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Axis Bank Personal Loan

Online Axis Bank Personal Loan: Highlights

Last Updated 24th Jan 2022

Axis Bank offers personal loans at low interest rates, with quick approval, and an easy online process. Key features of Axis Personal Loan are:

Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback Check Offers

Axis Bank Personal Loan Details

Axis Bank offers personal loans to salaried individuals and self-employed at a minimum interest rate of 10.49% and maximum rate of 17.25%. If you are already an Axis customer then there are chances that you will get a personal loan at a lower interest rate.

To apply with Axis Bank you must have a salary of ₹ 25,000 to borrow a loan amount from ₹ 50,000 to ₹ 25 Lakh. If you take a loan at the lowest rate and longest tenure then your EMI per lakh will be ₹ 2,149. Currently, the lender is offering these schemes to fulfill personal loan requirements of varying customers:

Features and Benefits for Axis Bank Personal Loans

Avail of following features and benefits from Axis Bank personal loan:-

  • Choose your Loan Amount: Axis allows you to choose the loan amount as per your need. You can take a loan for up to ₹ 25 Lakh.
  • 24*7 Loan Disbursal: The lender offers the facility to disburse the personal loan 24*7 digitally. You can apply for a 24*7 insta loan or 24*7 XS personal loan based on your requirement.
  • Personal Loan Balance Transfer: Transfer your loan from another bank to Axis at a lower interest rate and save a significant amount on EMIs.
  • Speedy Approval: You only need to submit a few documents to avail loan from the lender, and if you are already a customer of the bank, then they might not even ask for the documents.
  • Earn Reward Points: Earn Edge loyalty points every time for the loan amount. Those rewards points can be used for recharges, shopping and payments.

Axis Bank Eligibility Criteria for Personal Loan

  • If you are a salaried employee, salaried doctor, an employee of public and private limited companies, Government sector employee you can apply for a loan.
  • Your minimum net monthly income should be above ₹ 25,000.
  • To apply for an Axis personal loan salaried professionals should be between 21 to 60.

Axis Bank Personal Loan Documents

Submit the following documents to avail of Axis Bank personal loan:-

  • Application form with two coloured passport photographs
  • KYC documents: Driving license with Photograph, Aadhar card, Voter Id card, Job card by NREGA, Letter issued by the National Population Register
  • Date of birth proof: Birth certificate, Passport, Aadhar card, PAN card, School leaving certificate
  • Signature proof: Passport, PAN card, Bankers verification
  • Income proof: Last two months salary slip, Bank statement, one-year employment proof

Note: On a case-to-case basis, the bank may ask additional documents

Different Types of Axis Bank Personal Loan Schemes

There is a personal loan scheme for every customer segment in Axis Bank. Some of the popular schemes are:-

Loan for Salaried Individuals
  • Axis Bank offers convenient loans to salaried individuals. The minimum and maximum amount that you borrow with axis bank are Rs 50,000 and Rs 15,00,000 lakhs, respectively. The repayment tenure ranges from 12 to 60 months.
Personal Loan for Home Renovation
  • With Axis Bank personal loan for the home renovation, you can get funds to renovate your home from Rs. 50000 to Rs. 5 Lakh wat flexible repayment schedules and zero penalties on part-payment and early foreclosure of the loan.
  • If you are a salaried individual between the age of 21 to 60 years and want to get finance for your travel, you can avail of Axis Bank Holiday Loan for a loan amount upto Rs. 15 Lakhs. To avail holiday loan, you should have a minimum monthly income of Rs. 15000 for upto 5 years with attractive interest rates and zero prepayment charges. Axis Bank offers two months moratorium period with nil charges on a holiday loan.

How to Get the Best Offer on Axis Personal Loan?

You can get the best offer on Axis Bank personal loan if you consider the following factors:-

  • Interest Rates: The interest rate in Axis is affected by many factors like the nature of the job, loan tenure and credit score. If you are working with a reputed organisation, then the bank offers a lower interest rate. Similarly, for a higher loan amount and good credit score, the interest rate is usually low.
  • Processing Fee and Charges: Other than the interest rate, Axis also charges processing fees and few other charges like foreclosure and prepayment. If you meet the eligibility criteria with distinction, then you can bargain with Axis for these charges. Significantly if you have a good relationship with the bank, then these charges might be lowered.
  • Bank Process: If you are already a customer of Axis Bank and pay all the dues on time, there are chances that you might get a pre-approved personal loan offer. Under this scheme, the personal loan amount gets disbursed within a few minutes to hours if Axis Bank personal loan apply is done. Also, the interest rate on such offers is low when compared to other borrowers. It is provided only because of your good credit history.

How to Apply for Axis Bank Personal Loan?

Apply for a personal loan with us and get rid of the other processes like status checks and approval. Perform the following steps to apply with MyLoanCare:-

  • Step 1: Fill the Personal Loan Application Form at MyLoanCare
  • Step 2: Now, fill in the required information in the personal loan form like name, income, phone number, residence
  • Step 3: Click on ‘Get Quote’
  • Step 4: Enter the OTP received on your mobile number
  • Step 5: Click on ‘Submit
  • Step 6: Further, give inputs for existing loans, why you need a loan, are you paying current EMI’s etc.
  • Step 7: Now, you will get redirected to the offers page, offers displayed are as per your eligibility
  • Step 8: After some time, the MyLoanCare executive will call you for the further process

You can also apply with Axis Bank’s website by going to Axis personal loan login.

About Axis Bank

Axis Bank is the third-largest private sector bank in India, with 4,594 domestic branches. The lender provides loans, deposits to large and mid-size companies, SMEs and retail businesse

  • Axis Bank was founded in 1993
  • The headquarter of the bank is Axis Bank Limited, Trishul, 3rd Floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad- 380006.
  • The CEO and MD of the bank is Mr. Amitabh Chaudhry
  • Axis Bank Compliance Officer: Mr. Rudrapriyo Ray.
  • Axis Bank Compliance Officer Number: 0497-2766416
  • For any information you can call at 0522-2230857
Illustration on Personal Loan Axis Bank
Maximum Annual Percentage Rate (APR) 10.84% to 17.6%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • Axis Bank Personal Loan Interest Rate: 10.49% to 17.25%
  • Processing Fee payable to: Upto ₹ 1,750
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.49% (lowest rate, longest time period) to ₹ 9,132 for 12 Months ₹ 1,00,000 loan at 17.25% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.84% to 17.6%
  • Total cost payable over loan tenure: ₹ 1,07,523 for 12 Months loan to ₹ 1,30,683 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will Axis Bank take to make a decision on my personal loan?

Axis Bank generally convey their decision on a loan within 15 days of submitting a loan application. However, instant loan offers, can be approved within a few hours to 2-3 days.

Why should I take a personal loan from Axis Bank?

Following are the reason why you must avail of a personal loan from Axis Bank . (i) Nil or minimum prepayment charges (ii) Superior customer service and transparency (iii) Quick and easy approval

What is the lowest EMI per lakh on a personal loan from Axis Bank?

If you apply for the loan from Axis Bank, your lowest Personal Loan EMI Personal Loan EMI per lakh will be ₹ 2,149 on the basis of lowest Axis personal loan interest rate of 9.60% and longest tenure of 60 months.

What is the minimum and maximum tenure of personal loans in Axis Bank?

Axis Bank personal loan has a minimum tenure of 12 months to a maximum of 60 months. Note that this may vary across all personal loan schemes.

How much is the personal loan amount I can borrow from Axis Bank?

Axis Bank offers you a loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 25 Lakh. The loan amount is however sanctioned on various paramteres such as cibil score, income and existing EMIs.

Can I add my spouse's income while applying for a personal loan from Axis Bank?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility and to get a higher loan amount from Axis. In this case, the bank will ensure that they have a good cibil score with all required income proofs.

How can I check my Axis Bank personal loan status?

To check Axis Bank personal loan application status with MyLoanCare, you must log in to your MyLoanCare account. Go to Track Your Loans/Application, where you will get all the information related to your loan query. Note, this is applicable only when you apply for an Axis Bank Personal loan via MyLoanCare. If done otherwise, track your Axis Bank personal loan status by reaching out at 0522-2230857.

Is there security or collateral needed to get a personal loan from Axis Bank?

No, Axis Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan. If you have a low credit score then you might need a guarantor.

Can I close my Axis Bank personal loan after 1 year?

You can close your personal loan from Axis after 6 months by paying charges: 3%. Closing a personal loan before the tenure is called foreclosure or pre-closure of the loan account.

Can I negotiate with Axis Bank on the personal loan interest rate?

Yes, you can negotiate for a rate discount when you apply for Axis Personal Loan. You may end up getting a better rate from the bank if you fulfil all eligibility parameters and seek a loan amount as per your repayment capability.

How much personal loan can I get from Axis Bank if my salary is ₹ 50,000?

If you have a salary of ₹ 50,000, then you can get a personal loan from Axis for up to ₹ 25 Lakh. The loan amount depends on many factors like income, credit score, age and FOIR which ranges up to 20-27 times of your net take home salary.

How much loan can a govt employee get from Axis Bank?

The loan amount for government employees from Axis Bank depends on minimum income, age, the company you work for, credit score and existing EMI’s. There might be chances that government employees' interest rates will be lower due to stable income.

What is the minimum CIBIL score for a personal loan in Axis Bank?

It would help if you have a cibil score above 650 to avail a personal loan from Axis. A low credit score can lead to the rejection of your loan. So, try to have a good credit score before applying for a personal loan.

Does Axis Bank give instant loans?

Yes, Axis Bank instant personal loans are available for salaried and self-employed individuals to avail for an emergency purpose. The instant loan from Axis can be taken 24*7 digitally.

Can I repay a personal loan early in Axis Bank?

Yes, it is possible to pay off your Axis Bank personal loan before the tenure ends. However, remember, you will have to pay foreclosure charges to the bank, which are For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% of the loan amount.

How can I check my personal loan balance in Axis Bank?

To check your personal loan in Axis Bank you can log into the mobile application of the bank or you can use net banking facility. Also, you can call the customer number of Axis Bank 0522-2230857

How can I download my personal loan schedule in Axis Bank?

To get a personal loan schedule or repayment schedule in Axis Bank you can log into Axis Mobile App then click on Loans. After that click on Request Statement and then download Repayment Schedule.

Can I close my Axis Bank Personal Loan Online?

No, a personal loan account can not be closed online in Axis. For the pre-closure of the account, you will have to visit the nearest Axis branch.

Is Axis Bank giving a moratorium on a personal loan?

Currently, Axis Bank personal loan moratorium is not available. The lender was giving a moratorium between March 1, 2020, and August 31, 2020, due to Covid-19.

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Axis Bank Personal Loan Reviews 4.4/5  by 149 customers
MyLoanCare Service
4.5/5.0
Banks Service
4.4/5.0
Digvijay, Varanasi
Reviewed on 18th Jan 2022
5 / 5 stars
Axis Bank Personal Loan Availed in Jan 2022

Nice service and follow up by loan coordinator Pradeep. Read more...

John, Hyderabad
Reviewed on 15th Jan 2022
4 / 5 stars
Axis Bank Personal Loan Availed in Jan 2022

Good service by MyLoanCare staff, like to go ahead in future with them.Read more...

John, Chennai
Reviewed on 06th Jan 2022
5 / 5 stars
Axis Bank Personal Loan Availed in Jan 2022

I got the best offer from the bank. Thanks to MyLoancare for helping to take this loan. Read more...

Pallavi, Pune
Reviewed on 22nd Dec 2021
4.5 / 5 stars
Axis Bank Personal Loan Availed in Dec 2021

Excellent service given by MyLoanCare executive as well as the bank. executive. Read more...

Prabhu, Chennai
Reviewed on 16th Dec 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Dec 2021

Very polite and friendly and then very quick service from my loan care and also from bank side and iRead more...

Chella, Chittoor
Reviewed on 26th Oct 2021
4.5 / 5 stars
Axis Bank Personal Loan Availed in Oct 2021

MyLoanCare executive supported and helped getting the loan amount on time.Read more...

Mukunthan, Chennai
Reviewed on 13th Oct 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Oct 2021

Excellent service. The entire process was closed exactly in 5 working days.Read more...

Manikantha, Guntur
Reviewed on 05th Oct 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Sep 2021

I am really satisfied with your service. Read more...

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Axis Bank Personal Loan News - Jan 2022
  • 2021-12-15 : Axis Bank Witness Credit Growth in 18-24 Months
    Axis Bank has seen double-digit growth in GDP and Credit in FY 2024. At the same time, the GDP and credit are seen at 9.5% and 7% in FY 2022. Therefore, the bank aims to achieve GDP and Credit Growth at 8.2% and 8%, respectively.
  • 2021-10-27 : Axis Bank Reports A Growth Of 86 percent
    Axis Bank has reported a growth of 86 percent in net profit at Rs 3,133 crore in the second quarter ended Septe­mber 2021, predominantly on robust growth in fee income and sharp fall in provisions. Last year the bank posted a net profit of Rs 1,683 crore in Q2 of FY21.
  • 2021-10-12 : Axis Bank Has Launched Open API For Customers
    Axis Bank unveils open APIs (Application Programming Interface), these APIs will help retail and corporate customers/ partners to use banking services integrated across partner platforms. This banking portal has retail as well as corporate products like loans, accounts, deposits, payments, trade, collections and bills.
  • 2021-09-22 : Axis Bank Introduces Festive Offer on Personal Loan
    Axis Bank offers the lowest personal loan rate of 10.25% as a festive offer. The rates are applicable for a loan amount of 15 Lakhs and above.
  • 2021-09-02 : Axis Bank Personal Loan Rates Changed
    The personal loan rates for Axis Bank have changed for new and BT offers. The Bank is now offering personal loans for new & BT cases starting at 10.25% & 10.49%, respectively.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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