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Axis Bank Personal Loan

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Axis Bank Personal Loans

Axis Bank Private Ltd was founded in 1993 as UTI Bank in Mumbai. It is the third largest private sector bank in India, providing a wide range of financial services to its customers, covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The bank has 3300 branches and around 14,000 ATMs and nine international offices.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Axis Bank Personal Loans

Axis Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Axis Bank.

Apply Axis Bank Personal Loan

Advantages of AXIS BANK

  • Low interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum Income Requirement

Documentation Required for AXIS BANK Personal Loans

Important documents to be submitted while applying for personal loans with AXIS BANK

  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • IT returns for the three years for self-employed professionals

Documents to Be Submitted Post-Sanction of Your Personal Loan

  • Duly signed loan agreement
  • Standing Instruction (SI) Request / ECS Form. Security Cheques required for SI and ECS For doctors, architects, CA, CS, ICWA, MBA consultant and engineers, the required qualification or registration proof may vary from customer to customer.

Axis Bank Personal Loans

Axis Bank provides personal loans between INR 50,000 to INR 15,00,000 with less paperwork and quick approval. A personal loan from Axis Bank can help you in meeting your short-term requirements like renovating your house, wedding arrangements or a vacation. The payment mode is tailor made to suit your credit profile. The repayment tenure can range between 12 to 60 months. You can choose the tenure according to your comfort range. You can also use the personal loan EMI calculator to know the compound interest and other details.

Features of Axis Bank Personal Loans

Key Highlights

Eligibility CriteriaSalaried/Self-Employed
AgeBetween 21-60 years
Loan TenureUp to 60 months
Loan AmountUp to 15 Lakhs
Interest Rate15.50% to 24%

A personal loan from Axis Bank offers a lot features and benefits. They are

Objective:

Axis Bank personal loans are tailor made to meet your financial needs.

Amount Range:

You can get the loan amount between INR 50,000 to INR 15,00,000.

Tenure:

Axis Bank provides flexible tenure of repayment ranging between 12 to 60 months.

Interest Rate:

Axis Bank provides a competitive interest rate based on your eligibility status. The interest rate on personal loan starts from 15.50%

Special EMI Calculator:

With a specially designed EMI calculator, you can plan out your loan requirement and achieve it comfortably.

Easy Loan Transfer:

If the interest rate on your personal loan is a burden, you can switch to Axis Bank to avail the best rate of interest.

Enjoy Hassle-Free Process:

The best advantage of taking a personal loan from Axis Bank is that the process is quick with less paperwork.

Benefit from the Reward Points:

Axis Bank provides eDGE loyalty reward points on your transactions which you can redeem for over 500 rewards.

  • You can earn 150 points if your disbursal is less than or equal to INR 3,00,000.
  • For disbursal of more than INR 3,00,000 and less than INR 5,00,000, you can earn 300 points.
  • For above INR 5,00,000, you can earn 450 points.

The procedure to redeem the points are given in Axis Bank’s official website in detail.

Eligibility Criteria to Avail Axis Bank Personal Loan

Axis Bank personal loan is sanctioned to individuals who have the eligibility criteria that are laid down by the bank. Following are those criteria to avail Axis Bank personal loan.

  • Axis Bank personal loan is issued only to salaried employees. Individuals who are doctors, salaried employees of public and private limited companies, government sector employees including public sector undertakings and central and local bodies.
  • The applicant must be between 21 to 60 years of age. Anyone who is below 21 and above 60 are not offered a personal loan from Axis Bank.
  • You can be salaried employee of any profession but to avail an Axis Bank personal loan, you must have minimum monthly income of INR 15,000. Anyone below this income will not be eligible to avail a loan from Axis Bank.

Interest Rate on Axis Bank Personal Loans

When compared to other lenders, Axis Bank offers the best rate of interest on personal loans. Below is the table that shows the interest rate on the personal loan.

Interest Rates and Charges

Rate of Interest15.50% to 24%
Loan Processing Charges1.50% to 2.00% + GST as applicable
Cheque Bounce ChargesRs. 500 per cheque bounce + GST as applicable
Cheque/ Instrument Swap chargesRs.500 per instance + GST as applicable
Prepayment/ Foreclosure ChargesNil
Default Interest Rate@24.00% per annum i.e. 2% per month on the overdue instalment
Duplicate Statement Issuance ChargesRs 250 per instance + GST as applicable
Duplicate Amortization Schedule ChargesRs 250 per instance + GST as applicable
Duplicate Interest Certificate (Provisional/ Actual) issuance ChargesRs 250 per instance + GST as applicable
Credit Bureau Report Issuance ChargesRs. 50/- per instance per set+ GST as applicable
Stamp Duty ChargesAs per State Stamp Act
Issuance Charges for Photocopy of Loan Agreement/ DocumentsRs 250 per instance + GST as applicable

The axis bank personal loan interest rates are subject to change from time to time as per the direction of the bank. Moreover, Goods and Services Tax will be charged as per the applicable rates on all charges and fees.

City Based Axis Bank Personal Loan

Axis Bank currently offers personal loan only to the individuals living in the following cities. The eligibility criteria would be based on the demographic location.

Tier 1:

Bangalore, Chennai, Delhi, Mumbai, Hyderabad, Gurgaon, Noida, Ghaziabad, Faridabad

Tier 2:

Pune, Ahmedabad, Kolkata

Tier 3:

Coimbatore, Kochi, Jaipur, Lucknow, Patna, Jamshedpur, Vadodara, Trivandrum, Vishakhapatnam, Bhubaneshwar, Trichy, Surat, Nashik, Aurangabad, Goa, Guwahati, Nagpur, Chandigarh

Tier 4:

Bhopal, Calicut, Jodhpur, Mysore, Pondicherry, Raipur, Rajkot, Durgapur, Dehradun, Hubli, Jalandhar, Kolhapur, Ludhiana, Madurai, Mangalore, Patiala, Siliguri, Ranchi, Tirunelveli, Udaipur, Vijayawada, Indore, Ajmer, Allahabad, Bhatinda, Belgaum, Bhavnagar, Bhilwara, Jamnagar, Kanpur, Kota, Salem, Ujjain, Warangal, Mehsana

EMI Payment Methods

Your Axis Bank personal loan can be repaid in following three ways.Standing Instruction (SI):

If you are an existing account holder with Axis Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Axis Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Axis Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Axis Bank account at your nearest Axis Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Axis bank Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity. Normally you can avail Axis Bank personal loan between INR 60,000 to INR 15,00,000.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

Processing charges are 1.50% to 2.00% of the loan amount with GST. This is amongst the lowest fees in the industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does AXIS BANK Personal loan compare with those offered by other banks?

There is total transparency about the axis bank personal loan interest rate and the fees charged by us.

Axis Bank offers personal loans at the cheapest rates of interest, with no security or collateral

Axis Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an AXIS BANK personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the Axis Bank personal loan?

You can either apply online or visit the nearest Axis Bank loan centre for a personal loan.

10. Will there be any charges for prepayment towards my Axis Bank personal loan?

No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest Axis Bank branches.

Axis Personal Loans Review

Axis Bank provides attractive interest rates on personal loans when compared to other lenders. The processing fee is 1.50% to2.00% of the loan amount which is among the lowest fees in the industry. Low interest rate with no hidden charges makes Axis Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Axis Bank personal loans do not impose much burden on the customers.

Customer Reviews

4 / 5 (41 Reviews)
29 Aug 2018

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