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Can Axis Bank Personal Loan Interest Rate Suit Your Wedding Plan?

You must be planning your wedding and want all the best decor and attires for the day. But did you make a budget for this? If not then you don’t need to worry because Axis Bank provides personal loans. With the help of a low Axis Bank personal loan interest rate, you can manage your wedding expenses. The loan interest rate is starting from 12.00% per annum and you can make payment for the borrowed amount in equated monthly loan installments. To know in detail about the Axis bank personal loan read the article. 

 

Axis Bank personal loan interest rates are low

 

The loan interest rate is fixed and depends on Axis Bank base rate which is 8.15%. One year MCLR spread of Axis Bank is from 3.85% to 15.85%. And, the effective rate of interest ranges from 12.00% to 24.00%. Axis Bank personal loan interest rate can be low if the user meets the below criteria. 

 

  • Minimum INR 15,000: Yes, 15,000 is the income you must have to avail a personal loan from Axis Bank. Whether you are salaried or self-employed you must have a regular income. Because this makes you an eligible applicant.
     
  • CIBIL Matters: Your credit score can help you get a low interest rate on the borrowed amount. The CIBIL score is a representation of user credit history and payment records. Score can range from 300 to 900 and you are needed to maintain a score of 700. 

How to manage the wedding expense and EMI?

 

Axis Bank also gives you the solution for your money management by providing an online tool. Using the Axis Bank personal loan EMI calculator you can calculate your loan installment. Just insert a few details and generate an accurate EMI. For instance, if your wedding expenses are a total of INR 10 lakh including the caterers and planners fee. Then you can compute EMI of your loan using the Axis personal loan calculator. 

 

Just mention the loan amount, interest rate and repayment duration and within a second you will know the EMI. The calculator computes EMI using a formula [P x R x (1+R)^N]/[(1+R)^N-1] to give an estimated installment. For the above mentioned wedding cost, the EMI would be INR 23,010 if the interest rate is 13.50% and payment duration is 5 years. 

 

Make a dream wedding by applying for Axis bank personal loan

 

You can get a loan from Axis Bank by following a simple procedure, whether you can visit Axis bank branch or website. Submit a few documents such as ID proof and income documents along with the duly filled loan application form. Attached all documents and submit it to the bank with your passport size photograph. And, don’t forget to pay the applicable charges such as processing fee, stamp duty charges and other fees. Make payment for your loan amount and other charges through PDCs, ECS or auto-debit payment methods. So, make your wedding which you thought of in your dream with Axis Bank personal loan.