Axis bank personal loan

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.

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    Axis Bank Personal Loan Key Features

    Loan Amount

    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

    TypeInterest (p.a)
    Personal Loan for Wedding10.49% to 22%
    Personal Loan for Home Renovation10.49% to 22%
    Travel LoanStarting at 10.75%
    Personal Loan for Higher EducationStarting 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)
    1. Passport
    2. Driving License
    3. PAN Card
    4. Aadhaar Card with date of birth
    5. Voters Id

    Others:
    1. Utility bills
    2. Rental agreements
    3. Income tax returns
    4. Employment letter
    5. 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)


    Calculate EMI on Personal Loan

    Loan Amount

    ₹10k
    ₹20 Lakh

    Rate of Interest

    %

    1%
    30%

    Loan Duration

    Months

    3 Months
    72 Months
    Monthly EMI
    ₹0
    Loan Amount:
    ₹10,000
    Total Interest:
    ₹0
    Total amount:
    ₹0
    Get Instant Loan Offer

    EMI Payment Schedule

    Month
    Principal Paid
    Interest Charged
    Total EMI Payment
    Loan Balance

    Axis Bank Personal Loan vs Other Bank Loan

     

    Banks/NBFCsRates (p.a.)
    Axis Bank10.40% onwards
    IndusInd Bank10.49% onwards
    IDFC First Bank10.99% onwards
    HDFC Bank10.50% onwards
    ICICI Bank10.80% onwards
    Kotak Mahindra Bank10.99% onwards
    Tata Capital10.99% onwards
    Federal Bank12.00% onwards
    DMI Finance12.00% - 40.00%
    L&T Finance12.00% onwards
    Kreditbee16.00% - 29.95%
    MoneyTap13.00% onwards
    Piramal Finance12.99% onwards
    Aditya Birla10.99% onwards
    Moneyview15.96% onwards
    Cashe27.00% onwards

    (Source: PaisaBazaar)

    Axis Bank Personal Loan FAQs

    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
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    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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