Axis Bank, India's third largest private sector bank by assets and fourth largest by market capitalisation, offers a range of personal loans that are aimed to cater to borrowers with various financial needs, from personal expenses to large amounts needed for large purchases. While the minimum loan amount typically is ₹50,000, the maximum goes up to ₹40 lakh, subject to a number of factors such as income, credit history, etc. The lender offers flexible tenure from 12 months to 84 months which helps borrowers choose what suits them the best based on their repayment capacity. The lender offers various features including competitive interest rates, prepayment and foreclosure options, online services and more.
Typically ranges from ₹50,000 to ₹40 lakhs, which depends on eligibility of the borrower and credit profile.
Tenure
Typically ranging from 12 to 84 months.
Processing Fees
This can be a percentage of the loan amount or a fixed fee.
Eligibility Criteria
Generally 21 to 60 years with a stable job or business. A good credit score (usually above 750) helps.
Documentation
Proof of identity, address, income, and employment. Documents like salary slips, bank statements, and identity proof are needed.
Interest Rates
Usually around 10.40-22% per annum. However, the precise rate may vary based on factors like the borrower’s credit score, loan amount, and tenure.
Prepayment and Foreclosure
The lender allows prepayment and foreclosure of the loan subject to some charges or conditions.
Disbursement
Funds are typically disbursed within a few business days.
Repayment Options
EMI, prepayment and foreclosure..
Flexibility in EMI
EMI amount and tenure can be adjusted.
Online Services
One can apply for a loan online through the lender’s website or mobile app. Similarly, the loan can also be tracked and managed online on these platforms.
Customer Support
Customer service helpline, email, and branch visits for assistance.
Axis Bank Personal Loan Fees and Charges
Processing Fees: Usually 1-2% of the loan amount which is non-refundable.
Documentation Charges: If there is additional document verification needed beyond the standard documentation, some charges may apply.
EMI Bounce Charges: Typically a fixed amount or a percentage of the EMI.
Late Payment Fees: The amount varies based on the outstanding amount and how long the delay is.
Duplicate Statement Charges:A fixed amount may be charged for providing duplicate loan statements.
Prepayment Charges:For partial prepayment, there are some charges that may vary based on the loan agreement. While for foreclosure, usually the charges are up to 5% of the outstanding principal amount.
Change in Loan Terms Charges:If one seeks to change loan terms or EMI schedule, a charge may apply.
Axis Bank Personal Loan Interest Rates
Type
Interest (p.a)
Personal Loan for Wedding
10.49% to 22%
Personal Loan for Home Renovation
10.49% to 22%
Travel Loan
Starting at 10.75%
Personal Loan for Higher Education
Starting at 10.49%
(Source: Axis Bank website)
Axis Bank Personal Loan Eligibility
Age: Typically, applicants must be between 21 and 60 years of age.
Employment: One should have a steady income, whether salaries or self-employed.
Credit Score: Typically, 700 or above is preferred.
Income Level: A minimum income of ₹15,000 per month if you are already an Axis Bank customer or ₹25,000 per month.
Work: Salaried doctor, employee of public and private limited companies, government sector employees including PSUs, central and local bodies.
Axis Bank Personal Loan Documents Required (in general)
Last 3 months’ statements
3 latest salary slips with latest Form 16
KYC documents: (Any one from the following)
Passport
Driving License
PAN Card
Aadhaar Card with date of birth
Voters Id
Others:
Utility bills
Rental agreements
Income tax returns
Employment letter
Business registration documents
Axis Bank EMI Calculator
Whether planning to renovate your home, go on a vacation or considering debt consolidation with the help of a personal loan, estimating your EMIs is one of the most crucial steps in this decision. Axis Bank EMI calculator helps you estimate your EMIs easily. To do so, you need to enter details such as loan amount, loan term and interest. The estimated EMI will be displayed on your screen.
(https://www.axisbank.com/retail/calculators/emi-calculator)
You can apply online through the official website of Axis Bank or mobile app. Besides, you can visit a nearby branch to apply for a loan or call Axis Bank customer service for the same.
Generally, the loan tenure ranges from 12 months to 84 months, however, the exact term of the personal loan may depend on the borrower’s loan amount and their repayment capacity.
The interest rate depends on factors like your credit score, loan amount, and tenure.
The lender charges a processing fee, generally a percentage of the total loan amount, usually 1-2% of the loan amount which is non-refundable. Before applying for a personal loan, confirm the exact fee with the bank.
Yes, Axis Bank allows prepayment of the loan -- partially or full – subject to some charges or conditions. For partial prepayment, there are some charges that may vary based on the loan agreement. While for foreclosure, usually the charges are up to 5% of the outstanding principal amount.
Missing a loan EMI can cause imposition of late fees and can also impact your credit score negatively. If you are facing trouble paying your EMI, contact the bank and communicate with it to discuss possible solutions, if any.
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Bajaj Finserv
Loan Amount Upto
Upto 40 Lacs
Tenure
12-60 months
Rate of Interest
14% - 18%*
Processing Fee Upto
Upto 1.15% of loan amount
Axis Bank
Loan Amount Upto
Upto Rs 50 Lacs
Tenure
12-84 months
Rate of Interest
starts from 16%*
Processing Fee Upto
1.5% of loan amount
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