Axis Bank Personal Loan offers one of the lowest interest rates amongst the other private lenders in the personal loans segment. Axis Bank personal loan interest rates for 2016 vary from 15.50% to 24%. Axis Bank personal loan interest rate is offered at a floating rate, which means that the rate can increase or decrease with market fluctuations.
Floating rate of interest on Axis Bank Personal Loan is subject to change from time to time according to the changes in market conditions, RBI directives and the bank’s discretion.
Types of Personal Loan Interest Rates
Interest rates for personal loans can be either fixed or floating in type. These interest rate types divide the personal loan into:
- Fixed rate personal loan
In this type of personal loan, fixed rate of interest is applicable. Fixed rate of interest means that the interest rate stays the same throughout the tenure of the loan and it is not affected by the market fluctuations. The EMIs or Equated Monthly Installments of such loans are equal for the entire tenure and the borrower will have to pay an equal sum of money every month.
- Floating rate personal loan
In this type of personal loan, floating rate of interest is applicable. Floating interest implies that the applicable interest changes with time and does not stay the same. The EMIs of such loans also keep changing according to the interest rate.
Interest rates offered by Axis Bank on personal loans are of the floating type and is subject to change from time to time as per the market fluctuations.