Bank
If your application isn’t approved, you’ll be notified via SMS or email. And if you’re eligible for the loan, the bank representative will contact you and give you a little tour of the loan process. After getting all the information, upload the necessary documents online and wait for the loan disbursement.