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Axis Bank Personal Loan Interest Rate

Current Axis Bank Personal Loan Rate Jul 2020

Last Updated 05th Jul 2020

Interest Rate 10.99% - 16.99%
Processing Fee Upto 1.75%
Loan Tenure 12 months to 60 months
Loan Amount ₹ 50,000 to ₹ 25 Lakh
Part Prepayment Charges Allowed after 1 EMI's, Nil charges
Preclosure Charges Allowed after 1 EMI's, Nil charges
  • Lowest Axis Bank Personal Loan interest rates is 10.99%. The bank grants personal loan for a tenure ranging between 12 months to 60 months.

Axis Bank Personal Loan Details

Key features:

  • Axis Bank Personal Loan Interest Rate starts from 10.99%.
  • Lowest EMI per lakh on Personal Loan from Axis Bank is ₹ 2,174 at the lowest interest rate of 10.99% at the longest loan tenure of 60 months.
  • Loan available for both salaried and self-employed professionals.
  • Borrowers within the age group of 21 and 60 years.
  • Loan amount of minimum ₹ 50,000 to ₹ 25 Lakh.
  • Loan Tenure 12 to 60 months.
  • Processing Fees: Upto 1.75%.
  • Foreclosure charges: Axis Bank personal loan prepayment is allowed with Nil charges
  • Part payment charges: Allowed at Nil charges
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special Schemes: Axis Bank offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of Axis Bank are:
    • Loan for Meeting Personal Requirements
    • Loan for Salaried Individuals
    • Personal Loan for Home Renovation

Axis Bank Personal Loan Top Up

Existing Personal Loan Borrowers of Axis Bank can get top up on personal loan from Axis Bank if they have a regular repayment track record on their running personal loan from the bank. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on Axis Bank personal loan top up starts at 10.99%.

Axis Bank Personal Loan Rate

You can get the best personal interest rates from Axis Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Axis Bank:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amount. Axis Bank offers loan between ₹ 50,000 and ₹ 25 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  • Employer Category - Axis Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Axis Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of a low Axis Bank loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving a loan to the borrower, Axis Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.
Axis Bank Personal Loan Charges

In addition to Axis Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on Axis Bank’s personal loans is Allowed after 1 Month at Nil charges
  • Processing Fee - Axis Bank charges a non-refundable processing fee of Upto 1.75% of loan amount with applicable tax.
  • Other charges: Once your Axis Bank personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only in the event of one of these three charges.

Axis Bank Personal Loan Process

Getting a Personal loan from Axis Bank is fairly quick with an online application and approval process. A Personal loan can be availed from Axis Bank in four simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of Axis Bank and fill in the application form with loan amount required, your personal details, occupation information and your contact number.

Step 2: An official of Axis Bank or online marketplace will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.

Step 3: Once you agree to proceed with the loan application, you will need to submit your income documents online or a Axis Bank’s representative will visit your residence or office to collect your documents and do a residence verification.

Step 4: Axis Bank will give you an approval on your loan application within a day or two of receiving all documents and after a physical verification. The loan can get disbursed immediately after loan sanction and signing of the agreement.

Axis Bank Personal Loan Documents

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID/ Aadhaar Card
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan Axis Bank
Maximum Annual Percentage Rate (APR) 10.99% to 16.99%
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 Lakh
  • Time period: 12 months to 60 months
  • Axis Bank Personal Loan Interest Rate: 10.99% to 16.99%
  • Processing Fee payable to Axis Bank: Upto ₹ 2,000. Current offer for processing fee is Upto 1.75%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,174 for a 60 months ₹ 1 Lakh loan at 10.99% (lowest rate, longest time period) to ₹ 9,120 for a 12 months ₹ 1 Lakh loan at 16.99% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.99% to 16.99%
  • Total cost payable over loan tenure: ₹ 11,440 for 12 months loan to ₹ 0.32 Lakh for 60 months loan

Axis Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Axis Bank.

Compare Personal Loan Interest Rates of Axis Bank with other Banks

FAQs

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

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days. The turnaround time for a Axis Bank instant loan can be 7 to 9 days.

Why to take personal loan from Axis Bank ?

Axis Bank offers loan at 10.99% rate with the lowest EMI of ₹ 2,174 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to Axis Bank.

How much interest is charged by Axis Bank on personal loan?

Personal loan interest rates in Axis Bank are 10.99% to 16.99%. Axis Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from Axis Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,174.

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

You can repay your personal loan in a flexible period of minimum 12 months to maximum 60 months.

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

Axis Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 25 Lakh

How much processing fee is charged by Axis Bank on personal loan?

Axis Bank charges a processing fee of Upto 1.75% with applicable service tax.

Is age an eligibility factor to get personal loan from Axis Bank?

Yes, age is an important eligibility factor to get personal loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

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

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

How can I get Axis Bank personal loan?

You can get a personal loan from Axis Bank by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks.

How can I check my Axis Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Axis Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Axis Bank's website. In case you could not track your application online, you can contact Axis Bank loan assistance and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Axis Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Axis Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

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.

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

You can close your personal loan from Axis Bank after 1 months by paying charges: Nil charges

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

You can ask Axis Bank to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your Axis Bank personal loan EMI?

You can pay your Axis Bank personal loan EMI by using ECS facility or through Standing Instruction.

How to get Axis Bank personal loan status by mobile number?

You can check the status of your Axis Bank personal loan on their website by using your mobile number. You can also check the Axis Bank personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the Axis Bank personal loan process?

The most effortless Axis Bank personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from Axis Bank along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of Axis Bank Bank as well.


Axis Bank Personal Loan Reviews 4.3/5  by 101 customers
MyLoanCare Service
4.3/5.0
Banks Service
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SOMNATH JANA, Delhi
Reviewed on 08th Apr 2020
5 / 5 stars
Axis Bank Personal Loan Availed in Aug 2017

This was the smoothest loan processing ever in my life. Mr. Hari was a true customer-oriented executRead more...

Amar Nath, Bangalore
Reviewed on 19th Mar 2020
5 / 5 stars
Axis Bank Personal Loan Availed in Mar 2020

It was a good experience. Really they have worked with dedication.Read more...

Vikas Shakya, Bangalore
Reviewed on 10th Mar 2020
5 / 5 stars
Axis Bank Personal Loan Availed in Mar 2020

Great experience and the best part is no unnecessary calls, unlike other platforms.Read more...

Bindu Lumen, Bangalore
Reviewed on 29th Jan 2020
5 / 5 stars
Axis Bank Personal Loan Availed in Jan 2020

Excellent service provided by the team. And the amount was credited on the committed date.Read more...

Keerthi CN, Bangalore
Reviewed on 18th Jan 2020
5 / 5 stars
Axis Bank Personal Loan Availed in Jan 2020

Thank you very much for the support in all stages of the loan process, starting from the best loan sRead more...

Ajitkumar Sarjerao P, Mumbai
Reviewed on 13th Jan 2020
5 / 5 stars
Axis Bank Personal Loan Availed in Dec 2018

Fast process and very happy for the Axis Bank deal. Strongly recommended.Read more...

Kumar Gaurav, Bangalore
Reviewed on 25th Dec 2019
5 / 5 stars
Axis Bank Personal Loan Availed in Dec 2019

Process was smooth. Everything was transparent. Process, terms and conditions were explained properlRead more...

Ankit Gupta, Bangalore
Reviewed on 21st Nov 2019
5 / 5 stars
Axis Bank Personal Loan Availed in Sep 2019

I received this loan very easily with minimum time.Read more...

Axis Bank Personal Loan News - Jul 2020
  • 2020-02-27 : Axis Bank revised its personal loan rate
    Axis Banks changed its personal loan rate. The personal loan rate for the private sector bank starts from 10.99%. Further, the bank reduced the processing fee from the current 2% to 1.75%.
  • 2019-08-14 : Axis Bank and Aditya Birla Health Insurance signs bancassurance pact
    Leading health insurer, Aditya Birla Health Insurance has entered into a bancassurance partnership with Axis Bank. Through this partnership, the insurer will offer health insurance solutions to the Axis bank’s customers across its bank branches through digital channels. Besides this, the private sector lender also has plans to achieve significant growth across its retail loan segment, including home loans and personal loans.
  • 2019-06-25 : Axis Bank is looking to enhance its digital footprint in Tamil Nadu
    The private sector lender is planning to expand its digital footprint in Tamil Nadu by adding more cash recyclers this year. At present, the lender has nearly 314 bank branches, 1,400 automated teller machines (ATMs) and 300 cash recyclers in the state to assist customers in depositing their cash as and when required. Also, the lender is looking forward to achieving significant growth across its retail loans, including home loans, personal loans, and fixed deposits during FY19.
  • 2019-05-02 : Axis Bank set to meet FY22 goal with thrust on retail business
    Private sector lender, Axis Bank is focusing on achieving profitability and a Return on Equity (RoE) of 18% by FY22. To achieve this, the bank will now stress more upon its retail loans portfolio (including personal loans and home loans) which comprises about 50% of the bank’s total loan book. Interestingly, CASA and retail term deposits have also witnessed a strong growth of over 81% of the deposit base, and now the lender is looking forward to scaling up further.
  • 2019-04-18 : Axis Bank formulates FY20-22 strategy to strenghten its core business
    Private sector lender, Axis Bank has made a new strategy for FY20-22 to achieve a strong growth across its retail lending segment. The lender will focus on higher-yielding retail lending products such as personal loans, credit cards, rural, and small business banking. In addition to this, the bank will also continue to maintain steady asset quality by giving retail loans to existing deposit customers.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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