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Axis Bank Personal Loan

Online Axis Bank Personal Loans

Last Updated 15th Jul 2021

Axis Bank Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of Axis Bank Personal Loan are:

  • Axis Bank Personal Loan interest rate starts from 10.49%.
  • The processing fee charged on Axis Bank personal loan is Rs.4,999.
  • Axis Bank also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Axis Bank personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Axis Bank has special schemes for different income and occupation groups.
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Axis Bank Personal Loan Details

  • Interest Rate on Axis Bank personal loan ranges from 10.49% to 16.75%.
  • Lowest EMI per lakh works out to be ₹ 2,149 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Axis Bank are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 60 years.
  • Loan amount can range from ₹ 50,000 to ₹ 25 Lakh
  • Axis Bank Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by Axis Bank on personal loan is Rs.4,999%
  • Axis Bank allows personal loan foreclosure and part prepayment after 1 months with charges of 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%.
  • Schemes of Axis Bank as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on Axis Bank Personal Loan?

There are various factors that impact your chances to get the best offers on Axis Bank Personal Loan, as listed follows:

  • Loan Amount - Axis Bank offers loans between ₹ 50,000 and ₹ 25 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Axis Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 25,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Axis Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Axis Bank personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Axis Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 10.49%
  • Credit Score - Axis Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Axis Bank Personal Loan Documents

You require the following documents to avail personal loan from Axis Bank

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of Axis Bank Personal Loan Schemes

Axis Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

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 Apply for Axis Bank Personal Loan?

The step-by-step procedure to get a personal loan online from Axis Bank is mentioned below:

  • Visit the official website of Axis Bank Or contact your nearest Axis Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Axis Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Axis Bank, and on successful approval of the loan, the funds will be disbursed to your Axis Bank account immediately.

You can also apply for Axis Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Axis Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Axis Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Axis Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Axis Bank
Maximum Annual Percentage Rate (APR) 10.84% to 17.1%
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 16.75%
  • 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 ₹ 9,109 for 12 Months ₹ 1,00,000 loan at 16.75% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.84% to 17.1%
  • 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 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 should I take a personal loan from Axis Bank ?

Below-mentioned is the reason why you must avail a personal loan from Axis Bank.

  • Special offers for top corporates
  • Instant loan approval
  • High loan amount eligibility
  • Balance transfer facility available

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

Personal loan interest rates in Axis Bank are 10.49% to 16.75%. 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 ₹ 2,149 which corresponds to lowest interest rate of 10.49% and longest tenure of 60 years.

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

Axis Bank personal loan has a minimum tenure of12 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

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Axis Bank . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Axis Bank personal loan?

You can get a personal loan from Axis Bankby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Axis Bank’s application process.

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 are unable to track your application online, you can get Axis Bank loan assistance at Axis Bank loan customer care centre 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: 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%

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

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

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.Axis Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


Axis Bank Personal Loan Reviews 4.4/5  by 134 customers
MyLoanCare Service
4.4/5.0
Banks Service
4.4/5.0
Jyothi, Hyderabad
Reviewed on 13th Jul 2021
4 / 5 stars
Axis Bank Personal Loan Availed in Jul 2021

Good they provide the amount in required time and team was supportive in providing the details.Read more...

Munibramha, Chittoor
Reviewed on 09th Jul 2021
4 / 5 stars
Axis Bank Personal Loan Availed in Jul 2021

Good follow up, and support by MyLoanCare team. Good experience.Read more...

Girish, Visakhapatnam
Reviewed on 09th Jul 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Dec 2019

Good service and process is very fast when compared to normal loan processing time. Definitely I wilRead more...

Jagadeesh, Bangalore
Reviewed on 06th Jul 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Jul 2021

Happy with the loan services provided, applied for loan during an offer. Read more...

Myadam, Hyderabad
Reviewed on 01st Jul 2021
4.5 / 5 stars
Axis Bank Personal Loan Availed in Jul 2021

Great experience with MyLoanCare within 3 days I got loan. Thanks for your support. Read more...

R Satheesh, Nellore
Reviewed on 30th Jun 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Jun 2021

The processing of loan is fast and helped lot. Thank you for your support. Read more...

Brij, Chandigarh
Reviewed on 26th Jun 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Jun 2021

MyLoanCare representative Mr. Mritunjay supported very well and I was able to get my PL approval witRead more...

Rajesh, Bhopal
Reviewed on 17th Jun 2021
5 / 5 stars
Axis Bank Personal Loan Availed in Jun 2021

Satisfied with the service and extremely thankful for your support.Read more...

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Axis Bank Personal Loan News - Jul 2021
  • 2021-07-09 : Axis Bank Q1 Net Profit seen up 95.2% YoY to Rs. 2,171.1 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Axis Bank to report a net profit of Rs. 2,171.1 crores up 95.2% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Two-wheeler Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 12.4% Y-o-Y to Rs. 7,851.8 crores.
  • 2021-04-07 : Axis Bank becomes the new promoter of Max Life
    Axis bank along with its subsidiary Axis Capital and Axis Securities became the new promoter of Max life. The Bank has a stake of 12.99% on Max Life.
  • 2021-03-05 : Axis Bank launches WhatsApp banking
    Axis Bank launched banking services on WhatsApp. The new facility will enable its retail customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time.
  • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
    The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
  • 2021-01-28 : Axis Bank Q3 net profit down 36%
    Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore
*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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