Axis Personal Loan @ 10.49% p.a - Get Upto Rs. 25 Lakhs

Axis Personal Loan

Axis Personal Loan is a financial product offered by Axis Bank, one of the leading private sector banks in India. Axis Personal Loan is designed to provide financial assistance to individuals who need funds for personal expenses such as home renovation, education, medical emergencies, or debt consolidation.

Best Axis Personal Loan Offer – Get Instant Loan Approval

Axis Bank Personal Loan Key Highlights

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Key Highlights Details
Loan amount

Rs. 50,000 to Rs. 25,00,000

Interest rate

Starting from 10.49% p.a. onwards

Loan tenure

12 months to 60 months

Processing fee

Up to 2% of the loan amount + GST

Prepayment charges

0% to 5% of the outstanding loan amount

Part-payment charges

Up to 5% of the part-payment amount

Eligibility criteria

– Age between 21 and 60 years

 – Minimum monthly income of Rs. 15,000 

 – Employment stability of at least 2 years 

 – Good credit score

Documents required

– Identity proof

 – Address proof 

 – Income proof 

 – Bank statements 

– Passport size photographs

Loan disbursal time

3 to 5 working days

Repayment modes

Auto-debit, post-dated cheques, or online payment

Special features

– No collateral or guarantor required

 – Option to transfer existing high-interest personal loan to Axis Bank 

– Axis eDGE Reward points on loan disbursement

***Please note that the above information is subject to change, and borrowers are advised to check with Axis Bank for the latest terms and conditions before applying for a personal loan.

The interest rate for Axis Bank Personal Loan starts from 10.49% per annum onwards. However, the actual interest rate offered by the bank may vary based on various factors such as the loan amount, repayment tenure, borrower’s creditworthiness, income, and other factors. It is recommended that borrowers check with Axis Bank for the latest interest rates and terms and conditions before applying for a personal loan. Additionally, Axis Bank may also charge processing fees, prepayment charges, part-payment charges, and other applicable fees and charges, which should be taken into account while availing of the loan.

Here are some of the key features and benefits of Axis Personal Loan:

  1. High loan amount: Axis Bank offers personal loans ranging from Rs. 50,000 to Rs. 25,00,000, allowing borrowers to meet their various financial needs.
  2. Competitive interest rates: The interest rates for Axis Personal Loan start from 10.49% per annum onwards, making it an affordable borrowing option.
  3. Flexible repayment tenure: Borrowers can choose a repayment tenure of 12 months to 60 months, depending on their convenience and financial capacity.
  4. Easy and hassle-free application process: The application process for Axis Personal Loan is simple and can be done online, making it a convenient option for borrowers.
  5. No collateral or guarantor required: Axis Personal Loan is an unsecured loan, which means that borrowers do not need to provide any collateral or guarantor to avail of the loan.
  6. Quick loan disbursal: Once the loan is approved, the funds are disbursed to the borrower’s account within 3 to 5 working days.
  7. Part-payment and prepayment facility: Borrowers can make part-payments or pre-payments on their Axis Personal Loan without any additional charges.
  8. Axis eDGE Reward points: Borrowers can earn Axis eDGE Reward points on their personal loan disbursal, which can be redeemed for various gifts and benefits.
  9. Transfer existing personal loan: Borrowers can also transfer their existing high-interest personal loan to Axis Bank and avail of lower interest rates and other benefits.

Please note that the above features and benefits may vary based on the loan amount, repayment tenure, borrower’s creditworthiness, income, and other factors. Borrowers are advised to check with Axis Bank for the latest terms and conditions before applying for a personal loan.

Here’s Axis Bank Personal Loan eligibility criteria for both salaried and self-employed individuals:

Eligibility Criteria Salaried Individuals Self-employed Individuals
Age Minimum age of 21 years and maximum age of 60 years Minimum age of 24 years and maximum age of 65 years
Income Minimum net monthly income of ₹15,000 Minimum annual income of ₹2 lakh
Employment Minimum 1 year of continuous employment Minimum 3 years of business vintage
Credit Score Credit score of 750 or above Credit score of 750 or above
Loan Amount Minimum loan amount of ₹50,000 and maximum loan amount of ₹15 lakhs Minimum loan amount of ₹50,000 and maximum loan amount of ₹20 lakhs
Loan Tenure Minimum tenure of 12 months and maximum tenure of 60 months Minimum tenure of 12 months and maximum tenure of 60 months
Other Criteria Should be a resident of India Should be a resident of India
Should have a stable income and employment/business Should have a stable income and business

Note: The above eligibility criteria may vary based on the bank’s internal policies and regulations. It is advisable to check the latest eligibility criteria on Axis Bank’s official website before applying for a personal loan.

Documents Required Salaried Individuals Self-Employed Individuals/Professionals
Identity Proof

Passport, Voter ID card, PAN card, Driving License, Aadhaar card

Passport, Voter ID card, PAN card, Driving License, Aadhaar card

Address Proof

Passport, Voter ID card, Driving License, Aadhaar card, utility bills (not more than 3 months old)

Passport, Voter ID card, Driving License, Aadhaar card, utility bills (not more than 3 months old)

Income Proof

Latest 3 months’ salary slips, Form 16 and bank statements of the last 6 months

Income tax returns of the last 2 years, balance sheet and profit and loss statement of the last 2 years, bank statements of the last 6 months

Employment/Business Proof

Employment certificate, current job appointment letter, company ID card

Business registration certificate, GST registration certificate, Shop and Establishment Act certificate, partnership deed (if applicable)

Photographs

Passport size photographs

Passport size photographs

Note: The above list of documents is indicative and may vary based on the bank’s internal policies and regulations. It is advisable to check the latest list of documents required on Axis Bank’s official website before applying for a personal loan.

Here are the processing fees and charges for Axis Bank Personal Loan:

Processing Fees and Charges Salaried Individuals Self-employed Individuals
Processing Fees Up to 1.50% of the loan amount (minimum ₹2,000) Up to 2.00% of the loan amount (minimum ₹2,000)
Prepayment/Foreclosure Charges Nil for floating rate loans Nil for floating rate loans
2% of the outstanding principal for fixed rate loans 2% of the outstanding principal for fixed rate loans
Late Payment Charges 24% per annum on the outstanding amount, calculated from the due date of EMI 24% per annum on the outstanding amount, calculated from the due date of EMI
Cheque Bounce Charges ₹500 per cheque bounce ₹500 per cheque bounce
Penal Interest 2% per month on the overdue amount 2% per month on the overdue amount

Note: The above processing fees and charges may vary based on the bank’s internal policies and regulations. It is advisable to check the latest processing fees and charges on Axis Bank’s official website before applying for a personal loan.

%

Principal amount

Loan EMI

Total Intrest Payble

Total Payment (Principal + Interest)


Here is an example of Axis Bank Personal Loan EMI calculation with amortization schedule:

Loan amount: ₹5 lakhs
Interest rate: 11.25% per annum
Loan tenure: 5 years

Using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n – 1)
where P is the loan amount, r is the monthly interest rate, and n is the loan tenure in months.

So, the monthly interest rate = 11.25% / 12 = 0.9375%
The loan tenure in months = 5 years * 12 months = 60 months

EMI = 500000 * 0.009375 * (1 + 0.009375)^60 / ((1 + 0.009375)^60 – 1)
EMI = ₹10,921

Amortization schedule for the first year of the loan:

Month Opening Balance EMI Interest Principal Closing Balance
1 500000 10921 4688 6228 493772
2 493772 10921 4635 6281 487491
3 487491 10921 4582 6334 481157
4 481157 10921 4529 6334 474769
5 474769 10921 4475 6440 468329
6 468329 10921 4422 6493 461836
7 461836 10921 4369 6546 455291
8 455291 10921 4315 6599 448692
9 448692 10921 4262 6652 442040
10 442040 10921 4209 6706 435334
11 435334 10921 4156 6759 428575
12 428575 10921 4102 6813 421762

The closing balance of the last month of the first year will be the opening balance for the second year, and the interest and principal components of the EMI will change accordingly based on the new balance. This process will continue until the end of the loan tenure.

Here’s a comparison of Axis Bank Personal Loan interest rates and processing fees with those offered by other leading banks and NBFCs in India, as of 2023:

Bank/NBFC Interest Rate Processing Fee
Axis Bank 10.49% - 24% Up to 2% of the loan amount
HDFC Bank 10.75% - 21.30% Up to 2.50% of the loan amount
ICICI Bank 10.50% - 22.00% Up to 2.25% of the loan amount
Kotak Mahindra Bank 10.50% - 17.99% Up to 2.50% of the loan amount
Bajaj Finserv 10.99% - 16.00% Up to 3.99% of the loan amount
Tata Capital 10.99% - 19.00% Up to 2.50% of the loan amount
Fullerton India 12.99% - 36.00% Up to 3.00% of the loan amount
IndusInd Bank 10.75% - 23.50% Up to 2.50% of the loan amount
IDFC First Bank 10.99% - 20.00% Up to 2.50% of the loan amount
Yes Bank 10.75% - 20.00% Up to 2.50% of the loan amount
SBI 9.60% - 15.99% Up to 1% of the loan amount

Please note that these rates are indicative and subject to change at the discretion of the respective banks and NBFCs. The processing fees may also vary based on several factors such as loan amount, repayment tenure, borrower’s credit score, and others. It is advisable to check the latest rates and fees from the respective lenders’ official websites or through online aggregator websites.

Here are the contact details for Axis Bank Personal Loan customer care:

  1. Phone: You can call Axis Bank’s customer care toll-free number at 1860-419-5555 or 1860-500-5555 to get assistance with your personal loan related queries.
  2. Email: You can also write to Axis Bank’s customer care team at loans@axisbank.com from your registered email address to get your queries addressed.
  3. Corporate Address: If you want to visit Axis Bank’s corporate office in person, you can go to the following address:
    Axis Bank Limited,
    Corporate Office,
    Bombay Dyeing Mills Compound,
    Pandurang Budhkar Marg,
    Worli, Mumbai – 400 025, India

Please note that the above contact details are for Axis Bank’s personal loan customers only. If you have a different type of account or product with Axis Bank, you may need to contact a different customer care number or email ID.

The terms and conditions of Axis Bank Personal Loan are as follows:

  1. Eligibility Criteria: To be eligible for an Axis Bank Personal Loan, you must be a salaried employee, self-employed individual or professional, aged between 21 to 60 years and have a minimum monthly income of Rs. 15,000.
  2. Loan Amount: You can avail of an Axis Bank Personal Loan for an amount ranging from Rs. 50,000 to Rs. 25 lakhs, depending on your eligibility.
  3. Interest Rate: The interest rate on Axis Bank Personal Loan ranges from 10.49% to 24%, depending on various factors such as the loan amount, repayment tenure, credit score, and others.
  4. Repayment Tenure: You can choose to repay your Axis Bank Personal Loan over a flexible tenure ranging from 12 to 60 months, depending on your convenience and repayment capacity.
  5. Processing Fee: Axis Bank charges a processing fee of up to 2% of the loan amount, which is deducted from the loan amount at the time of disbursement.
  6. Prepayment Charges: Axis Bank allows you to prepay your Personal Loan after paying a certain number of EMIs. Prepayment charges are applicable and vary based on the number of EMIs already paid and the mode of prepayment.
  7. Late Payment Charges: If you miss any EMI payment, Axis Bank will levy a late payment charge, which is usually a percentage of the outstanding EMI amount.
  8. Credit Score: Your credit score plays a crucial role in determining your eligibility and interest rate for the Axis Bank Personal Loan. A high credit score can help you get a lower interest rate and a higher loan amount.

The minimum credit score required to avail an Axis Bank Personal Loan is 750. However, please note that the credit score requirement may vary based on various factors such as the loan amount, repayment tenure, and the borrower’s overall creditworthiness.

A higher credit score indicates a good credit history and a lower risk for the lender, which may result in a lower interest rate and a higher loan amount. Therefore, it is advisable to maintain a good credit score before applying for a personal loan from any lender, including Axis Bank.

You can check your Axis Bank Personal Loan status by following these simple steps:

  1. Visit the official website of Axis Bank at www.axisbank.com
  2. Click on the ‘Products’ tab and select ‘Personal Loans’ from the drop-down menu.
  3. Under the ‘Quick Links’ section, click on ‘Track Your Application.’
  4. Enter your loan application ID and mobile number registered with Axis Bank.
  5. Click on the ‘Submit’ button to get your Axis Bank Personal Loan status.

Alternatively, you can also check your Axis Bank Personal Loan status by contacting the bank’s customer care team at 1860-419-5555 or 1860-500-5555. You will need to provide your loan application ID and other relevant details to get the status update from the customer care executive.

Please note that the loan status may take some time to update depending on the stage of the loan application and other factors. Therefore, it is advisable to wait for a few days after applying for the loan before checking the status.

Here are some of the advantages of availing an Axis Bank Personal Loan:

  1. Easy Application Process: Axis Bank offers a hassle-free online application process for Personal Loans, making it easy for borrowers to apply for a loan from the comfort of their homes or offices.
  2. Competitive Interest Rates: Axis Bank offers competitive interest rates on Personal Loans, making it an attractive option for borrowers who are looking for a low-cost loan.
  3. Flexible Repayment Tenure: Axis Bank allows borrowers to choose a flexible repayment tenure ranging from 12 to 60 months, depending on their repayment capacity and convenience.
  4. Quick Disbursement: Axis Bank offers quick disbursement of Personal Loans, with funds being credited to the borrower’s bank account within a few working days of loan approval.
  5. Minimal Documentation: The documentation process for an Axis Bank Personal Loan is simple and minimal, making it easy for borrowers to complete the loan application process quickly.
  6. No Collateral Required: Axis Bank Personal Loans are unsecured loans, which means that borrowers do not have to provide any collateral or security to avail the loan.
  7. Part Prepayment Facility: Axis Bank allows borrowers to prepay a part of their Personal Loan without any penalty, which can help them reduce their interest burden and save on interest costs.
  8. Balance Transfer Facility: Axis Bank offers balance transfer facility on Personal Loans, allowing borrowers to transfer their existing Personal Loan to Axis Bank and enjoy lower interest rates and other benefits.

Overall, Axis Bank Personal Loan offers a range of benefits to borrowers, making it a popular choice among individuals who need quick and hassle-free access to funds for various personal financial needs.

While Axis Bank Personal Loan comes with several advantages, here are some of the drawbacks that you should consider before applying for the loan:

  1. High Eligibility Criteria: Axis Bank has high eligibility criteria for Personal Loans, which may make it difficult for some borrowers to qualify for the loan.
  2. Processing Fee: Axis Bank charges a processing fee for Personal Loans, which can add to the overall cost of the loan.
  3. Prepayment Charges: Axis Bank charges prepayment charges on Personal Loans, which can be a disadvantage for borrowers who want to prepay their loan to reduce their interest burden.
  4. Higher Interest Rates for Some Borrowers: Axis Bank may offer higher interest rates for borrowers who have a lower credit score or do not meet the bank’s eligibility criteria, which can increase the cost of the loan.
  5. Limited Loan Amount: Axis Bank may offer a limited loan amount to borrowers based on their income, repayment capacity, and credit history, which may not be sufficient for some borrowers’ needs.
  6. No Interest Rate Cap: Axis Bank Personal Loan interest rates are linked to the MCLR (Marginal Cost of Funds based Lending Rate), which means that there is no cap on the interest rates. This may result in a higher interest rate for borrowers if the MCLR goes up.

Overall, while Axis Bank Personal Loan has several benefits, borrowers should also consider the above drawbacks before applying for the loan and assess if it meets their financial needs and repayment capacity.

FAQs

Yes, Axis Bank offers instant Personal Loans to eligible customers who meet the bank’s eligibility criteria. The bank’s instant Personal Loans are designed to provide quick and hassle-free access to funds for various personal financial needs such as medical emergencies, home renovation, travel, and more.

To apply for an instant Personal Loan from Axis Bank, customers can use the bank’s mobile app or website and complete the application process within a few minutes. The bank uses advanced algorithms to assess the borrower’s creditworthiness and eligibility for the loan, and if approved, the funds are credited to the borrower’s bank account within a few hours of loan approval.

However, please note that the instant Personal Loans offered by Axis Bank may have higher interest rates and processing fees compared to regular Personal Loans. Therefore, it is advisable to compare the loan offers from different lenders, including Axis Bank, before applying for an instant Personal Loan and choose the one that meets your financial needs and repayment capacity.

Axis Bank offers multiple repayment options for Personal Loans, which are designed to provide flexibility and convenience to borrowers. Here are some of the ways to repay your Axis Bank Personal Loan:

  1. Electronic Clearing Service (ECS): You can set up an ECS mandate with your bank account to automatically debit the loan installment amount on the due date every month. This is a convenient option as it eliminates the need for manual payments and ensures timely repayments.
  2. Standing Instruction (SI): You can set up a standing instruction with your Axis Bank savings account to automatically transfer the loan installment amount to your loan account on the due date every month.
  3. Online Payment: You can make online payments using the Axis Bank website or mobile app. This option allows you to make quick and hassle-free payments from the comfort of your home or office.
  4. Cash/Cheque Deposit: You can also make cash or cheque deposits at any Axis Bank branch or ATMs across the country.
  5. NEFT/RTGS: You can use the NEFT/RTGS facility to transfer the loan installment amount from your other bank account to your Axis Bank loan account.

It is important to ensure timely repayment of your Axis Bank Personal Loan to avoid late payment charges and negative impact on your credit score. You can choose the repayment option that suits your convenience and ensure that you have sufficient funds in your account to meet the loan installment due every month.

Axis Bank offers Personal Loans starting from a minimum of Rs. 50,000 to a maximum of Rs. 25 lakhs. The loan amount that you are eligible for depends on various factors such as your income, credit score, repayment capacity, and other factors as per the bank’s eligibility criteria.

However, the loan amount offered to you by Axis Bank may also depend on the purpose of the loan. For example, if you are applying for a Personal Loan for a medical emergency, the loan amount may be different than if you are applying for a loan for a home renovation.

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