Axis Personal Loan Interest Rate Calculator - Jan 2017

Axis Bank Personal Loan Interest Rates

Last Updated 18th Nov 2016
Salaried
Interest Rate 13.50% - 24.00% Check Special Offer
Lowest EMI Rs. 2,301 per lakh
Loan Tenure From 12 months to 60 months
Loan Amount Min Rs. 50,000 and Max Rs. 1,500,000
Processing Fee Upto 2.00%
Age Min 23 years and Max 65 years
Prepayment Charges Allowed after 1 EMI's, Nil prepayment charges
Foreclosure Charges Allowed after 1 EMI's, Nil prepayment charges
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Axis Bank Personal Loan

Axis Bank gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from Axis Bank:
  • Nil prepayment charges
  • Earn eDGE loyalty points on loan approval
  • Minimal paperwork
    • Axis Bank has been rated 3.9/5.0 by customers for its service quality on MyLoanCare
    • Axis Bank has over 3,245 branches in India where you can avail service
    • Axis Bank offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in Axis Bank depends upon
    • Loan amount: Personal loan rate in Axis Bank depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: Axis Bank has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. Axis Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • Loan for Meeting Personal Requirements
    • Loan for Salaried Individuals
    • Personal Loan for Home Renovation
    • Sarvottam Offer

    Axis Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. Axis offers personal loan to salaried individuals who are atleast 23 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
    • Income: Axis Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Axis Bank asks for net monthly income of minimum Rs. 15,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Axis Bank. In case you are salaried, you must be in a full time job for at least 12 months of which not less 1 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 0 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your Axis Bank eligibility. If you are working with a reputed company, probability of getting personal loan from Axis Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: Axis Bank gives you personal loan depending upon your income. Axis Bank gives you an amount ranging from Rs. 50,000 to Rs. 1,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    Axis Personal Loan EMI

    Personal Loan EMI of Axis Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by Axis Bank is Rs. 2,301 per lakh loan amount at lowest personal loan interest rate of 13.50%. Personal Loan EMI of Axis Bank depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for Axis Personal Loan

    Personal loan Axis Bank documents for Salaried employees

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 3 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Fee and Charges on Personal Loan Axis

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Axis Bank allows prepayment of personal loan after paying 1 EMI’s with Nil prepayment charges
    Processing Fee- Axis Bank asks for a processing fee of Upto 2.00% of loan amount with applicable service tax

    Axis Personal Loan Top up, Transfer

    • Axis Bank offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Axis Bank
    • You can avail additional top-up personal loan from Axis Bank, subject to your eligibility
    Illustration on Personal Loan Axis Bank
    Maximum Annual Percentage Rate (APR) 13.9% to 24.4%
    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: Rs. 100,000
    • Time period: 12 months to 60 months
    • Axis Bank Personal Loan Interest Rate: 13.50% to 24.00%
    • Processing Fee payable to Axis Bank: Upto Rs. 2,000. Current offer for processing fee is Upto 2.00%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 2,301 for a 60 months Rs. 100,000 loan at 13.50% (lowest rate, longest time period) to Rs. 9,456 for a 12 months Rs. 100,000 loan at 24.00% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 13.9% to 24.4%
    • Total cost payable over loan tenure: Rs. 15,472 for 12 months loan to Rs. 40,059 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 with other banks

    Frequently Asked Questions on Axis Personal Loan

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

    Axis Bank offers an interest of 13.50% to 24.00% on personal loan.

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

    If you apply for a personal loan from Axis Bank, your lowest EMI per lakh will be Rs. 2,301.

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

    You can repay your personal loan from Axis Bank 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 personal loan if you need a minimum amount of Rs. 50,000 to a maximum amount of Rs. 1,500,000.

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

    Axis Bank charge a processing fee of Upto 2.00% 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 Axis Bank personal loan as you should be at least 23 years old at loan approval time and 65 years old at loan maturity time.

    Are there any prepayment charges on Axis Bank personal loan?

    You can take personal loan from Axis Bank with Nil prepayment charges.

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

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Axis Personal Loan News - Jan 2017
09th Nov 16 Axis Bank launches Premier offer for personal loans
Axis Bank has launched a personal loan offer for the top executives of high category companies. Employees earning more than Rs.50,000 per month can avail personal loan at the rate of 13.50 percent with 1.50 percent processing fees. The offer is valid for logins from 3rd November, 2016 to 23rd December, 2016 and disbursal on or before 31st December, 2016.
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