Axis Bank Personal Loan of 5 lakh

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Kirti Bansal
Kirti Bansal
Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

A range of options are available in the finance market to choose your loan providers. To solve your confusion, Axis Bank’s personal loan of 5 lakh is one of the popular options trusted by many borrowers. The personal loan plan ensures you can fulfill your short-term goals with minimal documentation and competitive interest rates. Customers can get instant, front-end-to-end digital financing for up to 40 lakhs in just a few seconds. Now, you can apply through the Urban Money website as well. Continue reading below to make a duly informed decision to be sure that you go through the specifics of 5 lakh personal loan eligibility by Axis Bank. 

Axis Bank Personal Loan 5 Lakh – Highlights

The following table shows the significant highlights pertaining to 5 lakh personal loan EMI

Feature Details
Loan Amount Up to Rs. 40 lakhs
Interest Rate Starting from 10.49% p.a.
Tenure 12 to 84 months
Processing Fee Up to 2% of the loan amount
Prepayment Charges Nil for loans up to 36 months; 2% for loans above 36 months

Axis Bank 5 Lakh Personal Loan EMI for 1- 7 Years

Here is the breakdown of Axis Bank’s 5 lakh loan EMI for 7 years. 

Tenure EMI Interest Rate Interest Amount
1 Year Rs. 44,072 10.49% 28,864
2 Years Rs. 23,186 10.49% 56,457
3 Years Rs. 16,249 10.49% 84,959
4 Years Rs. 12,799 10.49% 1,14,369
5 Years Rs. 10,744 10.49% 1,44,668
6 Years Rs. 9,387 10.49% 1,75,860
7 Years Rs. 8,428 10.49% 2,07,929

Compare 5 Lakh Personal Loan from other Banks & NBFC.

Before you apply for an Axis Bank personal loan worth 5 lakh, it’s important to evaluate and compare the interest rates offered by other Banks and NBFCs. Below, we have provided a tabular representation of interest rates offered by other options you can see on the Urban Money Website:

Bank/NBFC Interest Rate
HDFC Bank 10.50%
ICICI Bank 10.50%
Kotak Mahindra Bank 10.99% 
Tata Capital 10.99% 
Bajaj Finserv 11.00% 
L&T Finance 12.00% 
Kreditbee 12.25% 
MoneyTap 12.96% 

Axis Bank Personal Loan 5 Lakh – Fees & Charges

The table below mentions the additional fee details about Axis Bank for loans with tenure of up to 84 months. 

Fee Amount
Processing Fee Up to 2% of the loan amount
Swap charges INR 500 per instance + GST
Documentation Fee Rs. 500
Foreclosure Charges Nil for loans up to 36 months; 2% for loans above 36 months
Prepayment Charges  5% + GST
Instrument return Fee INR 339 per instance + GST
Penal interest 24% per annum
Duplicate Issuance Charges INR 250 per instance + GST

5 Lakh Axis Bank Personal Loan – Documents Required

Below is the list of necessary documents that you might need before applying for an Axis Bank personal loan of 5 lakh: 

  • Identity Proof – A copy of passport/Voter ID/Aadhaar Card
  • Address Proof– A copy of the Rent Agreement/Utility Bills (For the past 3 months only)
  • Income Proof– Pay slips of the latest 2 months/Form 16 for salaried individuals; Business income proof for self-employed individuals of the past 1 year.
  • Bank Statements– The latest six months’ bank statements
  • Others– Duly filled out loan application form and signed agreement/ECS forms

Please note that the above documents list may vary, and further documents can be requested based on the type of loan and property you are applying for. 

5 Lakh Axis Bank Personal Loan – Eligibility Criteria

Below, we have highlighted the factors you should know to apply for 5 lakh personal loan eligibility by Axis Bank:

  • Age – The applicant must be between 21 and 60 years old to qualify for the instant 5 lakh loan from Axis Bank. 
  • Income – The minimum monthly income of the applicant to apply for a 5 Lakh Axis Bank Personal loan should be Rs. 15000.  
  • Nationality – He/She must be a resident of India. 
  • Employment Status – He/She must have at least 3 years of work experience.

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Frequently Asked Question (FAQs)

What is the Axis Bank monthly interest on 5 lakh personal loan?

The monthly interest rate for an Axis Bank 5 Lakh personal loan starts from 10.49%.

Can I get a 5 lakh personal loan from Axis Bank?

Yes, you can get a 5 lakh personal loan from Axis Bank if you meet the basic eligibility criteria set by the Bank.

How to get a 5 lakh loan without a salary slip in Axis Bank?

If you are self-employed, you can apply for a 5 lakh personal loan by Axis Bank without a salary slip by providing alternative income proof, depending upon a bank’s policy.

What is the CIBIL score for a 5 lakh personal loan for Axis Bank?

A CIBIL score of 750 or above for a personal loan of 5 lakh by Axis Bank is considered good.

Urban Money