Urban Money

Axis Bank Personal Loan

Axis Bank
4.5

Personal loans from Axis Bank are processed quickly. Personal loans can be used for a wide range of purposes. They come in handy when you're planning a vacation, upgrading your home or preparing a dream wedding for yourself or a loved one. Axis Bank offers personal loans ranging from INR 50,000 to INR 15,00,000 with quick approval and minimal documentation. You can also transfer your current high interest Personal Loan to Axis Bank through Balance Transfer.

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Personal Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Quick Approvals
Axis Bank Personal Loan Interest Rate

12% - 21%

Up to 2%

₹50K - ₹15L

Tenure(1 - 5 Years)

Details

Features and Benefits of Axis Bank Personal Loan

When you apply for  a personal loan from Axis Bank, you unlock an array of features. Before applying for a personal loan you must get familiar with these features in advance to determine what deal you are going to get.

Axis Bank Personal Loan Features

  1. To apply for a Personal Loan from Axis Bank, you must be at least 21 years old and have a complete set of documentation, including identification, proof of income, and proof of residence, among other things.
  2. You can use the EMI (Equated Monthly Instalment) service to make it easier to pay off your Personal Loan quickly. The repayment period can be anywhere from 12 to 60 months. If you have an Axis Bank account, together with a good credit score, you can get the best personal loan rates!
  3. A personal loan calculator can help you figure out how much you'll have to pay each month. You can select your tenure and the monthly payment amount that you are comfortable with for that tenure. By using the personal loan EMI calculator, you can know the exact amount you will pay at the end of loan tenure including the interest component. 
  4. You can easily apply for an Axis Bank personal loan through an online portal by submitting minimal documents. 

Axis Bank Personal Loan Benefits

  1. With Axis Bank, personal loan assistance, cope with your financial obligations outright, without letting the money needs hold you back. 
  2. Get quick approval for the personal loan from INR 50,000 to 15,00000 lakhs. 
  3. Opt for the loan repayment tenure at your convenience from 12 months to 60 months. 
  4. Easily calculate your monthly instalments through EMI calculators by entering certain details such as amount, interest rate, and tenure.
  5. Enjoy best interest rates as Axis Bank offers personal loans starting at 10.49 percent.
  6. Availability of balance transfer allows you to transfer existing loans with higher interest rates to a lower one with Axis Bank. 
  7. Hassle-free personal loan procedure with minimal documentation.
  8. Axis eDGE reward points on every transaction.

Axis Bank Personal Loan Overview

When you are short on funds and can't meet your financial obligations, financial assistance can come in handy. Axis Bank endeavours to provide the best personal loan offers at competitive interest rates to its customers. To get a step closer to your dreams, apply for an Axis Bank personal loan at reasonable interest rates.

Personal loans from Axis Bank are processed quickly. Personal loans can be used for a wide range of purposes. They come in handy when you're planning a vacation, upgrading your home or preparing a dream wedding for yourself or a loved one. You don't have to put off anything on your bucket list any longer! Axis Bank offers personal loans ranging from INR 50,000 to INR 15,00,000 with quick approval and minimal documentation. You can also transfer your current high-interest Personal Loan to Axis Bank through Balance Transfer. Turn your aspirations into reality with a swift approval on personal loans by being familiar with Axis Bank personal loan requirements.

Axis Bank Personal Loan Eligibility Criteria

You have to cope with below depicted Axis Bank personal loan eligibility criteria to avail a personal loan with utmost ease:

  • You must fall in the category of salaried employees: - Salaried doctors - Employed in public or private LTD. companies - Government employee
  • Applicant must be at least 21 years old
  • At the time of loan maturity, the applicant's age should not be above 60 years.
  • The applicant must have a net monthly income of INR 15,000

Factors Affecting Axis Bank Personal Loan Interest Rates

The interest rate has a considerable impact on the affordability of a personal loan. The higher the rate of interest, the greater the loan EMI. Many factors influence how the lender and individual banks adjust Axis Bank interest rate for various people. These are the considerations that banks make before making a decision:

Income

One of the most important elements that determines the outcome of your loan application is your income. As the bank must be certain that you will be able to repay the loan, the higher your salary, the more the bank will trust you and the lower the interest rate charged.

Credit History 

Before approving your loan application, banks or NBFCs look at your CIBIL score. Your credit score is a three-digit number that represents your creditworthiness. A good credit score indicates that you are responsible with your money and will be able to pay back your debts on time.

Reputation of the Organisation

A bank's interest rate will be lower for salaried employees who work for a reputable company. They are thought to have a solid job and will be able to pay their bills on time.

Payment History of Loans

Before settling on an interest rate, banks will look at your payment history as well as your CIBIL score. You will most likely be charged a lesser interest rate if you have been consistent with your payments. Customers that have not defaulted in the previous 12 months are preferred by most banks. Banks typically reject most loan applications or charge exorbitant interest rates submitted by applicants who have a defaulter repayment record.

Relationship with the Bank

You are considered a loyal customer if you have availed multiple products or have multiple accounts with your bank. This dedication fosters a personal relationship with your bank which might help you qualify for low-interest Axis Bank personal loans.

Axis Bank Fees and Charges

Category Applicable Charges
Personal Loan Interest Rate 12% to 21%
Repayment instruction or/ Instrument return charges INR 339 per instance  in addition to GST as applicable
Swap charges applicable for Cheque and other Instrument INR 500 per instance in addition to GST as applicable
Penal Interest 24 percent per annum ( 2 percent on monthly basis over the overdue instalment)
Issuance of Duplicate Statement  INR 250 per instance in addition to GST as applicable.
Issuance of Duplicate Amortisation schedule  INR 250 per instance in addition to GST as applicable.
Charges levied on the issuance of report from Credit Information Companies (CICs)  INR 50 per instance in addition to GST as applicable.
Charges levied on the generation of duplicate No Dues Certificate  INR 50 per instance in addition to GST as applicable.
Stamp Duty Charges Based upon State Stamp Act
Foreclosure Charges A foreclosure charge is levied on the outstanding loan amount based upon  remaining tenure.
  • 5 percent upto 12 months
  • 4 percent for 13 months to 24 months
  • 3 percent for 25 months to 36 months
  • 2 percent above 36 months

Axis Bank Personal Loan Interest Rates

Axis Bank personal loan interest rate begins from 10.25 percent per annum. The applicable interest rate is determined based upon certain factors such as credit score, applicant’s age, financial stability, income, job profile, repayment history, and much more. Following table depicts the Axis Bank personal loan interest rate for 36 month of repayment tenure:

Fixed Rate Loan 1 Yr MCLR Spread over 1 year MCLR Applicable Rate of Interest Reset Option
Personal Loan 7.35 percent 4.65 -13.65 percent 12 to 21 percent No Reset

Documents Required for Axis Bank Personal Loan

You need to be prepared with following documents beforehand to access the uninterrupted personal loan application procedure:

  1. Duly filled personal loan application form
  2. KYC Documents
  3. Loan Agreement (duly signed)
  4. Standing Instruction (SI) Request and ECS Forms

KYC Documents

Voter ID Card Job  Card
Passport PAN Card
Driving Licence Aadhaar Card

Documents for Age Proof

Birth Certificate Passport
School Leaving  Certificate Driving Licence
Aadhaar Card

Signature Proof

Passport Banker's Verification
Pan Card

Income Proof

Pay Slip (last two months) Employment proof
Bank Statement depicting salary credits (last two months)

How Does the EMI Calculation Work for Axis Bank Personal Loans?

You can count on a personal loan EMI calculator to compute values in fraction of seconds. You just need to choose three values by scrolling the bar from left to right. These are

Loan amount Tenure
Interest Rate

The Equated Monthly Instalment will be shown on the screen outright in INR. 

How Does Axis Bank Compare with Other Lenders?

Banks or NBFCs Personal Loan Interest Rate
Axis Bank 10.25 percent onwards
HDFC Bank 10.25 percent to 21percent
SBI 9.6 percent to 13.85 percent
PNB 7.9 percent to 14.5 percent
ICICI Bank 10.5 percent to 19 percent
Kotak Mahindra Bank 10.25 percent onwards
IndusInd Bank 11 percent onwards
IDFC First Bank 10.49 percent to 23 percent
Bajaj Finserv 13 percent onwards
Tata Capital 10.99 percent onwards

Axis Bank Personal Loan Customer Care Number

You can get in touch with customer care executives by calling on any of the following numbers:

1-860-419-5555 1-860-500-5555
 

FAQs

From refinancing to reducing your interest, we have the answers right here.

Can you switch to a floating rate from a fixed rate during loan tenure?

Yes, you can switch to floating rate from the fixed rate during your loan tenure. It will help to avail benefits of lower personal loan interest rates.

Is opting for a personal loan worth It?

Yes, it is the foremost financial product to meet uncertain financial obligations outright. You don’t have to pledge collateral to avail a personal loan.

When does the personal loan repayment period start?

The personal loan repayment period starts from the very next month when the loan amount gets disbursed in the loan account.

Can I reduce my personal loan tenure in case of a rate hike?

Yes, you can get in touch with your loan officer to reduce your loan tenure. Although, you might have to pay increased EMI’s to repay the loan amount in lesser tenure.

What is the minimum salary for a personal loan?

You must have a minimum salary of INR 15,000 to avail a personal loan from Axis Bank.

Does Axis Bank provide personal loans at the best rate?

Yes, Axis Bank provides a personal loan at the best rate starting from 10.49 percent per annum.

What are the benefits Axis Bank provides on personal loans?

Axis Bank offers certain benefits on a personal loan such as minimal documentation, quick approval, online KYC, best interest rates, and flexible loan tenure. 

Does Axis Bank check for CIBIL score for a personal loan?

Yes, Axis Bank takes the CIBIL score into consideration to determine the applicant’s creditworthiness before loan approval.

What is the maximum and minimum personal loan amount I can get from Axis Bank?

Axis Bank offers a personal loan amount from INR 15,000 to INR 15,00,000 lakhs based upon applicants’ credibility.

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