Are you someone who is looking to avail a personal loan? Well, if yes then this article is for you. When it comes to availing this credit facility, what is the first thought that strikes your mind? What it is? Have you ever paid attention to the interest rates? Did you? Well, if not, you should start considering the same.
Now, you must be wondering why this statement? It would not be wrong to say that knowing about the interest rates before availing a loan is surely one of the most crucial things. It basically gives you an idea about how your EMIs gonna be, i.e. what would be the exact amount of your monthly installments, how much interest you will pay and what would be the total amount payable by you. More to the point, all this and much more can easily be known if you read this article on Axis Bank personal loan interest rates.
Yes, if you are in a dilemma to find the best lender, nothing to worry as Axis Bank is the ideal bank whom you can trust. This leading lender with over years of experience and expertise in the banking industry ensures to cater the diverse needs of the people, hence has created its own niche amongst many lenders.
However, as we all that Axis has many product offerings and personal loan is one such highly in demand product that always come handy for all. Moreover, for any Personal loan need such as wedding, travelling, medical emergency, home renovation or so on, there is no denying the fact that this leading bank fulfills the needs of one all.
Hence, has become the most preferred choice of many. Well, without deviating from the topic, let’s just talk about the the personal loan being offered by this lender and the its rates.
So, finally you have decided to avail this credit facility so as to meet your varied needs, but before you go for the same, its the interest rate factor that you need to keep in mind. This lender offers you the loan at an interest rate of 15.50% to 24% per annum for a tenure of up to 5 years.
The maximum loan amount that you can avail from this bank is ₹15,00,000, which I think is enough to meet your needs. Now,the important thing here is to understand is the fact that there are many lenders in the marketplace that also offer you this credit, but different lenders offer you the same at different interest rates. Yes, different lenders offer different rates, which as a result can either make or break the situation for you.
I know you must be wondering why I said such a statement? Well, the interest rates you are being by a lender on your loan is directly linked with the EMIs you will pay for the same in the future.
So, the lower your rates are, the better it is for you as your EMI burden will be reduced. But, if your lender is charging the higher rates, needless you say that the more burden will be on your pocket. Thus, it would be always advisable for you to know your interest rates before availing a loan so that you can easily calculate your monthly installments and decide your monthly repayment accordingly.
Moreover, the lower the rates are, the more beneficial it is for you in the future as it lowers your monthly installment amount as well as the total interest outgo. So, before saying yes to a lender, always prefer to check and compare the interest rates being offered to you. Yes, because if you don’t, get ready to pay the extra money from your wallet. And, same applies in case with Axis Bank Personal loan, makes ure you do check the rates and after being fully satisfied then apply.
However, what else, you can do is that if you are an existing customer in the same bank, you can even negotiate for the rates. Yes, you can ask for lower interest rates, if you have created a healthy and fruitful relationship with your lender. Hope you follow the same and will have a hassle-free loan journey.