Axis Bank Personal Loan Interest Rates
Axis bank personal loans extend from ₹20,000 to ₹15 lakhs, with loan amounts varied up to 15 lakhs. Annual interest on these loans varies from 11.25% to 22%. In common cases, the bank charges a foreclosure fee starting from 2% if the loan is closed early. It charges a processing fee that varies according to the amount of the loan as well as the tenure of the loan. Flexibility of the loan terms and easy processing make Axis bank personal loans are quite popular among those people who want to meet urgent, planned or unforeseen expenses that could be an economic burden.
Here we are discussing the details around Axis Bank, interest rates it charges, eligibility, characteristics and other factors.
Axis Bank personal loan characteristics
I. The loan does not require collateral.
II. The loan application process is simple and easy online.
III. The loan tenure is usually flexible.
IV. The bank offers personal loans of up to ₹40 lakhs to salaried individuals.
Documents required for Axis Bank personal loan:
1. Last 3-months’ bank statement.
2. Three latest salary slips with the latest form 16
3. KYC documents including passport, driving license, pan card, aadhaar card, voter ID.
Axis Bank personal loan eligibility
I. Salaried employees could be doctors, employees of public and private limited companies and government sector employees.
II. The applicants could be aged between 21 to 60 at the time of maturity of the personal loan.
III. Minimum net monthly income could be ₹15,000 for Axis Bank customers and ₹25,00 for non-Axis Bank customers.
Interest rates and charges for Axis Bank personal loan:
Bank charges anywhere between 10.25 to 22 percent per annum (as on August 29, 2024).
Charges levied on Axis Bank personal loan
| Particulars | Charges |
| Processing Fees | Up to 2% of the loan amount |
| Prepayment/Part-prepayment charges | For Loans Disbursed on or after April 1, 2024:
|
| Repayment instruction/Instrument return charges | ₹339 per instance + GST of dishonor cheque |
| Swap Charges (Cheque/Instrument) | ₹500 per instance + GST |
| Penal Charges | Financial Default*: 8% p.a. above the applicable interest rate on the overdue amount (subject to the aggregate not exceeding 24% per instance). There would be no capitalisation of penal charges. Borrowers should note that financial default includes all types of financial defaults or irregularities with respect to their loan account. The penal charges will be subject to GST as per applicable law on Goods and Service Tax in India, and GST will be charged separately. |
| Stamp duty charges | As per state stamp |
| Duplicate Amortization Schedule issuance charges | ₹250 per instance per set + GST |
| Credit Information Companies Report issuance charges | ₹50 per instance per set + GST |
| Duplicate statement issuance charges | ₹250 per instance per set + GST |
Source: PaisaBazaar
Axis Bank Personal Loan EMI calculator
With Axis Bank personal loan EMI calculator, you can you calculate the EMIs by entering the necessary details. These details are interest rate charged by the bank, amount of personal loan and loan tenure (months).
Once all these details are entered, you can calculate the equated monthly instalments (EMIs) that you need to pay in order to service the loan.
You can access the loan calculator here:
https://www.axisbank.com/retail/calculators/personal-loan-emi-calculator
Other banks’ Personal Loan Interest Rates
The table below outlines the interest rates offered by different banks, helping you compare and select the most suitable option. However, the interest rate you receive will depend on the bank's policies and your overall credit profile. Axis Bank offers personal loans with interest rates starting at 11.25% per annum.
Note: All the interest rates are as of January 2025. For latest interest rates, please refer to the bank’s website.
| Banks | Interest rates |
| HDFC Bank | 10.85% onwards |
| State Bank of India | 11.45% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Bandhan Bank | 9.47% onwards |
| ICICI Bank | 10.85% onwards |
| IDFC Bank | 10.99% onwards |
| Canara Bank | 10.95% onwards |
| Federal Bank | 12% onwards |
| Punjab National Bank | 10.40% onwards |
| Union Bank of India | 11.35% onwards |
| Indian Bank | 10% onwards |
| Yes Bank | 11.25% onwards |
| Bank of India | 10.85% onwards |
| Bank of Baroda | 11.05% onwards |
| IDBI Bank | 11% onwards |
| AU Bank | Up to 30% |
Source: PaisaBazaar
Axis Bank Personal loan application process:
1. You can visit the Personal Loan section and click on the 'Apply Now' button
2. Now you need to give your personal details such as mobile number and either Date of Birth (DOB) or PAN
3. Now you need to enter the OTP that you receive on your mobile number
4. Now, give the consent for sharing your details for verification of documents
5. You should keep your last six months bank statements and salary slips to upload
6. Now complete the eKYC and Video KYC process for your loan application to be complete
Factors Affecting Axis Bank Personal Loan Interest Rate
There are several factors which influence the Axis bank personal loan interest rate, some of which are explained below:
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Credit Score: There is no information available on how credit scores affect interest rates on personal loans from Axis Bank. However, most lenders see candidates who score 750 or better as more creditworthy and often tend to offer them lower rates of interest. A good credit score reflects better financial discipline on one's part, making the lender's risk less.
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Income: Axis Bank allows personal loans for applicants who have a minimum of Rs. 15,000 per month as income. Greater income usually suggests better repayment capability, and that is why many lenders offer such applicants lower interest rates, though the bank has not disclosed fully the variances in rate based on income.
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Job Profile: The bank has not given any explanation to the effect that employer profiles determine interest rates. However, due to their guaranteed steady income and employment security, salaried applicants, particularly those working with the government or PSUs, are often provided cheaper rates by the lenders. As a self-employed applicant is considered at a slightly higher risk, the rates may be slightly higher.