Introduction
Axis Bank offers personal loans with interest rates starting from 10.49% p.a., with flexible loan tenures of up to 60 months and loan amounts ranging from Rs. 50,000 to Rs. 40 lakh. These loans are designed to meet a variety of personal financial needs, including travel, wedding expenses, medical emergencies, or debt consolidation.
Axis Bank personal loans come with benefits like quick approval, minimal documentation, and no collateral requirement. Additionally, the bank offers flexible repayment options, making it easy for borrowers to manage their finances while addressing immediate needs.
Axis Bank Personal Loan Highlights
| Interest Rate | 10.49% p.a. onwards |
| Loan Amount | Up to ₹15 Lakhs |
| Tenure | Up to 5 years |
| Processing Fees | Up to 2% of loan amount |
| Minimum Monthly Income | For Corporate Borrowers: Rs 15,000For Non-corporate Salary Borrowers: Rs 20,000Employee of HDFC Bank: Rs 10,000 |
Types of Axis Bank Personal Loans
| Type of Loan | Purpose | LTV Ratio | Tenure | Special Features |
| Personal Loan | For various personal needs | N/A | Up to 5 years | Quick processing and disbursal |
| Wedding Loan | To cover wedding expenses | N/A | Up to 5 years | Flexible repayment options |
| Holiday Loan | For travel and vacation | N/A | Up to 5 years | Low processing fees |
| Home Renovation Loan | For home improvement | N/A | Up to 5 years | No collateral required |
Axis Bank Personal Loan Features & Benefits
- Zero Collateral: No need to mortgage property.
- Loan Amount Tenure: Maximum up to ₹15 Lakhs can be availed for up to 5 years.
- Interest Rates: Attractive rate of interest starting at 10.49% p.a.
- Digital KYC: Easy documentation with video KYC using Aadhar Card.
- Flexible Repayment Options: Tailor the repayment schedule to fit your financial situation.
Axis Bank Personal Loan Interest Rate
| Customer Type | Effective Rate Of Interest |
| For Salaried | 10.49% to 17.49% per annum |
| For Self-employed | 11.00% to 18.00% per annum |
Axis Bank Personal Loan Processing Fees and Charges
| Fee Type | Details |
| Processing Charges | Up to 2% of loan amount |
| Stamping Charges | As per respective State’s Stamp Act |
| Overdue Interest | 2% per month |
| Credit Appraisal Charges | Up to ₹2,500 + GST |
| Credit Administration Charges | Up to ₹2,500 + GST |
| Collection Charges | 1% + GST of cheque/instrument dishonor charges + overdue interest |
| Dishonor Charges per instance | ₹500 + GST |
| Foreclosure Charges | 5% + GST |
| Part Pre-payment Charges | ₹500 + GST per instance |
| No due | NIL |
| Duplicate Issue of NOC | NIL |
| Copy of CIBIL | ₹50 + GST |
| Copy of Records | ₹100 + GST |
Eligibility Criteria for Axis Bank Personal Loan
| Requirements | Salaried | Self-Employed |
| Residency | Indian/NRI | Indian/NRI |
| Age | 21 to 60 years | 21 to 65 years |
| CIBIL Score | 700 and above | 700 and above |
| Minimum Net Income | ₹15,000 per month | ₹20,000 per month |
Documents Required for Axis Bank Personal Loan
- ID Proofs: Passport, Aadhar card, driving license, voter ID, PAN card
- Residential Proofs: Passport, utility bill, leave and license agreement
- Bank Statement: Past 3 months
- Salary Slip: Last 3 months
- Photographs: 2-3 passport size
Axis Bank Personal Loan EMI Calculator
Calculate your EMI using Axis Bank’s online EMI calculator. Simply enter the loan amount, tenure, and interest rate to get an estimate of your monthly payments. [Link to EMI Calculator]
Tips to Improve Loan Approval Chances
- Improve Credit Score: Maintain a CIBIL score of 700 and above.
- Reduce Existing Debt: Lower your existing debt before applying.
- Stable Income: Ensure consistent and stable income to meet eligibility criteria.
How to Apply for a Personal Loan at Axis Bank?
- Visit the Axis Bank website or nearest branch.
- Click on ‘Apply Now’.
- Provide your personal and income details.
- Select ‘Axis Bank’ from the list of lenders.
- Choose your preferred loan amount and repayment tenure.
- Submit the application.
- Following the verification of your application, an Axis Bank executive will contact you for further proceedings.
Types of Axis Bank Personal Loans
- Personal Loan: Cover personal expenses with quick processing.
- Wedding Loan: Manage wedding expenses with customizable repayment options.
- Holiday Loan: Get immediate financial assistance for vacations with low processing fees.
- Home Renovation Loan: Improve your home without needing to mortgage property.
Why Apply for Personal Loans through Grow Associates?
- Offers from Top Lenders: 30+ partner Banks/NBFCs/Fintechs provide the best available loan at one place.
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Compare Axis Bank Personal Loan with Other Banks
| Feature | Axis Bank | HDFC Bank | Kotak Mahindra Bank | Yes Bank |
| Interest rate | 10.49% p.a. onwards | 10.50% p.a. onwards | 10.99% p.a. onwards | 20% p.a. onwards |
| Processing fee | Up to 2% + GST | Up to 2.5% + GST | Up to 3% + GST | 2% + GST |
| Foreclosure charges | 5% of the outstanding loan amount | 4% of the outstanding loan amount | 5% of the outstanding loan amount | 0% to 4% of the outstanding loan amount |
| Late payment fee | 2% of the overdue amount per month | 2% of the overdue amount per month | 3% of the overdue amount per month | 2% of the overdue amount per month |
Brief Summary
Axis Bank’s personal loan is an ideal solution for anyone in need of quick funds to meet financial needs. With competitive interest rates, flexible repayment options, and a hassle-free application process, Axis Bank ensures you have the financial support you need when you need it most.
FAQs
1. What is the minimum and maximum loan amount I can borrow with an Axis Bank Personal Loan?
The minimum loan amount you can borrow with an Axis Bank Personal Loan is ₹50,000, and the maximum loan amount can go up to ₹15 Lakhs, depending on your eligibility and credit profile.
2. What is the interest rate for Axis Bank Personal Loans?
The interest rate for Axis Bank Personal Loans starts from 10.49% per annum. The final rate offered will depend on various factors such as your credit score, income, and loan amount.
3. How long does it take for Axis Bank to disburse a personal loan?
Axis Bank typically disburses personal loans within 48 hours after the loan application is approved and all required documentation is submitted. In some cases, it can be even quicker.
4. Can I prepay or foreclose my Axis Bank Personal Loan?
Yes, you can prepay or foreclose your Axis Bank Personal Loan. However, foreclosure charges of up to 5% of the outstanding loan amount may apply, depending on when you choose to foreclose the loan.
5. What documents are required to apply for an Axis Bank Personal Loan?
The key documents required to apply for an Axis Bank Personal Loan include identity proof (such as Aadhar card, passport, PAN card), address proof (such as utility bills, rent agreement), bank statements for the last 3 months, salary slips for the last 3 months, and 2-3 passport-sized photographs.
