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Yes. You can negotiate Axis Bank personal loan interest rates.
Individuals can avail personal loans from Axis Bank for various purposes, such as going on a vacation, home refurbishing, wedding expenditure. Interest rates on personal loans offered by Axis Bank range from 12% to 21% p.a. The bank charges you with a processing fee based on the loan amount and the repayment tenure. Foreclosure charges lie between 2% and 5%.
What are the factors based on which you can negotiate?
You can negotiate based on
- Your income
- Your ability to repay the personal loan
- Your relationship with Axis Bank
- Your credit score. If you have an excellent credit score, you can use it to your advantage to get a better interest rate.
What are the parameters on which the bank will consider giving you a better interest rate?
Some of the major factors are as given below.
- Your repayment capacity
- The nature of your work (self-employed or salaried).
- The type of organization that you are employed in
- Financial strength
- The number of years remaining in your career
- Your credit score. If you have an excellent credit score, you can use it to your advantage to get a better interest rate.
What should you do to increase your chances of bargaining for the best interest rate?
You should do the following:
- Maintain a good credit score (750 and above). You have higher chances of loan approval when your score is higher.
- Your EMIS should be within 40 to 50% of your take home pay. Otherwise, it will not be practical, and queries will arise as to whether or not you can repay the loan
- Avoid applying for multiple personal loans, and make sure that you do not have a loan which you have not applied for just recently.
- Make sure that you do not have any credit card debts (pay your credit card bills on time)
- If you have a good record of handling loans and credit card debts, you will be eligible for pre-approved Axis Bank Personal Loans