Axis Bank Personal Loan
Axis Bank 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 interest rates are offered at a competitive range starting at 11.25% per annum which may vary as per the borrower’s profile.
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
| 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)
Calculate EMI on Personal Loan
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Axis Bank Personal Loan vs Other Bank Loan
| Bank | Interest rate |
|---|---|
State Bank of India | 11.45% onwards |
Bank of Baroda | 11.15% onwards |
HDFC Bank | 10.85% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Yes Bank | 11.25% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Bandhan Bank | 9.47% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
Source: Bank’s website