Axis Bank offers personal loans to meet your financial emergency. And if you are having a financial emergency due to medical treatment costs, Axis Bank Personal Loan is the right way to cope with it. By getting this loan product you can get a lump sum amount that will help you pay the hospital bills. And it won’t cause much disturbance in your monthly budget as the payment is allowed in equated monthly installments. So you just need a small spot saved for the EMI payment in your budget. To learn more about the Axis Bank Personal Loan keep reading this page below.
How Much Can You Borrow from Axis Bank?
The bank allows you to borrow a maximum of INR 40 Lakh. But to borrow such a huge amount you need to prove to the lender that you are capable of paying it off. So, your income and EMI ratio should meet the bank requirements. Because if it doesn’t, your loan application might not get approved. Another consequence of this will be a high-interest rate. And it will make it difficult for you to afford the repayments.
To become eligible for an Axis Bank Personal Loan, you need to have a minimum income of INR 15,000 per month. If you have this much salary, you can borrow the minimum amount from Axis Bank which is INR 50,000.
And if such an income helps you meet the medical treatment cost, apply for the loan without any delay.
What Makes Axis Bank a Perfect Lender for a Personal Loan?
When you search for a personal loan, there are several lender options available to you. But what makes Axis Bank different from the rest of Personal Loan lenders is its ease to meet requirements and the good loan offer. Laren about these in the pointers below –
Online Tools for Making the Right Decision
Most lenders don’t give you tools like EMI or eligibility calculators. But Axis Bank does. And using them you can find how much you can borrow and what will be your payment amount. To use the eligibility calculator enter your income, age and other information. Upon getting such details, the tool will generate the maximum amount you can borrow. If it is enough to meet the hospital’s main bill, apply for the loan.
But before doing that see what could be your EMI with the help of the Axis Bank Personal Loan EMI calculator. This tool generates the possible EMI of the borrower to help him know what he/she could be paying if the loan is approved.
Lowest Interest Rate in Comparison to its Competitors
Axis Bank charges an interest rate of 10.99% per annum on its Personal Loan. The maximum the bank can charge on your borrowed amount is 21.00% per annum. The key to a low-interest rate is a trustworthy relationship with the bank. If you are successful in doing this, you could easily negotiate.
To have negotiation power, check whether your credit score is 700 or more. Because if it is, you have a reason to negotiate. On the basis of your impeccable repayment history, you could convince the bank to reduce the interest rate. And the bank may consider this and could do the same.
But this is not the online factor. You could have a co-borrower assure the lender that the amount will be paid off in full even if you are not able to do the same. Because when you borrow a loan jointly, not only you but the other person is equally obliged to pay the borrowed amount.
Now that you know how to reduce the Axis Bank Personal Loan Interest Rate, so apply for the loan. You can get yourself an Axis Bank Personal Loan either offline or online whichever method you prefer.